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.
Paul Blowers is partner and CIO at Plante Moran, where he oversees the firm's strategic technology vision. His deep experience in all aspects of IT strategy and innovation enables him to advise on a wide range of issues, including data analytics, enterprise architecture and large-scale business technology transformation.
Loreene Kemperman, Product Owner at Apex HCM by IRIS, brings over a decade of expertise in payroll regulation and compliance across the U.S., making her a trusted advisor in navigating complex legislative environments and their impact on payroll systems. With a strong background in software validation, testing, and system compliance, she excels in ensuring that SaaS and SAP solutions meet regulatory and functional requirements through thorough testing, user acceptance validation, and traceability to key requirements. Loreene's ability to deliver effective training and documentation, combined with her exceptional technical communication skills, enables companies to remain agile and compliant as regulations and technologies rapidly evolve, particularly in today's dynamic regulatory landscape.
Jaime Henry is Vice President of Product at Origami Risk, where she drives product strategy and evolution across the company's platform and the markets it serves. Since joining Origami in 2015, she has held several leadership roles, including Director of Market Strategy, Healthcare Market Strategy Lead and Service Delivery Manager.
With 20 years of experience spanning client support, product management and strategy, Jaime brings a client-focused perspective to product innovation and cross-functional collaboration. She is passionate about advancing solutions that meet evolving market needs while supporting Origami's culture of collaboration and commitment to client satisfaction.
Jaime received a bachelor's degree in management information systems from Saint Mary's College in Notre Dame, Indiana.
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.
