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.
Andy Brown is a director at Wise Owl Training, an organization that provides computer training for businesses and individuals.
John Jureller is managing director at Accordion, the private equity financial consulting firm focused on the Office of the CFO.
Tom Benton, Partner at ReSource Pro is an industry thought leader with experience as an insurance CIO and as an industry analyst and consultant. Tom leverages his experience to help insurers prepare for and implement strategic transformation initiatives. Tom also advises insurance technology providers on how to better align with industry needs and trends.
Tom's passion is to help insurers and their technology providers develop strategic plans to successfully implement innovative solutions for improving customer experience, reducing risks, and increasing operational efficiency. Tom has over 20 years of experience directing successful IT strategies at numerous organizations, including as CIO at an insurance carrier and as CIO / CTO at non-profit organizations. He also has nearly 10 years of experience providing advisory and consulting services to insurers and insurance technology providers, including major core systems vendors, IT services providers, and insurtech startups. Tom's expertise includes IT capability assessment, IT strategic plan development, transformation preparedness, customer experience, and vendor selection.
Prior to joining Strategy Meets Action, Tom served as VP of Research and Consulting at Novarica, Chief Information Officer at Navy Mutual and CIO/CTO at two major nonprofits in the Washington, DC area. He holds a master's degree from MIT and a bachelor's degree from Cornell University.
Tom has contributed to numerous industry reports and insurance publications and has been a frequent speaker at industry conferences and webinars.
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.
