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.
Rachel Allen is Group Product Manager of Shared Mobility for Arity, a technology company founded by the Allstate Corporation. In this role, Rachel has been responsible for defining and bringing to market a set of products that use predictive risk and driving analytics to help operators build the next generation of a connected transportation network.
Prior to Arity Rachel worked at Accenture integrating multiple complex systems before joining HERE Maps where she built multi-model navigation products and then Conversant Media where she created user profiles based on geo-spacial travel patterns for Ad targeting. Rachel has a Masters in Science from Northwestern University and a Bachelors in Science from DePaul.
Sawad Thotathil, MD, clinician and senior director, Persistent Systems, directs product strategy and management for the company’s Digital Healthcare group.
Mike Dwyer brings 20 years of technical, architectural, and managerial experience in the insurance and telecommunications industries to his roles at EIS. Mike manages an engineering organization of more than 200 people in the United States and abroad, and plays a key role in designing, implementing, and successfully deploying the company's insurance software solutions to customers around the globe. Prior to joining EIS, Mike held a variety of engineering architecture and management roles for established and startup companies, including Sprint Corp., Interwave Communications, and Motorola.
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.
