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.
Bob Bastian is Vice President and Chief Information Officer of Prudential Individual Life Insurance and Annuities businesses. Bastian leads industry experts in creating modern digital and technology solutions, crucial for serving customer needs in a rapidly evolving financial technology landscape. Bastian drives comprehensive changes across multiple dimensions including culture, talent, organization, process and architecture which have dramatically improved time-to-market, reduced cost and established sustainability for future growth. Bastian joined Prudential in 1999 and has spent the majority of his time as part of the Life business. In this role he was instrumental in the successful onboarding of the Hartford business, leading over 25 cross functional teams toward a seamless integration.
Amaresh Tripathy is global business leader, analytics, at Genpact, a global professional services firm focused on delivering digital transformation.
Malik Azeez is director of product information management at Paradigm Technology.
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.
