IRS

New York, New Jersey and Connecticut are the first states to have created charitable funds that taxpayers can contribute to in order to claim a charitable deduction in lieu of paying state and local taxes.

The IRS notice warns that federal law, not state law, controls how payments for federal income tax purposes are characterized.

The IRS is focusing on $435.2 million of Series 2014A senior lien revenue refunding bonds and $75.87 million of Series 2014C second lien revenue refunding bonds.

Vicky Tsilas, who most recently headed branch 5 in the IRS chief counsel’s office for more than a year and a half, was involved in numerous rulemakings and guidance for municipal bonds.

The revenue procedure implements a proposal in President Trump's infrastructure plan that will help facilitate public-private partnership arrangements.

The proposed legislation formally allows certain but not all taxpayers to have access to their IRS audit case file prior to dispute resolution hearings, ending the requirement to file a request under the Freedom of Information Act.

Employers in New York also are allowed to implement a 5% payroll tax as a way of paying some of their employees’ state income taxes.

It's important and constructive to talk about these kinds of alternatives to advance refundings, market participants said.

The new tax law that terminated advance refundings of bonds after Dec. 31, 2017, does not specify that only "tax exempt" refundings are prohibited.

The proposal would allow taxpayers to have access to their IRS audit case file prior to dispute resolution hearings, ending the requirement to file requests under the Freedom of Information Act.