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.
Steve is a partner in PwC's Risk Modeling Services practice. He leads PwC's US Climate Risk Modeling team and has more than 24 years of experience in actuarial risk and financial modeling. Steve's team is comprised of actuaries, financial analysts, PhD climate scientists, data scientists, geospatial engineers, and other climate risk specialists. His approach blends climate science with geospatial analysis and financial modeling to help clients identify, measure, and manage climate risk exposure. Projects include climate change risk assessments and quantification for both physical and transition risk, emissions optimization, and other financial and risk modeling projects. Steve has a degree in Mathematics from Saint Joseph's University in Philadelphia, Pennsylvania. He is a fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.
Osho Jha is a co-founder of Arbol currently serving as its Chief Data Scientist. He is also a founding partner of dClimate, the first decentralized climate information ecosystem. As Chief Data Scientist at Arbol, he oversees the development of data-driven parametric products and climate risk solutions. Osho comes to Arbol with over a decade of experience as a product-focused data scientist. His experience ranges from cutting edge NLP research for DARPA resulting in a speech-to-speech translation system deployed by the U.S. military to using exhaust data for trading global equities.
Kiran Kumar Boosam is the head of Global Insurance Strategy & Portfolio at Capgemini. In his current role, he is responsible for enabling the top-line growth of Capgemini's Insurance business. He has more than 25 years of experience in P&C and Life Insurance. Kiran is a graduate in Electrical & Electronics Engineering from Andhra University.
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.
