IRS

The IRS has entered into a closing agreement with the City of Alpharetta following its VCAP request stemming from the sale of a bond-financed conference center.

The legislation would allow tax-exempt financing for the replacement of privately owned lead service lines.

Issuer groups have sent a letter to the Internal Revenue Service requesting remote hearings be made permanent in connection with the issuance of private activity bonds as many issuers still grapple with remote working and ongoing COVID-19 concerns.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.

The Internal Revenue Service has released guidance providing temporary relief for low-income housing tax credit and private activity bond-financed properties due to the ongoing threat of COVID-19.

The Internal Revenue Service and Treasury Department have a number of important updates for the muni market in 2022.

The Internal Revenue Service has issued a preliminary determination that bonds issued by the City of Corpus Christi, Texas, may be retroactively taxable.

The Build Back Better Act contains provisions that could help states finance additional affordable homes.

The Internal Revenue Service has moved to mandatory electronic filing of its form which deals with direct payments of Build America Bonds and Qualified Zone Academy Bonds.

Two issuers, the San Diego County Regional Airport Authority and the Village of Franklin Park, Illinois, have disclosed in the past week that they’re under audit by the Internal Revenue Service.

Tax-exempt bonds are a very different area of the law.

The Internal Revenue Service’s Tax Exempt Bond program will not be significantly overhauled as part of the agency’s restructuring and modernization efforts, officials say, but there are a few changes to forms and procedures that bear paying attention to.

Another correctional facility avoids a private business use tax penalty.

The IRS extension allowing TEFRA hearings to be completed over the phone through March 31, 2022, might well be extended even more, tax lawyers say.

The IRS notified the city that its audit was closed with no change to the bonds' tax-exempt status, according to an EMMA notice posted this week.

The two issuances under IRS scrutiny join an earlier debt issuance the county disclosed publicly late last year.

Although many IRS audits of tax-exempt bonds are not reported on EMMA, the fact that only three have been reported almost halfway through the year highlights the recent drop in enforcement actions.

The overhauled funding stream would allow the IRS to fairly enforce the tax code, modernize its IT systems, and improve taxpayer services, according to the bill's sponsor.

In Montana, two school districts and the state government reported that a new state law signed by the governor on May 6 will end the state tax deduction for certain school bonds after 2023 if those bonds are federally taxable.

The Biden administration wants to increase IRS funding for enforcement to close the gap between taxes owed and taxes that are paid.