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.
Yogendra (Yogi) leads the company’s efforts in developing and implementing new growth strategies in North and South America. While positioning WNS for continued growth, Yogi also oversees the Growth and Strategy function, and advisor relations in these markets. He is responsible for planning, designing and implementing processes to support business growth by defining customer segments and new markets. Yogi brings with him proven capability in service delivery, transition, operations re-engineering, client management, pre-sales and sales. He began his BPM career in 1999 with GE Capital and has managed operations for GE Australia.
Suhas Sethi is the Head of the Global Insurance Business Unit at WNS. He has close to three decades of experience in global financial services BPM.
He leads a specialized team of 11,000+ domain experts at WNS. Suhas’ service portfolio spans across Life, Pensions, Property & Casualty Insurance and includes end-to-end Business & Digital Services across Underwriting, Policy Maintenance, and Claims. In addition to delivering on the core Insurance back office operational excellence, Suhas’ portfolio includes knowledge intensive areas like customer sales and servicing, actuarial, data analytics, and finance and accounting. Besides the business leadership and P&L accountability, Suhas is also responsible for Enterprise Risk and Process Compliance for the Insurance BU.
Prior to WNS, he has donned leadership roles at Cognizant and GE / Genpact.
Sarah Moloney is a subeditor at the Official Monetary and Financial Institutions Forum.
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.
