The Internal Revenue Service has issued procedures for its agents on how to apply the voluntary closing agreement program to Build America Bonds and other direct-pay bonds, such as resource recovery zone economic development bonds.

The new procedures, which were published late Thursday, appear in revisions to the IRS’ Internal Revenue Manual for the tax-exempt bond office’s agents in the field and in the office’s compliance program management section. They stem from recommendations that an advisory committee made to the IRS in a June 9, 2010, report.

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