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.
Accounting firms are still managing to see increases in their fees and income per partner this year, despite the economic downturn from the COVID-19 pandemic, according to the latest edition of the annual Rosenberg Survey.
Steven L. Skancke, Ph.D., is chief economic adviser at Keel Point and a former White House and Treasury Department staff member.
Jeff is responsible for leading Simply Business's U.S. insurance product function, with a focus on advancing the company's mission of closing the coverage gap for small businesses through innovation and a customer-centric approach.
With nearly two decades of leadership experience, Jeff has a proven track record of developing and scaling digital insurance solutions at industry-leading companies, including Liberty Mutual, Plymouth Rock Assurance and Lemonade.
Throughout his career, he has specialized in leveraging technology to simplify complex coverage decisions and deliver robust, data-driven insurance products. An entrepreneur at heart, Jeff co-founded Sagewell Financial, a fintech company designed to help retirees navigate complex financial landscapes. This firsthand experience as a business owner provides him with a unique perspective on the challenges faced by the customers Simply Business serves.
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.
