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.
Kevin Abramson is president of Cover Whale, a leading commercial-trucking insurer and fast-growing insurtech.
With more than two decades of underwriting and management experience in the insurance industry, including at Gen Re, Swiss Re and TigerRisk Partners, Abramson prioritizes using technology to address risk and make the world safer. At Cover Whale, his focus is on establishing and executing the company's go-to-market strategy, as well as building internal culture, attracting best-in-class talent and managing relationships with investors, partners, carriers and policyholders.
Abramson holds a Bachelor of Science degree from Villanova University and an MBA from the Wharton School of the University of Pennsylvania.
Kit Dickinson is an operations executive at ADP, leading ADP's industry-focused efforts in the construction industry. Previously, he was the president of IDI, where he was responsible for managing strategic partnerships, product innovation, sales, marketing and overall company leadership. IDI was acquired by ADP in 2021, and he now oversees the integration of IDI's capabilities into ADP technology.
Dr. Martin Mulyadi is a full professor of accounting at Shenandoah University who writes and provides expert commentary on technology, AI, analytics, and the future of education and professions. His work focuses particularly on the intersection of accounting technology, AI, and analytics. He teaches upper-division accounting and graduate-level business analytics courses. More about his work can be found at profmulyadi.com.
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.
