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.
As Strategic Research Actuary for RGA’s Global Research and Data Analytics (GRDA) team, Julianne Callaway researches emerging areas of interest to the insurance industry. Her insights on wellness, wearable technology, genetics, and other strategic research initiatives are shared with clients in presentations, white papers and articles.
Julianne joined RGA in 2013 as an Assistant Actuary in GRDA, where she oversaw research development for the department. Later Julianne was part of RGAx, the wholly-owned innovation incubator subsidiary of Reinsurance Group of America, Incorporated, for two years where she developed economic models for business concepts and market intelligence in support of innovative business initiatives.
Prior to joining RGA, Julianne spent nine years with Towers Watson, where she was a Senior Actuarial Analyst, responsible for loss reserving for several lines of business, establishing funding amounts for self-insurance funds, developing predictive models, and developing methods to estimate asbestos liabilities for corporations and insurers. She began her actuarial career at American Family Insurance, where she priced business lines insurance and was responsible for rate adequacy in several states.
Julianne has Bachelor of Science (B.S.) and Master of Arts (M.A.) degrees, both in economics, from the University of Missouri – Columbia. She is a Fellow in the Society of Actuaries (FSA), an Associate in the Casualty Actuarial Society (ACAS), and Member of the American Academy of Actuaries (MAAA). A prolific author, she has written and published several articles and white papers on a broad range of insurance topics. She is also a frequent speaker at industry conferences, and is currently a member of the Society of Actuaries’ General Insurance Research
Ted Tozer is a senior fellow in the housing finance program at the Milken Institute Center for Financial Markets. He was president of Ginnie Mae from 2010-2017.
Roger M. Travis is president and CEO of ExperienceLab.
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.
