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.
The Internal Revenue Service’s Criminal Investigation Division issued a warning Thursday about a new wave of COVID-19 scams tied to the latest round of stimulus payments, especially targeting taxpayers in the District of Columbia.
Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.
Mark McElroy is EVP and head of TransUnion's insurance business, leveraging advanced analytics and modeling to help the industry underwrite more effectively, target qualified prospects, improve acquisition and retention efforts, and identify and prevent fraudulent activity. He also contributes to the expansion of the practice through tactical development and implementation of insurance solutions in regions across the globe. Prior to joining TransUnion in 2012, McElroy was CEO and president of Balboa Insurance Group, a Bank of America company. He received a bachelor’s degree in economics from the University of Nebraska–Lincoln.
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.
