Patrick Temple-West

WASHINGTON — Existing home sales fell 3.8% in May to a seasonally adjusted annual rate of 4.81 million, the second straight monthly decline and the lowest number of sales since November, the National Association of Realtors reported Tuesday.

WASHINGTON – Existing home sales fell 3.8% in May to a seasonally adjusted annual rate of 4.81 million, the second straight monthly decline and the lowest number of sales since November, the National Association of Realtors reported Tuesday.

The Internal Revenue Service has completed a routine audit of $250 million of Build America Bonds issued by Denver School District No. 1, with no change to the subsidy payments the issuer receives from the federal government.

WASHINGTON — Ballard Spahr LLP is promoting public finance attorney Joseph Fanone to managing partner in its Washington, D.C., office, the firm announced Monday.

WASHINGTON - State and local government groups are launching campaigns to protect the tax-exempt interest for municipal bonds against cost-cutting efforts in Congress.

WASHINGTON — A Little Rock issuer is appealing an Internal Revenue Service ruling alleging that $3 million of its enterprise zone bonds are taxable because it violated an employment requirement.

WASHINGTON — Initial jobless claims dropped 16,000 to a seasonally adjusted 414,000 for the week ending June 11, the Labor Department reported Thursday.

WASHINGTON - Initial jobless claims dropped 16,000 to a seasonally adjusted 414,000 for the week ending June 11, the Labor Department reported Thursday.

An advisory committee to the Internal Revenue Service recommended that it treat conduit borrowers as taxpayers for compliance matters so it can deal with them directly and cause less unnecessary burdens for transaction participants.

WASHINGTON — Industrial production edged up 0.1% in May, below economists' estimates, as auto production remained hampered by supply chain disruptions following the disasters in Japan, the Federal Reserve reported Wednesday.

WASHINGTON - Industrial production edged up 0.1% in May, below economists’ estimates, as auto production was hampered by supply chain disruptions following the earthquake in Japan, the Federal Reserve reported Wednesday.

WASHINGTON — Retail sales fell 0.2% in May, the first decline in 11 months, led by a sharp drop in auto sales as a spending slowdown in the coming months could threaten the economic recovery for state and local governments, the Commerce Department reported Tuesday.

WASHINGTON - Retail sales fell 0.2% in May, the first decline in 11 months, led by a sharp drop in auto sales as a spending slowdown in the coming months could threaten the economic recovery for state and local governments, the Commerce Department reported Tuesday.

An advisory committee is scheduled to meet Wednesday and submit five reports to the Internal Revenue Service, including one on the role of conduit issuers in tax compliance and another on tribal economic development bonds, according to members.

WASHINGTON - State and local governments will lose at least $10.1 billion this year in tax revenue not collected on Internet transactions - a figure some experts believe is too low - while federal legislation that would grant states the authority to collect online sales taxes has stalled amid anti-tax sentiment.

Wholesale inventories increased 0.8% in April, the Commerce Department reported Thursday.

Wholesale inventories increased 0.8% in April, the Commerce Department reported Thursday.

Bond lawyers are urging the Treasury Department and the Internal Revenue Service to avoid issuing new guidance to address whether Build America Bonds issued by a state or locality would continue to exist, or be considered “extinguished,” if they were purchased by a related entity such as the public pension fund or state lottery.

The National Association of Bond Lawyers is urging the Treasury Department and the Internal Revenue Service to include, as a priority, guidance on whether the benefits provided to bonds issued under the stimulus law would apply to refundings of those bonds.

A coalition of House Democrats is calling for Build America Bonds, a national infrastructure bank, and high-speed rail as part of a plan to improve transportation and stimulate job growth.