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.
Arne Philipp Klug is MSCI's biodiversity research director, overseeing thematic research on biodiversity and natural capital. He engages with investors and key stakeholders to help clients set and prioritize their investment objectives for biodiversity. Arne previously led MSCI'S ESG research on the transportation sector. Prior to joining MSCI, he worked as an ESG analyst and account manager at Sustainalytics in Frankfurt and Toronto. Arne holds a master's degree in communications science, political economics and Hispanic studies from the University of Münster in Germany.
Alison Simons is the founder of Simons Marketing. She started in accounting marketing in 2004 as the head of marketing for a regional CPA firm. In 2013 she became an entrepreneur, and Simons Marketing was born. Simons Marketing develops and executes marketing strategies that help CPA firms reach their goals. She is a regular contributor and presenter with MassCPAs, ProVisors, AAM and is part of the BDO Alliance as a Business Resource Network member.
Peter Henderson, CPA, is a partner at Top 100 Firm Moss Adams who has worked in public accounting since 2008. He specializes in federal and state tax credits and incentives. He has degrees in both accounting and engineering, and extensive experience in mechanical and high-tech industries, including aerospace, defense, space-tech, green energy, automotive, manufacturing, and hardware and software development.
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.
