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.
Wendy Herndon is second vice president of Product Launch and Adoption at Aflac. With more than 20 years of experience in this field, she is responsible for providing the overall strategy for all product-related launch, promotional and educational activities.
As benefits analytics consultant, Mr. Austin is responsible for developing leading-edge analytic methodologies embedded within the Artemis reporting system. Mr. Austin also performs analyses and supports clients in the implementation of their integrated health, attendance and disability management programs.
Mr. Austin has over thirty years experience in the healthcare industry with the majority of the time focusing on Health and Productivity Management. Mr. Austin has previously worked at other data warehouse organizations (Nuna, OptumHealth and IBM Watson Health) providing similar client insights and product support. He also has experience working in benefits administration for two large employers in California: Pacific Gas & Electric (Senior Manager – Workforce Health) and Pacific Bell (Director – Health and Productivity).
Mr. Austin holds an MBA and Sloan Certificate in Hospital and Health Care Administration both from Cornell University and a BA in Psychology from the University of California at Berkeley.
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.
