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.
Loren Brockhouse is Chief Revenue Officer of iPipeline where he brings extensive experience in sales leadership, revenue strategy, and building high-performing teams across the legal-tech and fintech sectors.
In his role as CRO, Brockhouse oversees all aspects of revenue generation, including sales, marketing, and revenue operations, with a focus on creating scalable systems that drive predictable growth. He is passionate about fostering a collaborative, customer-centric culture that ensures exceptional experiences for carriers, distributors, and advisors.
Brockhouse joined iPipeline from BigHand, a legal technology provider, where he served as Chief Revenue Officer and led global go-to-market strategies. Prior to that, he held senior leadership roles at PrimePay, Vanco, and Businessolver, where he delivered sustainable revenue growth and strengthened operational frameworks.
Heather Zack is an SVP, Private Client Services for Carson Group, a wealth advisory firm with over $60 billion in assets under management.
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.
