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.
Kara Clark, FSA, is a Senior Research Actuary at the Society of Actuaries Research Institute, focusing on mortality and longevity and their implications for the life insurance industry.
She brings over three decades of actuarial and leadership experience across consulting, industry, and professional organizations. Most recently, she was a Partner at Oliver Wyman, advising on risk modeling, value-based care, and health strategy, informing her perspective on healthcare drivers of mortality.
Her work emphasizes practical, research-based insights for actuaries and industry leaders. She holds an MBA from Northwestern University and a BA in Economics from the University of Illinois Urbana-Champaign.
Maik Taro Wehmeyer is the co-founder and CEO of Taktile, the leading AI decision platform built to empower financial institutions to make faster, more accurate decisions in risk management.
Jeff Feazell is principal at Authentic Advisor Video where he helps advisors and firms stand out with authentic, heartfelt content.
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.
