The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types of tax returns. The IRS also said the associated interest, additions to tax, and penalties for late filing or late payment will be suspended for the gift tax and generation-skipping transfer tax until July 15.
Scott joined Tinubu in April 2023 as the Surety Chief Operations Officer. He oversees the Client Services, Product, and Engineering departments, aiming at delivering innovative solutions and executing the Tinubu Surety vision.
Scott has more than 25 years of experience leading startup and enterprise SaaS organizations. He started his career as a software developer in the '80s and was later a founder at OutStart, where he was responsible for the portfolio of learning technology solutions. In 2012, when OutStart was acquired by IBM, Scott was responsible for the strategic product direction of IBM's Smarter Workforce initiative. Since then, he has held positions at the C-Level, as an EOS Integrator, and as a product leader in highly regulated industries, including public safety.
Scott holds a degree from the University of Miami.
LinkedIn profile: linkedin.com/in/scottredwards/
Courtney Maugé is Senior Vice President and Cyber Practice Leader at NFP. Her experience includes developing strategies to quantify, mitigate and transfer client cyber risk, as well as offering in-house expertise on data privacy matters. She is a frequent speaker on cyber/errors & omissions (E&O) topics, most notably privacy risks and the human element of cyber risk. Courtney earned her Juris Doctor from the University of Georgia School of Law and her Bachelor of Arts degree from Emory University.
The relief is automatic and applies to any amounts due related to these types of returns. There’s no requirement to file for an extension and the three-month period between the original due date of April 15 and the new deadline of July 15 will be disregarded in terms of any interest, penalties or extra taxes for those who fail to file a Form 709 United States Gift and Generation-Skipping Transfer Tax Return by April 15.
Groups of tax and accounting professionals such as the American Institute of CPAs, the National Society of Accountants and the National Conference of CPA Practitioners have been pressing the IRS to provide additional forms of tax relief beyond the initial relief granted for tax payments from coronavirus victims.
