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.
Dev Nag is the founder and CEO of QueryPal. He was previously on the founding team at GLMX, one of the largest electronic securities trading platforms in the money markets. He was also CTO and founder at Wavefront (acquired by VMware) and a senior engineer at Google, where he helped develop the back end for all financial processing of Google ad revenue. He previously served as the manager of business operations strategy at PayPal. He also launched eBay's private-label credit line in association with GE Financial. Dev received a dual-degree B.S. in mathematics and B.A. in psychology from Stanford.
Bryan Robertson is a seasoned commercial insurance professional with over 15 years of extensive experience in the industry. As a 5th-generation Central Floridian, he brings a deep connection to the region, understanding the unique challenges and opportunities that businesses face. Throughout his career, Bryan has demonstrated a complex understanding of risk management, coverage negotiations, and client relationship management, helping middle market and larger corporations secure comprehensive insurance solutions tailored to their unique needs. In the fall of 2020, Bryan, along with two partners, acquired Hatcher Insurance.
Under their leadership, the company has experienced significant growth, expanding from a team of 5 to over 30 employees. This rapid expansion reflects their commitment to excellence and their ability to adapt to the evolving needs of the market. Rooted in the rich family heritage of Central Florida business owners, Bryan is committed to contributing to the growth and prosperity of his community through his business.
Bryan is recognized for his leadership and mentorship abilities, having led teams to achieve record industry new business growth. Leading to recognition by the Orlando Business Journals' class of 2022 – Top 40 under 40.
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.
