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IRS Conducting Targeted Audit of Philadelphia Refunding Bonds
The internal Revenue Service is conducting a targeted audit of Philadelphia's series 2010A water and wastewater revenue refunding bonds, $396.46 million of which were issued.
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The Internal Revenue Service has released interim guidance on how management contracts and certain accountable care organizations can be structured to avoid excessive private use that would jeopardize the tax-exempt status of bonds. more »
At least two issuers recently redeemed or said they are planning to redeem bonds issued to finance detention facilities because of private use. One redemption was required under a settlement between the issuer and the Internal Revenue Service and the other was triggered by provisions in the offering document. more »
Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds. more »
John Cross will leave as director of the SEC's Office of Municipal Securities next month to succeed Vicky Tsilas as the Treasury Department's associate tax legislative counsel, according to the SEC and sources. Tsilas is rejoining Ballard Spahr in January. more »
The Internal Revenue Service is auditing economic development revenue bonds issued by St. Joseph County, Ind. in 2007 for Saint Mary's College. more »
More city finance officers reported improved fiscal conditions in fiscal 2014 than in the 29-year history of the National League of Cities' city fiscal conditions survey. However, the cities are still not fully recovered from the economic recession, the NLC said in its report on the survey. more »
Federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds that are processed during fiscal 2015, which began Oct. 1, will be reduced by 7.3% under sequestration. more »
Former Financial Industry Regulatory Authority vice chairman Stephen Luparello received $5.34 million of total compensation in 2012 — the highest of any of the individuals in The Bond Buyer's annual survey of the compensation levels at 21 industry, self-regulatory, state and local, and muni related groups. more »
Internal Revenue Service Commissioner John Koskinen is urging Congress to decide soon whether or not it wants to extend tax provisions that expired at the end of 2013. more »
The Internal Revenue Service is calling for applications and nominations to fill two upcoming vacancies on the tax-exempt bonds subcommittee of the Advisory Committee on Tax-Exempt and Government Entities. more »
States are having trouble forecasting tax revenue largely because of increasing volatility in their revenues, according to a report released by the Nelson A. Rockefeller Institute of Government on Tuesday. more »
Three more Midwestern issuers have said that they can redeem Build America Bonds issued in 2010 because their subsidy payments from the federal government have been reduced due to sequestration. more »
President Obama on Friday signed a continuing resolution that allows government programs and services to be funded until Dec. 11. more »

Americans are suffering the consequences of Congress, governors and legislators across the U.S. pushing the burden of today's costs onto the backs of tomorrow's taxpayers by repeatedly putting off infrastructure repairs and new construction.

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