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.
Mike Reeves is VP, Life Solutions, for Hannover Re Group, He has been with the company since 2007. Mike is responsible for new business development, client relationship management and implementing customized solutions for hr | ReFlex, Hannover Re’s automated underwriting system. His main focus with Hannover Re has been in the area of automated and accelerated underwriting, including finding and vetting new data sources to support automated and accelerated underwriting. Mike’s previous speaking engagements include various topics on innovations in underwriting solutions specific to how to successfully implement these tools into life insurers’ new business processes. He has 20+ years of combined experience in life and health insurance and reinsurance.
Almost half of employees have filed a complaint to HR during the pandemic due to employee disputes and other remote work issues.
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.
