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.
Rachel is one of the premier leading insurance professionals with over ten years of experience in the industry. After launching her career as a management liability underwriter at AIG, she spent several years as a client advisor for the Financial Institution Group at Marsh. Rachel advised on risk management for the world's largest banks, insurance companies, asset managers & funds. Since joining the Founder Shield as a Senior Account Executive in 2017, she now leads the Customer Success team. Rachel focuses on client advising, improving policy language for venture-backed companies, including financial institutions, ecommerce, and SaaS companies, and developing new tech to continue driving innovation in the insurance industry.
Katka is an Associate Partner with McKinsey & Company, based in Boston. She serves private equity clients with expertise in financial technology, including insurance, wealth management and banking. She has conducted more than 20 diligences in the space and has served financial technology companies on growth, pricing, and go-to-market strategies as well as M&A. Katka holds an MBA with distinction from Harvard Business School, an MSc. in financial economics from the Saïd Business School at Oxford University, and a BSc. in mathematics from University College London.
Luke Adaline is group market manager, U.S. Distribution, at Sun Life U.S.
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.
