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.
Michele Goetz serves enterprise and data architect professionals. Ms. Goetz is a leading expert on data quality, data integration, metadata management, MDM, and data governance. She helps enterprises leverage data assets more effectively by improving the availability and accuracy of the information that businesses use in processes and analytics.Prior to joining Forrester, Ms. Goetz managed the business intelligence and data management programs at PTC. During her tenure, she developed and led the global consolidation of customer data across multiple CRM platforms to support a single view of the customer and manage enterprise-wide data quality. In addition, she established data governance and data quality teams and programs to support a center of excellence for data management.Ms. Goetz also held an executive position at Trillium Software, a provider of data quality solutions and services, introducing thought leadership and recommendations on how organizations can improve data quality and governance programs. She holds an undergraduate degree in mathematics, with a minor in computer science, from Framingham State College.
Andrea Morhardt is the general manager at Akseshen LLC, a full-service data analytics company dedicated to helping accounting firms make sense of their data landscape and develop strategies that uncover insights, drive efficiency and lead to increased service offerings.
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.
