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.
Mr. Lockard joined as co-founder knowing the power of a broker-dealer combined with distribution reach for public finance opportunities. Prior to 280 CapMarkets, Tom Lockard worked at Fundrise, a pioneering fintech company specializing in commercial real estate.
Previously, Tom was a Managing Director at Stone & Youngberg and a member of the company’s Executive committee and Board of Directors. Mr. Lockard served as a Public Finance Banker specializing in California municipal finance, special tax, assessment, tax increment, housing, utility, nonprofit, general obligation, and lease. Over his 30-year career at Stone & Youngberg Mr. Lockard structured more than 500 municipal bond issues representing more than $6 billion.
Mr. Lockard earned degrees from the University of Pennsylvania, Wharton School, Claremont Graduate University, and Stanford University.
Keith Smith is CEO of Payability.
Fouad Khalil is head of compliance at SecurityScorecard, Inc.
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.
