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.
Ravi has over 13 years of actuarial experience in the property and casualty insurance industry. Working in WTW's Insurance, Consulting, and Technology practice as an Associate Director, Ravi works with clients to provide industry leading insights and solutions. Throughout his tenure, he has worked as an effective leader and business partner on both the carrier and consulting side. Ravi's experience includes exposure to a vast array disciplines including analytics, ratemaking, reserving, capital management, and enterprise risk management.
In addition to his professional responsibilities, Ravi actively volunteers with the Casualty Actuarial Society.
Ravi holds a Bachelor of Science degree in Applied Mathematics from Kettering University. He is also a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.
Patrick Walsh, CPA, MBA, is the managing partner and CEO of Withum, an advisory, tax and accounting firm with 2,200 team members across the U.S. and internationally. He served on the firm's management committee for six years, leading up to his role as managing partner. Walsh led the firm's national tax practice strategy for five years and oversaw the corporate tax services practice. He is also the executive sponsor for Withum's expansion overseas in opening and growing its India office. Walsh is actively involved in the firm's alliance with HLB International and is committed to leading an inclusive and diverse place of work as seen in his CEO Statement on Inclusion and Diversity.
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.
