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.
The research reveals improving the claims process and enhancing customer experience are top digital transformation priorities, making them the primary levers driving adoption and implementation of digital tech
Marc Rothchild is executive vice president, head of claims at Xceedance, a leading global provider of strategic operations, support, technology, and data services for insurance organizations. He leads the claims business at Xceedance, bringing 20 years of operations and technology leadership experience across the insurance, software and supply chain distribution industries. Prior to Xceedance, he spent 13 years leading various U.S. and global teams across claims, operations, analytics, and technology at AIG —most recently for its digital commercial insurance carrier, Blackboard Insurance.
Peter Flynn is senior vice president, personal lines America at Xceedance, a leading global provider of strategic operations, support, technology and data services for insurance organizations. He oversees all client engagements and the Xceedance product offering within the sector. Prior to joining Xceedance, he was senior vice president of broker development at PURE Insurance, a high-net-worth personal lines specialist insurer. His career also includes a significant tenure of 15 years at Chubb, where he was involved in underwriting and sales and held various leadership roles.
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.
