The Internal Revenue Service and the Treasury Department told issuers on Wednesday that they may release guidance as soon as possible on tax law issues triggered by the end of the year with regard to certain auction-rate securities and draws under draw-down loans or commercial paper programs.

In a one-page document published on the IRS website, the two agencies also encouraged issuers facing tax law problems with regard to these securities to try to work them out under the IRS' voluntary closing agreement program, or VCAP.

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