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.
Lei Zhang is the founder and has served as the chief executive officer and chairman of the board of Cheche Group (NASDAQ: CCG). Before that, he served as chief executive officer of CloudPower Technology Co., Ltd. from 2010 to 2014. He was a senior manager in the global technology service department at Huawei Technologies Co., Ltd. from 2001 to 2006. Zhang received a bachelor's degree in computer science and technology from Wuhan University of Technology in 2001.
Amy Glorioso joined Kelly Benefits Payroll in 2022 with nearly 30 years of experience in the payroll industry. In her current role as Vice President of Client Engagement, Amy is responsible for ensuring that all payrolls are delivered timely and accurately as well as team development and client retention. Using her expertise in payroll procedures, best practices and compliance, she also is tasked with identifying and implementing process improvement and enhancements that ensure the best experience possible for clients.
Joseph H. Neely is a former director of the FDIC and career banker. He is president of Neely and Associates, a consulting firm advising banks on regulatory and strategic matters.
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.
