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.
Jenn Kischell serves as vice president of Workforce Engagement, a unit within MetLife’s Financial Wellness and Engagement organization. With more than 25 years of experience, Kischell works with internal and external partners and customers to provide key enrollment communications and financial literacy. She is responsible for ensuring an understanding of the market, responding to customer demands, and supporting an infrastructure to drive successful sales and engagement with group customers and their employees.
Rob Levy is vice president of research and measurement at the Financial Health Network, where he leads the research and thought leadership practice.
Ryan McMahon leads Cambridge Mobile Telematics' Insurance and Government Affairs group, which works with partners around the globe to deliver results from their connected insurance programs. Ryan is passionate about technological innovation in the insurance industry. Before CMT, he worked in claims, product, corporate, and field marketing for both personal and commercial lines carriers. Ryan spent five years at Plymouth Rock Assurance where he ran the “More Than Just Insurance” platform and worked on a team to introduce the first of it’s kind telematics based rewards program to the U.S.
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.
