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.
Robert Lewis is senior vice president of innovation and development at Verisk, where he uses data, analytics, and technology to drive efficiencies and automation in the claims handling process.
Rob was president of Verisk's Casualty Solutions from 2011 until 2022. He joined Verisk when it acquired Crowe Paradis Services Corporation (CPSC), a company he co-founded in 2006. Rob was vice president of sales and marketing from its founding until the acquisition, when he was promoted to president.
Prior to joining Verisk, Rob practiced insurance defense litigation in New Jersey and North Carolina and was a partner in the New Jersey law firm of Capehart & Scatchard. In 2004, he was selected by the New Jersey Law Journal as one of the "Top 40 lawyers under the age of 40."
Ilya Filipov has over 15 years of experience leading growth strategies across life, property, and casualty insurance. As Total Expert's General Manager of Insurance, he leads vertical growth and works directly with customers and prospects to address industry pain points and promote enhanced customer experiences across the entire financial enterprise.
Josephine Stone is Director, Digital Payouts at Fiserv, a leading global provider of payments and financial services technology solutions.
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.
