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.
Prior to co-founding UnifiHealth, Brodie worked at Actify Neurotherapies and PIMCO Investments. While at Actify, Brodie worked on clinic operations and strategy, reporting to the COO. His responsibilities at PIMCO included business development and client analytics for financial and benefit advisors. He also worked to implement a risk management platform for independent advisors to leverage across their book of business. Brodie is a CFA charterholder and holds an MBA from Dartmouth.
Scott Hanson is a senior partner and founding principal of Allworth Financial. A nationally recognized financial expert, he has been listed as one of the 25 most influential people in the financial services industry nationwide.
Under Scott’s direction, through a combination of both organic expansion and acquisition, Allworth Financial has grown to over $8 billion in assets under administration. Over the past two years, Scott and his business partner have introduced Allworth into over 17 markets, growing the company’s service offerings to now include tax planning, accounting, and estate planning guidance.
With over 30 years of financial sector experience, Certified Financial Planner™ Mark Shone is an advisor in Allworth Financial’s Walnut Creek office.
Mark has a degree in Finance from California State University, Sacramento, and has completed the certificate in taxation from UCLA and financial education courses at the Wharton School.
A sought-after speaker at financial education conferences, in his free time, Mark enjoys golf and plays the drums in a Bay Area band. As for his advisory philosophy, he said: “Helping people reach their financial goals is something I take very seriously, and I make it my mission to provide clients with the same level of advice and care that I would give to a member of my own family.”
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.
