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.
Peter Keating is an investigative financial journalist who has been reporting complex financial stories for more than 25 years. His work has been published recently by GQ, Inc., National Geographic, New York and Politico.
Keating was a founding member of ESPN’s Investigative Unit, where his longform projects included pioneering work that exposed for the first time how the NFL dealt with brain injuries. At ESPN, Keating was a frequent commentator on Outside the Lines and public speaker, making six appearances at the Sloan Sports Analytics Conference, and was part of teams that won three National Magazine Awards. His work has also earned 10 Journalism Awards from the New York Press Club, as well as Investigative Reporters and Editors, Deadline Club and National Headliner Awards.
Keating has written four national columns: “Numbers” and “The Biz” for ESPN the Magazine (1999-2019), “The New Retirement” for Smart Money (2006-2010) and “The Advocate” for Money (1999-2000). He was the senior writer for politics at George during the 2000 presidential campaign.
Keating lives in Montclair, New Jersey, with his wife Karen, their daughters Ellie and Samantha, and their dog, Otis.
Betsy Branagan leads the reserving and claim analytics function at Xceedance. She has over 30 years of experience in traditional actuarial roles of reserving and pricing as well as expertise in leadership, strategy, data management and organizational change.
Prior to joining Xceedance, Betsy held the position as the Appointed Actuary for Plymouth Rock Assurance Company. She managed the loss reserving and pricing functions, led the integration of data from acquired entities, and implemented new reserving tools and processes. Betsy has held leadership roles at Hanover Insurance Group, Arbella Mutual Insurance Company, AIPSO, and on a number of industry committees.
Betsy is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries. She holds a master’s degree in business administration from Indiana State University’s Kelley School of Business and a bachelor’s degree in Mathematics from Clark University.
Ross Delston is a lawyer, expert witness and former banking regulator specializing in AML matters.
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.
