The Internal Revenue Service is seeking applicants for a tax-exempt bond expert to join its Advisory Committee on Tax-Exempt and Government Entities.
The IRS kicked off its search Thursday, announcing that it wants to fill 10 vacancies on the so-called ACT panel, including a representative of the tax-exempt bond community. The committee consists of private professionals who draft and present annual recommendations to the IRS’ TE/GE branch on how it can make improvements.
“The ACT allows the IRS to receive regular input on administrative policy and procedures of [TE/GE],” the IRS said in the notice announcing the search.
Members serve two-year terms, with the option of extending to a third year. The next member in the tax-exempt bond area, who will join the committee in June, will replace Michael Bailey, a partner at Foley & Lardner LLP who is currently serving as chairman of the committee.
The IRS will accept applications through Dec. 1 and interested parties can apply either in a letter or by filling out an application that is available on the agency’s website. The applications should reflect the qualifications of the applicant. Federally registered lobbyists are not eligible to join the committee.
The ACT consists of five separate teams: tax-exempt bonds; Indian tribal governments; exempt organizations; employee plans; and federal, state, and local governments.
Each team presents a report with recommendations to the IRS at an annual summer meeting.
In June, the ACT’s tax-exempt bond arm told the IRS that it should establish a detailed process under which an issuer of new direct-pay bonds, like Build America Bonds, could voluntarily come to the IRS and have its subsidy payment reduced to resolve inadvertent violations of tax-law requirements.
The Indian tribal governments group recommended that the federal government make tribal economic development bonds permanent and consider removing the $2 billion cap on the program. The bonds were created by the American Recovery and Reinvestment Act.
The tax-exempt bond arm of the ACT currently consists of two other bond attorneys besides Bailey: David Cholst, a partner at Chapman and Cutler LLP in Chicago, and George Magnatta, a partner at Saul Ewing LLP.
However, the committee is not limited to bond attorneys. In recent years, for example, Joan DiMarco of BondResources Parners LP in Philadelphia and John Pasiczynk of the Dormitory Authority of the State of New York were ACT members.