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.
Atul Tandon serves as CEO of Opportunity International, a Chicago-based international NGO that designs, delivers and scales innovative financial solutions to help families living in poverty build sustainable livelihoods. The NGO reached over 18 million people last year, supporting individuals and families experiencing extreme poverty in Sub-Saharan Africa, Asia, as well as Central and South America. As a global executive for Citibank, Tandon pioneered personal banking solutions in India and grew Citi's global consumer networks to more than 146 million accounts with a presence in over 100 countries.
Rafael Bernard, CFP, MSFP, is an alumnus of Kansas State's financial therapy program and Bentley University's financial planning program.
He has experience researching financial literacy, designing financial therapy-driven client activities, and leveraging experiential learning to build financial wellness curricula.
Brandon Ellison is the founder and CEO of Quility. He was born in Birmingham, Alabama and earned a Bachelor of Science degree in Accounting from the University of Alabama in 2000. Following graduation, he pursued work as a musician in Crested Butte, Colorado. In 2001, upon moving to Asheville, North Carolina, he acquired his insurance license and established a career as a life insurance agent. In 2002, Mr. Ellison met Casey Watkins while they were working as agents for the same company; the two established a friendship as well as a healthy rivalry that drove them both to grow into two of the top managers in that company.
Through their experience as insurance agents, they recognized an opportunity to elevate the industry's business model by reshaping the relationship between agents and their respectful uplines. Founded in their belief that what benefits individuals will ultimately benefit the whole, they envisioned a model in which the wellbeing, growth and financial success of agents would take the forefront. They launched Symmetry Financial Group in 2009 to translate their vision into reality, and in the 12 years since have transformed Symmetry into the modernization of the new company, Quility, with a revenue hitting over $70 million.
Ellison still enjoys playing the guitar. He also loves long hikes in the beautiful Blue Ridge Mountains with his wife, Meredith. They have three children, Addie Ruth, Levi and Woods, that keep their home and calendars full and abundant.
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.
