Tax season

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15 because of the novel coronavirus pandemic.

Some clients can get an extension on paying taxes of up to $1 million and corporations can defer tax payments of up to $10 million.

The following tips may help clients minimize their liability.

To prepare for questions — and their own filings — planners should note these tips.

Given the steep rise in the price and use of virtual currencies, expect clients to have questions.

Clients preparing for a life-altering event — such as marriage, divorce or a new baby — are advised to start getting their paperwork in order.