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.
President, WSFS Mortgage
Small businesses are dealing with frustrating delays and changing guidance in applying for and receiving help from the Small Business Administration in its new Paycheck Protection Program.
Ian Macartney, Senior Vice President, Head of Digital and Innovation, Argo Group US, is responsible for developing and executing Argo’s digital strategy. He has 33 years of extensive insurance industry experience, both globally and domestically, in the life and P&C markets. In many of his roles, Ian has been an effective change agent, bringing proven experience in business transformation and scaling startups into fully functional organizations. Ian’s prior roles include CEO of the highly successful Marsh insurtech subsidiary Torrent Technologies as well as having senior business and operational roles within Marsh, both in the US, and the Lloyd’s market, as well as senior leadership roles at AIG internationally and Prudential UK.
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.
