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.
Jennifer Hui is a Senior BenefitsVIP® Representative at Corporate Synergies, where she draws on her extensive experience in employee benefits and customer support to deliver concierge-level service to plan participants. After earning her degree in Risk Management and Finance from Temple University in 1995, Jennifer launched her career at Independence Blue Cross, where she spent over a decade. She joined Corporate Synergies in 2006, where she continues to serve as a dedicated resource for employees and their dependents navigating their benefit programs.
Michael Podgortsev is a Director of Data & AI Strategy at a technology advisory firm, and a former CTO with 15 years of building data and AI systems that assess and serve customers. He writes about how systems optimized for an 'average' quietly fail the people who don't fit it.
Norm Hudson is CEO and co-founder at Staff Boom. Norm Hudson is an accomplished insurance executive with over two decades of industry expertise, has a proven record in leadership and management. Previously, as principal owner and CEO of Inszone Insurance Services, Norm Hudson led a team across 40 locations, propelling Inszone into the top 100 national insurance agencies. His commitment to an open, transparent, and accountable company culture played a pivotal role in Inszone's success.
With roles such as COO of Confie Seguros and president/CEO of Cost U Less Insurance, Norm demonstrated expertise in strategic leadership, sales optimization, and achieving significant revenue growth. Norm's legacy in the insurance industry is defined by innovation, leadership, and success, notably exemplified in creating Staff Boom to meet industry-specific needs.
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.
