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.
Aaron Parker joined the MJ Insurance team in 2017 as a client executive in the Risk Management + Commercial Insurance department and has since been promoted to Vice President, Client Experience. A native of the industry, Aaron brings over a decade of extensive experience in enterprise risk management, claims, loss control and safety programs. Prior to joining MJ, Aaron worked as the senior insurance and risk manager for the State of Texas Office of Risk Management where he was responsible for leading the Insurance Services department and served as a consultant to more than 100 State of Texas government agencies and institutions of higher education.
At MJ, Aaron is responsible for the stewardship and strategic development of the MJ value proposition and delivering on all aspects influencing the overall client experience. Aaron acts as the internal conduit between the analytics, risk services, risk transfer and client advocacy teams to ensure seamless execution of client strategy while delivering exceptional customer service to clients.
Allison Wolf is DesignOps lead with Lumin Digital. During the past 22 plus years, Allison's DesignOps mindset has allowed her to define and lead multidisciplinary design projects, champion ADA compliance and build design systems at various companies while helping scale design teams by establishing E2E processes, product launch practices and crossfunctional team collaborations.
Neale Mahoney is a professor of economics at Stanford University and a George P. Shultz fellow at the Stanford Institute for Economic Policy Research. An expert on consumer financial markets, Mahoney served on the White House National Economic Council in 2022-2023.
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.
