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.
Alex owns the insurance solutions portfolio for Quantexa globally and his focus is on enabling insurance carriers to adopt innovative technologies to maximize business value from data and analytics. He has extensive experience delivering solutions for global organizations including Allianz, RSA, Zurich and AXA.
Bryan Cannon has over 25 years of investment and financial planning experience. A portion of his clientele includes high net worth and ultra-high net worth individuals. Bryan is the host of Markets ‘N5, a bi-weekly video series focused on analyzing market trends based on technical analysis.
Bryan’s career covers a diverse range of investment and securities experience ranging from financial and estate planning for high and ultra-high net worth families, as well as senior and partner roles with both the big Wall Street firms and smaller boutique firms.
Apart from his commitment to understanding each client’s unique needs and implementing strategies that preserve and protect their assets and wealth, Bryan still finds time to remain active in his community. He serves on several local boards, coaches youth soccer, is a Boy Scout Leader, and volunteers with local charities, including assisting the Charlotte Men’s Shelter. In his downtime, he enjoys participating in various fitness and sports activities and enjoying quality time with his family mountain biking and whitewater paddling at the US National Whitewater Center located in Charlotte, North Carolina.
Bryan holds a B.S. in communications and business. In 2018, he became a 5 Star Wealth Manager Award winner.
Candice is a managing director in the Global Client Business within Goldman Sachs Asset Management, and serves as global head of the Strategic Advisory Solutions team. She focuses on global capital market research, macroeconomic strategy, portfolio construction and client engagement.
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.
