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.
Robb Lanham is the chief sales officer for HUB International, focusing specifically on the Private Client practice.
He is responsible for the personal insurance growth initiatives across North America and has developed strategic planning for new client acquisition for individuals, as well as for national and international wealth management firms.
With over 25 years of dynamic leadership, Jagadish Kundu has been at the forefront of revolutionizing the insurance and financial services industry. From building domain solutions to driving digital transformation, his visionary approach has reshaped the landscape. Jagadish's achievements include pioneering the establishment of an insurance delivery center, managing a P&L and advising CXOs while leading a 2000-strong IT delivery team. As the global head, Jagadish has previously overseen a strategic business unit focused on implementation of COTS products in insurance & retirements industry and managed a $220 million USD global P&L. His expertise spans product development, product implementation, leveraging cutting-edge technologies like GenAI and data analytics.
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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.
