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.
Bill joined Plymouth Rock in 2016 and is in charge of our property insurance business and reinsurance programs. Bill has over 30 years of experience in the insurance industry. Bill was formerly President of Bankers Insurance, winning a Celent Model Insurer award in 2014 for simplifying homeowners insurance shopping. He also founded a startup with a new approach to flood insurance and has held senior positions at Farmers Insurance, Progressive and Travelers. Bill is a graduate of Stanford University, with a degree in Survey Data Research. He is a frequent speaker and author on insurance issues and has served on the Institute for Business and Home Safety and other safety organizations. He is an active board member of nonprofits that combat poverty and aid those with intellectual and developmental disabilities. He is an avid sailor, skier and trombone player.
Bryan Davis serves as Executive Vice President and Head of VIU by HUB, a digital brokerage
platform backed and developed by HUB International, the largest personal lines broker in the U.S. He is
responsible for the vision and strategy, profit & loss, investment priorities and supporting a network of
alliance partners.
With more than 20 years of industry experience, Davis has led transformational projects and driven growth in personal and commercial lines, product management and pricing, sales and business
development, underwriting and operations.
An industry leader in product, sales, and digital innovation, Davis previously held leadership positions with USAA, Nationwide, and AIG. Davis is a graduate of Wofford College and also has an MBA. He's also credentialed as a ChFC & CPCU and is also a former Member of the Board of Directors of the American Red Cross of San Antonio.
Evan Daniels serves on the advisory board of Monitaur, an AI/ML governance software company committed to working with the insurance industry and regulators towards the responsible and effective integration of AI/ML. Formerly Director of the Arizona Department of Insurance and Financial Institutions and served as the 2022 Co-Vice Chair of the NAIC Committee on Innovation, Cybersecurity and Technology, which oversees the NAIC's Big Data and Artificial Intelligence workstreams, Evan also is Counsel at Mitchell Sandler LLC, a boutique financial services law firm, where he advises insurance companies, insurtechs, fintechs, and financial institutions on regulatory matters. For more information on Monitaur, please visit www.monitaur.ai, and follow the company on LinkedIn.
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.
