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.
David currently leads Xero's US Enterprise Accounts team, where he and the team of innovators help to inspire the country's top 300 largest accounting firms along their journeys in modern cloud accounting, with a focus on consulting those firms on where they are today and how they achieve their cloud transformational journeys.
In the first eighteen years of his career, David Emmerman was a co-managing partner in the firm Emmerman, Boyle & Associates, LLC and there showcased his talent for working with small business clients and his team to develop a best in class accounting experience. His passion for technology and extensive involvement with cloud-based solutions led him to a role with Xero as a National Ambassador, where he spent his time leveraging his background to educate some of the largest accounting firms on practice management and cloud adoption topics.
Meredith has almost four decades of industry operations and technology experience spanning all lines of business and the entire insurance value chain. During her 33 years at Liberty Mutual, she was responsible for numerous digital, product, and organizational transformations. Meredith was most recently the industry go-to-market strategist at Ushur, an AI SaaS startup, driving growth and brand awareness across both the P&C and LA&H segments.
As part of the Advisory and Research team at ReSource Pro, Meredith works directly with carrier advisory clients, engages in research efforts, and supports carrier consulting projects.
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.
