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.
Jason Wenk is the founder and CEO of Altruist, a wealth management platform built for independent advisors. With more than 25 years of experience in financial services and technology, he has worked across the industry as a quantitative analyst, financial advisor and fintech founder.
Peter Rodes is vice president of innovation and advisory services, for RGAX, the transformation engine of Reinsurance Group of America, Incorporated (RGA). Based in Chicago, Peter is a member of RGAX’s Emerging Solutions team, with a global role in developing novel and/or disruptive approaches to engaging with life and health insurance consumers to enable them to live healthier, longer, and more financially secure lives. Peter joins RGAX with more than 25 years of experience in health care, marketing and insurance.
As Program Manager, Global Product Portfolio Management for RGAX, the transformation engine of RGA Reinsurance Company, Eva Goldstein has global responsibility for RGA’s product framework, helping RGA and RGAX launch and scale industry-leading products and services. Based in Toronto, Eva brings more than 20 years of industry experience and a deep knowledge of both traditional and non-traditional parts of the business to her role, including local and global business development, alternative distribution, group healthcare, and most recently, strategic partnership management for RGAX.
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.
