IRS Auditing Bonds for College in Indiana
The Internal Revenue Service is auditing economic development revenue bonds issued by St. Joseph County, Ind. in 2007 for Saint Mary's College.
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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 »
Eight states with the greatest percentage of tax filers who claimed a deduction for sales taxes in the 2012 tax year would likely be most affected, if Congress fails to extend the deduction, according to an analysis by The Pew Charitable Trusts. more »
Two issuers in Colorado and one in Pennsylvania have recently disclosed that the Internal Revenue Service is auditing some of their refunding and/or single-family mortgage bonds. more »
Crystal City, Texas has reached an agreement with the Internal Revenue Service to settle tax rule violations and preserve the tax-exempt status of interest already paid on $13.94 million of jail bonds issued by an authority in 2003 and now in default. more »
The discussion in Washington D.C. about corporate inversions has implications for the municipal bond market, a Treasury Department official told bond lawyers meeting here. more »
The Internal Revenue Service's tax-exempt bond office is modifying its market-segment approach to audits, the office's director, Rebecca Harrigal, said. 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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