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.
Yuval Brisker is the CEO and co-founder of Alviere, an embedded finance company. Prior to Alviere, he co-founded TOA Technologies, a SaaS solutions firm that was acquired by Oracle in 2014. Before founding TOA, Yuval spent years growing and managing technology ventures.
Damith brings deep technical and executive experience to his role as Loadsure CTO, where he's responsible for strategic technology planning, innovation, and, ultimately, delivery of Loadsure's insurtech platform. In addition, Damith provides a 360-degree view of available technology capabilities, informing strategically sound business decisions by the leadership team.
Prior to joining Loadsure, Damith served as 30dB CTO. There, he architected and built a highly scalable social sentiment engine that delivered real-time insight into both public opinion and what drives it.
It is within the multinational conglomerate, IAC Applications, that Damith grew from senior engineer to technology executive. His responsibilities spanned technology strategy and architecture; business plan development; management; reorganization; and funding of teams across IAC business units, the likes of Pronto, Mindspark, and Ask.com.
As IAC Applications' Vice President of Data, Damith took on broad responsibility for everything from shared data and information strategy to the website, search engine, and its underlying technologies.
Michael Stuart is a behavioral healthcare leader with more than 30 years' diverse experience, ranging from executive management in large behavioral healthcare systems to teaching daily living skills to autistic children. Mike has worked with tens of thousands of people, with a focus on actionable, tangible steps to integrate health and wellness into everyday life. He specializes in teaching the importance of developing and utilizing a strong mindset to address and overcome health and wellness challenges, including addiction and mental well-being. As the Executive Director at AllOne Health EAP, he leads the team in delivering EAP and whole health benefits to organizations, employees and their family members.
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.
