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Federal Tax and Payment Deadline has been extended. The IRS, through a series of IRS Notices, has delayed certain tax return filings and payments due April 15, 2020 through July 15, 2020. Taxpayers (individuals and businesses, as well as trusts, estates, partnerships, corporations) were granted an extension of time to file certain US Federal tax returns for income tax and gift and generation skipping transfer taxes and pay 2019 taxes (and Q1 estimated tax payments) until July 15, 2020.

Further information on COVID-19 related State tax matters can be found by visiting our SALT SAVVY blog post, State and Local Tax Responses to COVID-19 and the corresponding webinar.

Baker McKenzie has put together a global resource center for all key insights and upcoming webinars as a central repository to assist our clients understand, prepare and respond quickly to the significant legal and business challenges posed by COVID-19. Please use the following link to visit the Coronavirus Resource Center for additional resources. Baker McKenzie understands that these times are challenging for all our clients and we want to assure you we are here to assist.

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Simon Beck is a partner and chair of the North America Wealth Management Group at Baker McKenzie's New York office. Simon is an international tax and trust lawyer with vast experience working in the world's trust and financial centers. He has also practiced in Miami, London, Monte Carlo and Madrid, and was head of Legal, Compliance and Trust & Fiduciary Services for Coutts, one of the world’s leading private banking institutions, prior to joining Baker McKenzie. Simon lectures regularly on trust, financial service and compliance issues at global wealth management and international trust and estate planning conferences around the world.

Author

Ceci Hassan is a partner in Baker McKenzie’s North American Tax Practice Group, and a member of the Global Wealth Management sub-practice. She advises and represents private clients, family offices, trusts companies and businesses globally, with a particular focus on clients and individuals in Latin America and Europe. Ceci is also fluent in Spanish.

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Pratiksha Patel is a Counsel of the Firm’s Tax Practice Group in Miami. Ms. Patel assists high net worth individuals and families with developing suitable estate plans to maximize and protect the transfer of wealth to future generations.

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Olga Sanders is an associate in the International Tax and Global Wealth Management practice groups of Baker McKenzie New York. Prior to joining the Firm, she advised clients on the design and taxation of executive compensation, employee benefits and pensions.