WASHINGTON — The Internal Revenue Service’s new requirements for tax-exempt organizations to provide it with detailed information about their outstanding bonds represents a “sea change” and an expansion of the agency’s oversight of the tax-exempt bond area, a former Treasury official and other lawyers said.

The IRS issued a final revised Form 990 with a new Schedule K last month that asks tax-exempt organizations for information about their outstanding bonds, including the use of bonds proceeds and whether the proceeds were invested in a guaranteed investment contract, as well as whether the borrowers have entered into any management or service contracts, or research agreements in connection with bond-financed projects that could result in private business use.

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