IRS

Cross, who served as associate tax legislative counsel at the Office of Tax Policy until Friday, said that he resigned in order to be closer to family.

The number of letter rulings fell to four in 2018 when the fee rose to $28,300, from 16 rulings in 2008 when the fee was only $11,500.

The Idaho audit involved $1.485 million general obligation bonds issued with a taxable direct-pay federal subsidy under the Qualified School Construction Bonds program.

Public safety and jail bonds, sinking fund overfunding and variable rate bonds are the top IRS compliance and enforcement priorities for the municipal bond market in fiscal 2020.

The sections pertaining to public finance can be implemented immediately.

The proposed transition regulation addresses the possibility that such a modification of a debt instrument, derivative, or other financial contract could be a taxable transaction for federal income tax purposes or could result in other tax consequences.

Six of the eight audits — including the Building Authority audit disclosed Monday — involve IRS Form 8038-CP.

Internal Revenue Service enforcement officials told NABL workshop attendees the service is hiring five new revenue agents, up from the current 20, and two additional tax law specialists.

Rich Moore takes over the top spot at NABL during the first day of a three-day annual conference in Chicago.

The lawsuits were filed a day after 11 Democrats in the Senate and a bipartisan group of 47 House lawmakers announced a long-shot effort to repeal the regulation using the Congressional Review Act.

This latest IRS action is one of a series of bond audits involving various government agencies in Puerto Rico.

The IRS regulation is targeted at ending workarounds by state and local governments that have been enacted since the cap was included in the 2017 Tax Cuts and Jobs Act.

Upper Arlington Schools District Superintendent Dr. Paul Imhoff said an upcoming vote on an operating levy will be harder to secure.

The limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year, the Treasury Inspector General for Tax Administration reported in February.

In a Friday letter, NABL has only four suggestions for the IRS 2020 priority guidance plan on regulatory issues involving the tax-exempt bond industry, half as many as it did a year ago.

The new guidance issued Wednesday under Notice 2019-39 covers, among other things, Tribal Economic Development Bonds and direct-pay Build America Bonds.

Calculating the remaining useful life of a port or airport facility can be problematic, but the IRS ruling released May 3 supports a simplified method of making this determination using the date of the new agreement as a starting point.

The Treasury and Internal Revenue Service sent the final regulation to the White House Office of Management and Budget over six weeks ago.

In the coming months bond lawyers expect numerous municipal governments to issue new bonds to support investments in Opportunity Zones.

The audit concluded a year and one day after the sports authority received a letter dated April 4, 2018, informing it that the tax-exempt status of the bonds was being examined.