WASHINGTON — The Treasury Department’s Inspector general for tax administration has found the Internal Revenue Service’s tax-exempt bond office cannot determine if states are complying with volume cap limits for private-activity bonds.

In a 19-page report, the IG said that, because the TEB office’s compliance work focuses mainly on ensuring individual bond issues are compliant with tax laws and rules, it lacks a broader perspective and is not monitoring whether states are exceeding their volume cap.

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