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.
Sarah Acton is the chief customer officer at BILL. She brings more than 30 years of experience in marketing, sales and brand-building work in both consumer and business markets. Prior to BILL, she led both marketing and sales at Athos, a wearables company in the athletic performance space. She was also responsible for global brand oversight during pivotal periods of growth at LinkedIn and consumer marketing leadership at Yahoo!. She was also the owner of a small retail business, and holds an MBA from Northwestern University – Kellogg School of Management and a B.S. in Marketing from Tulane University.
Barry Ubsdell is the head of sales for Root.
Ryan Stokes is Vice President, Business Development, Claims TPA & Solutions at Xceedance, a global leader in consulting, technology, operations support, and data solutions for the insurance sector. He focuses on growing the TPA/claims solutions with new partners and exploring new markets. Stokes has extensive knowledge and expertise in the property and casualty insurance industry, specifically in claims management, valuation and loss adjustment services.
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.
