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.
Jim Davis is vice president of insurance at Geotab, where he leads insurance, risk management, insurtech programs and business development. His 30-year career includes commercial P&C insurance company, brokerage and captive program management. At the forefront of video telematics, his experience and wide range of knowledge also includes driver safety, scoring and learning management systems.
Ben Malka joined Cota in 2019 as a Partner on the investment team, where he is focused on sourcing, evaluating, executing, and governance of venture investments. Prior to Cota, Ben was a General Partner at F-Prime Capital, a San Francisco-based financial technology and enterprise IT-focused venture capital fund. At F-Prime, he served as lead partner for a number of investments.
Since 1999, Ben has also served as a General Partner at North Hill Ventures, a financial technology focused venture capital fund. Previously, Ben was with The Boston Consulting Group, where he was the Project Lead for a number of clients across strategy development, acquisition strategy, new product evaluation, and operations improvement. He began his career at Bank of America as a Statistical Analyst.
Ben received a Bachelor of Arts in Economics and Political Science from Stanford University and a MBA from the University of Chicago.
Murat Kilicoglu joined Cota Capital as a Principal in 2022 focusing on the evaluation and monitoring of private investments as well as designing and implementing value creation strategies across the broad Cota portfolio. Prior to Cota, Murat was a Vice President in the Investment Banking Division of Evercore focusing on mergers and acquisitions within the technology sector. Prior to Evercore, Murat was a Vice President at Credit Suisse in the Investment Banking Division focusing his time on strategic advisory and financing assignments for software and FinTech companies. Previously, Murat was an Investment Associate at TRPE Capital focusing on private equity and venture capital investments across the technology sector. Murat began his career at Roland Berger, where he worked as a strategy consultant to technology firms and private equity portfolio companies in the areas of corporate strategy, growth strategy, go-to-market strategy, commercial due diligence, and corporate restructuring. Murat received a B.S. in Electrical and Electronics Engineering from Bogazici University in Istanbul and an M.B.A. from The Wharton School at the University of Pennsylvania.
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.
