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.
Ian Sterling has more than 18 years of actuarial experience. Throughout his professional career, Ian has worked with actuaries, claims, underwriting, and finance professionals at regional and global insurance and reinsurance companies, as well as self-insured corporations. Ian has assisted clients in both an audit and advisory capacity. This has included a focus on transformation and innovation, such as, advising on actuarial and finance modernization, machine learning claim / policy level modeling, advanced data exploration and reporting with data visualization. Ian has been a frequent speaker at conferences and written articles on topics, including robotics and automation within actuarial, the changing actuarial role, and loss reserving in the future.
Brett Jurgens is the CEO and Co-founder of Notion, a Comcast company (acquired in 2020), empowering home and property owners to be proactive in monitoring their spaces and most valued possessions. Through partner programs, Notion helps insurance carriers, agents and service providers provide value to their customers with Notion’s DIY smart monitoring technology.
Dan Shimmerman is president and CEO of Blueprint Software Systems
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.
