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.
Ray Walsh leads InvoiceCloud's insurance vertical, helping property and casualty carriers modernize the way they bill, collect, and disburse payments to policyholders. He brings deep experience in enterprise SaaS sales and go-to-market leadership, having previously served as Vice President of Enterprise Sales at Brightcove and Senior Vice President of Global Sales at TransAct Technologies, where he led global sales strategy across restaurant and gaming solutions.
Robert Vane is the co-founder of the Q6FSA Method for Global Information Management, a freelance full enterprise scope data architect “with over 25 years experience of getting it all wrong, now dedicated to solving the foundational root causes of failure within the information management space and getting it all right.”
Kyle Schmitt is the managing director of J.D. Power’s Global Insurance Intelligence Group. He leads a team that develops and applies competitive intelligence from a combination of proprietary and multi-source data to help clients uncover opportunities, optimize operational investment initiatives and measure balanced project returns. Prior to joining J.D. Power, he spent more than 10 years advising US and international insurers on growth, market and M&A strategies. He most recently led growth and strategy for Life, Auto and P&C Claims business units at State Farm. Prior to State Farm, he was an Investment Banker based in London advising global life and P&C insurers on M&A and capital optimization. He is based in Chicago.
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.
