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.
Dr. Arindam Samanta leads property underwriting product management efforts in the areas of weather and natural hazards, including FireLine, Verisk’s wildfire risk management tool for the insurance industry, and a range of other property risk assessment tools related to hail, wind, and lightning. Additionally, he supports ISO’s personal lines product innovation pipeline and agenda.
Dr. Samanta did his academic and research work at the Indian Institute of Technology (IIT), Caltech, and Boston University. National and international news media—including the BBC, as well as Nature and Science magazines—have highlighted his research. He has contributed to articles and been quoted by trade journals such as Insurance Journal, Business Insurance, CLM Magazine,PropertyCasualty360,Risk & Insurance, and Canadian Underwriter. He has also received Verisk’s highest award: the Verisk Citizenship Award.
Chris Mier is President of Rosebud Strategies LLC
Kristen Griffin is vice president of student services at University of Phoenix
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.
