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.
Andrew is the co-founder and co-CEO of Ascend, a modern, all-in-one payments solution purpose-built for insurance with offices in California and New York. Before Andrew's career in insurance, Andrew was an employee at Instacart, where he met colleague and future co-founder Praveen Chekuri. Prior to founding Ascend, Andrew and Praveen co-founded Sheltr, which was acquired by Hippo Insurance in 2019.
Kedar Kamalapurkar is Managing director and a leader in the insurance sector claims practice at Deloitte Consulting LLP. He has nearly 15 years of experience in claims operations, including as a claims adjuster. He has led claims transformations from strategy to execution for many of the major insurance carriers in the United States and Europe. Kedar also holds insurance industry professional designations from CPCU, AIC, API, and AINS.
Michael Cline is Managing Director and Insurance Sector Claims Leader at Deloitte Consulting LLP. He has over 28 years of experience in claims operations and technology at insurance companies and the consulting field. He also has insurance industry professional designations from the Insurance Institute of America; CPCU, AIC, API, AIS and AINS. Michael holds an insurance property & casualty adjusters license in the State of Nevada and is an active member of the Insurance Institutes National Claims Interest Group committee.
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.
