IRS

The city has received a notice from the IRS seeking evidence bond proceeds were used on the construction, rehabilitation or repair of public school buildings.

The audit was brought on by the Internal Revenue Service in September 2021 in connection with Series 2013B bonds.

The Internal Revenue Service will permanently allow TEFRA hearings to be held remotely.

The city has succeeded in defending the tax-exempt status of a series of bonds issued in 2013 against IRS claims that they should be retroactively taxable.

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.