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.
Karun is a seasoned technology-focused professional with global IT industry experience in the insurance, pensions, and investment management sector. He has extensive experience in managing customer relationships, large-scale technology projects, platform selection & implementations and consulting engagements, and building and leading top-performing teams servicing users globally.
His research focuses on insurance technology trends and solutions for the EMEA region across P&C and L&H lines of business, as well as covering the London market.
Before joining Celent, Karun had spent 22 years with Tata Consultancy Services (TCS), where he contributed to expanding its insurance portfolio in Europe. Karun has a significant track record in winning, retaining & executing large multi-million global IT contracts for TCS, complete solution & cost ownership, and advising customers on their strategic initiatives. He brings a deep understanding of insurance technologies. Early in his career, Karun worked in the manufacturing and supply chain management domain and led consulting assignments on IT strategy and Enterprise Architecture.
Karun keeps track of changing technologies and business models in the financial service industry and regularly attends seminars and conferences. Karun has also published articles on emerging technologies such as quantum computing and crypto/blockchain. He has a bachelor's degree in Electronics and Communication Engineering from Calicut University and Certification in Fintech from Said Business school at Oxford University.
Karun lives in Cambridge, the United Kingdom, with his wife, daughter, and son.
Anna King, CPA, is CFO of Mesh Payments, a financial management platform. She was previously the long-time CFO of Transactis, a billing and payments processing company acquired by Mastercard.
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.
