IRS

The paper filing requirement for Form 8038-CP was a particular problem early in the pandemic because IRS paper processing centers were shut down from mid-March until sometime in June.

The two series are $355,730,000 Power Revenue Bonds, Series EEE, and $320,175,000 Power Revenue Bonds, Series YY.

The bond lawyer group's No. 1 suggestion is to loosen the rules governing state and local government borrowing for working capital.

PABs represented 25.4% of all tax-exempt bonds issued in 2017, up from 21.5% in 2016.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

The current IRS fee charged to most governmental entities for private letter rulings is $30,000.

The IRS has informally responded to a letter from NABL asking for a reduction in the high fee it charged for private letter rulings.

The audit involved four CUSIPs for $53.995 million in bonds issued in 2009.

The Institute on Taxation and Economic Policy in Washington as well as Americans United for Separation of Church and State are objecting to that aspect of the proposed IRS regulation.

Members of GFOA’s Debt Committee agreed Monday to form a working committee that will publicize the issues involved in the transition among the organization’s more than 21,000 members.

The proceeds of the bonds were used for the construction of a 232,100 square foot residential facility with 108 living units located on the main campus of an existing facility in Dallas known as The Overlook.

Jail bonds are being targeted for audits by the IRS this year with respect to whether federal government use of locally built facilities or management contracts with localities causes excessive private business use.

The challenge this year will be biggest in the three states that were found by the Council of Development Finance Agencies to be closest to using their 2018 limits — California, New York and Massachusetts.

The new alternative reference rates cited by Treasury and the IRS include the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and the Federal Funds Rate.

The Nov. 22 notice opened a 30 day window for the issuer to make a case that $877.9 million of bonds not be stripped of their tax-advantaged status.

The state should allocate $4 billion, the majority of its 2020 private activity bond allocation, to affordable housing, said the California Housing Consortium.

In formal comments filed with the federal government and separately to GASB, municipal finance groups have given the regulators generally high marks.

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

The council suggested the VCAP program would remain in place for issuers who need a legally binding agreement, but would become the third tier of a system that would offer two simpler options.

Longtime IRS employee Allyson Belsome will serve as senior manager for the office of Tax Exempt Bonds.