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.
Michael Johnson is executive vice president of supervision, regulation and credit at the Federal Reserve Bank of Atlanta.
Raphael Bostic is the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta.
Ms. Washburn is a Managing Director at Municipal Market Analytics (MMA), an independent research and consulting group that publishes commentary on the US municipal bond market. Prior to MMA, Lisa was a managing director at Moody’s Investors Service where she managed several ratings teams and led various high profile projects, including the agency’s first municipal default study and the 2010 municipal rating recalibration.� Lisa is currently serving as the 2016 Chair of the National Federation of Municipal Analysts (NFMA) and has been on the Board of Governors and led many of the organization’s committees since 2008.�� She is also a member of the Municipal Analysts Group of New York (MAGNY).� She has an undergraduate degree in finance from Lehigh University and holds the designation of Certified Management Accountant.��
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.
