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.
Scott Beeman joined Aflac as senior vice president; president of Premier Life, Absence and Disability Solutions (PLADS) in 2020, responsible for leading all aspects of Aflac’s PLADS business. With more than 20 years of leadership experience in the insurance and health care industry, Scott is a visionary with a proven track record of channeling his passion and creativity not only into driving revenue and profitable growth, but also into instituting scalable and sustainable infrastructures and leading the pace and progress of restructurings, product development, and organizational change management programs to realize growth and create new value.
Prior to joining Aflac, Scott was president and chief operating officer of Benefit Harbor Insurance Services, LLC. He also previously served as head of Business Strategy, Operations and IT for the Life, Disability and Absence Management program at Zurich, responsible for the creation of the overall strategic value proposition and execution of its life insurance and disability operations with emphasis on the growth of the group life insurance business. Prior to joining Zurich, Scott held numerous leadership positions with Aetna, including head of Life and Long Term Care Businesses and chief executive officer of Aetna Workforce Availability, where he successfully demonstrated the ability to launch and exponentially grow both new and well established businesses. Prior to joining Aetna, Scott held positions of increasing responsibility in various sectors of the health care industry. He previously co-founded his own company, specializing in Internet-based information systems for the high-tech medical equipment sector, which he successfully negotiated for sale in 2001.
Within his local community, Scott serves on the board of The Cove Center for Grieving Children. He holds a Bachelor of Science in health policy and management from Providence College in Rhode Island and earned a certificate of professional development in executive leadership from The Wharton School at the University of Pennsylvania.
Marla Willner is the head of commercial credit management and strategic Initiatives for TD Bank. She is also executive sponsor of the bank's Women in Leadership Employee Group.
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.
