The Internal Revenue Service is in the process of making changes to its audit procedures and how it notifies issuers that it has tax law or regulatory concerns about their tax-exempt bonds, Cliff Gannett, director of the IRS' tax-exempt bond office, said in a recent interview.

Instead of sending an issuer a preliminary adverse determination that bonds may be taxable, the IRS will send the issuer a form with a list of tax issues that need to be resolved regarding the bonds.

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