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.
2023's rankings reveal that public accounting firms experienced substantial growth in 2022 by adding advisory services, recruiting and retaining top talent, pursuing M&A and other strategic initiatives.
Andries Verschelden leads Good.Lab as co-founder and CEO. Good.Lab is the leading ESG software for the middle market. Prior to founding Good.Lab, he was a partner at Top 25 Firm Armanino, where he subsequently led the CAS practice and the newly found digital assets practice. Before joining Armanino, he was CEO at The Brenner Group, a boutique Silicon Valley financial services firm. He started his career at PwC's New York headquarter. He holds a B.S. in international politics from Ghent University in Belgium, and a finance MBA from Binghamton. He is a former CPA.
Join us for a webinar on April 5 at 12:00 pm ET
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.
