PHOENIX — Any state or local government that issues Build America Bonds in the next fiscal year can expect to receive a compliance query from the Internal Revenue Service, according to Clifford Gannett, director of its tax-exempt bond office.

Speaking at the National Association of Bond Lawyer’s annual Bond Attorneys’ Workshop here, Gannett said his TEB office plans to send brief compliance check questionnaires to all BAB issuers next year. The document is still in the works, but will focus on gathering information about what BAB issuers are doing to ensure compliance with the tax law, he said.

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