WASHINGTON — The Internal Revenue Service should adopt a streamlined version of its voluntary closing agreement program under which issuers would pay specific monetary penalties for predetermined and relatively minor tax law and rule violations, municipal market participants advising the agency said yesterday.

At a meeting here, members of the tax-exempt project team for the Advisory Committee on Tax Exempt and Government Entities told IRS officials, including commissioner Douglas Shulman and tax-exempt bond director Clifford Gannett, that VCAP needs a simple and efficient way for issuers to come forward and address common violations of federal tax law.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.