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.
Nicole Halverson serves as Carpe Data's first VP of People and Culture. Throughout her time at Carpe Data, Nicole has built a people-focused team driving talent acquisition, people and organizational development, employee relations, employee engagement, and DEIB. Nicole has helped triple Carpe Data's employee base in the US and Portugal, and has helped coach employees towards high performance and innovation while committing to the Company's core values: act like an owner, lead with empathy, and be bold and creative. Before Carpe Data, Nicole spent eight years in operations and people management in private education.
Will St. Clair is the general manager of growth at GeoComply.
Lee Reams II is the CEO of TaxBuzz and CountingWorks and has spent the last 20 years developing and executing tools that help small tax and accounting firms thrive.
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.
