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.
Curt Hess is the U.S. Executive President at Vitesse, where he is leading the company's strategic expansion in the American insurance market. Curt brings over 25 years of experience across fintech and global banking, most recently as Chief Operating Officer at 10x Banking, helping scale operations at one of the UK's most innovative fintech firms. Prior to that, Curt held multiple C-level roles during a 12-year tenure at Barclays, including Chief Executive Officer of the US Consumer Bank and Chief Executive Officer of Europe Retail and Business Banking. Earlier in his career, Curt held senior finance leadership positions at Citi as well as with Bank of America in the U.S. His deep expertise in digital transformation, operational scale, and client-centric innovation uniquely positions him to drive Vitesse's U.S. momentum in the insurance space.
Valentin Neiconi is chief risk officer of Stax.
Michael A. Stachowiak is the chief revenue officer at Enrollify.
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.
