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.
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Prateek Vijayvergia leads the technology team at Xceedance and spearheads large-scale transformation programs across insurance functions such as underwriting, catastrophe modeling, policy service, and claims for re/insurers worldwide. He brings more than 16 years of proven property/casualty insurance domain experience in managing enterprise technology, data science, automation and insurtech initiatives.
With specialization in advancing strategic technology-driven initiatives for insurance industry participants, Prateek has successfully delivered numerous projects, including new business launch, customer-centric platform design, post-merger and separation IT consolidation, legacy platform overhaul, and geo-specific regulatory compliance. Prior to Xceedance, Prateek worked at organizations such as IBM, RBS, and Syntel, and was responsible for the design and delivery of major digital transformation programs.
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.
