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.
Lilia is SVP of Product Management for the Property & Casualty and Reinsurance division at Sapiens International. With close to 25 years at IDIT/Sapiens, she has shaped the product direction of one of the insurance industry's most established core platforms — from policy administration and claims through to digital transformation and AI-driven automation.
Hadas Tobolski is Senior Vice President of R&D, P&C Products at Sapiens International, where she leads a broad engineering organization spanning multiple insurance software product lines. With a career built across insurance tech, fintech and banking—she brings deep expertise in scaling R&D organizations, driving AI-led innovation, and turning complex technical challenges into real business impact.
Allie Szczepaniak is the COO of Solidarity Health Network, a Cleveland-based third-party administrator 9TPA) and benefits consultant that manages employer-sponsored health plans, focusing on services like benefit administration, billing and claims processing for unions, public employers and corporations.
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.
