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.
Darin Campana is a Senior Manager of Insurance Consulting for EPAM Continuum. In this role, he provides advisory services to insurance clients through their transformation and modernization journeys. With more than 26 years of experience across consulting and insurance industries, Darin helps clients enable technologies in the disruption of today's insurance markets including intelligent process automation, big data, artificial intelligence (AI), omni-channel applications and IoT.
Steven Tesler is Senior Manager of Insurance Consulting for EPAM Continuum, the integrated business, technology and experience consulting practice of EPAM Systems, Inc. With more than 25 years of experience supporting the Insurance Industry as a Consultant, Technology Strategist, and Solutions Consultant, Steven has a track record of managing cross-functional teams in executing strategic initiatives across the business, finance, operations, and technology from design through implementation.
Clement Feng is vice president of product management for Briggs & Stratton Energy Solutions, which has a portfolio that includes home standby generators and energy storage systems for homeowners and businesses.
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.
