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.
Nancy Ekrem has been a principal of the firm DME CPA Group PC since 1991 where she currently serves as Managing Director. DME is located just north of Seattle and services business and individuals throughout the region. Her main focus is serving clients in the areas of Estate Planning, Income Tax Planning, Business Planning, and compliance with Generally Accepted Accounting Principles (GAAP). Innovation and growth are everywhere in business and life. Nancy loves digging into an opportunity and finding an innovative way to do things. Nancy attained her CPA certificate in 1982, and has spent most of her career in public accounting. She has been with the firm since 1985. Nancy is a graduate with a BS in Business Administration from Seattle University (1981) - (Go Redhawks), a member of the Washington State Society of CPAs and the American Institute of CPAs. Currently a member of the Board of Directors of Camp Fire Snohomish Council, the Board of Directors of Greater Edmonds Chamber of Commerce where she serves as Chair, Economic Alliance Snohomish County where she serves as Treasurer, she has spent much of her time serving on various committees and boards throughout the region that emphasize business, arts, and youth. She lives in Seattle with her husband Vance. They are the parents of adult children and have twin grandsons. (Being a Grand is Grand!) They enjoy traveling, hanging out with friends, and hosting "family" dinners. One of Nancy's favorite activities is working with teenagers.
The explosion in e-commerce since early March has resulted in a significant increase in online sales tax revenues in most states.
A “new normal” is framing day-to-day life as those in professional services return to work.
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.
