IRS

The Federal Register publication of the finalized PAB regulation takes effect April 1, but part of it can be implemented by issuers immediately.

The tax fix is being lost in the rush by Congress to enact a temporary spending measure to keep the government operating through Feb. 8.

The Internal Revenue Service has told bond attorneys that the law doesn’t explicitly say that veterans are a special needs population under the rules for the tax-exemption for multifamily private activity bonds.

The IRS letter ruling publicly released Friday allows floating private equity to be used for a prohibited use for a tax-exempt bond-financed airport terminal renovation.

Chief Judge Merrick Garland appeared unconvinced by Justice Department attorney Gretchen Wolfinger who argued on behalf of the decision by the Internal Revenue Service to release only limited information in a “suspected practitioner misconduct” case.

If the workarounds states are using by creating charitable foundations as a way to pay property taxes or state and local income taxes are legal, Suffolk County Executive Steven Bellone said it’s up to Congress to decide whether to end them.

The IRS announcement of an advisory committee shuffle has some lawyers nervous.

Most state and local governments are concerned the ceiling will make it harder to raise taxes to pay for public services and infrastructure.

Three areas are new additions to the work plan of the Tax Exempt and Government Entities Business Operating Division, IRS officials said.

The Treasury Department Inspector General for Tax Administration plans to audit the IRS' use of a much-feared enforcement tool under which it can impose penalties for the misconduct of municipal bond transaction participants such as underwriters, lawyers, municipal advisors or their firms.

The memo appears to respond to a March 29 written request by the National Association of Bond Lawyers to Christie Jacobs, director of the IRS Indian Tribal Governments/Tax Exempt Bonds Office to clarify the new law.

The pilot program began in May, but was not officially announced by the IRS until last week.

An IRS letter ruling in 2016 affirmed that so-called platform employers such as Uber and Lyft have a special safe harbor for not issuing 1099s for drivers until they hit $20,000 in income or 200 transactions .

County Executive Steven Bellone of Suffolk County, N.Y. is among those who have asked to speak at a Nov. 5 public hearing.

Thursday is the deadline for sending comments to the IRS on its proposal to prevent taxpayers from avoiding the $10,000 federal cap on state and local tax deductions that Congress enacted last December.

The Libor changeover isn't officially due for three years, but the change could have big ramifications for munis and is already underway.

The Internal Revenue Service has taken no action regarding tax-exempt refunding bonds that were issued for Gettysburg College in 2010, after closing an audit that appears to have been randomly initiated.

The two regulatory agencies are working to ensure a seemless transition to another benchmark when Libor is phased out in 2021.

The fallout from a 2017 federal fraud case is continuing to impact bond investors with the latest development involving the loss of tax-exempt status for bonds that were issued for two assisted living facilities in Georgia.

New York Gov. Andrew Cuomo sent letters to the Internal Revenue Service and to Treasury's Inspector General for Tax Administration threatening litigation and and asking for a probe of alleged undue political interference.