IRS

Because the IRS changed filing dates for income tax returns as a result of the coronoavirus , Georgia's net tax collections surged 42% last month.

An influential voice said this week that an increase in the cost of private letter rulings is inconsistent with the Taxpayer Bill of Rights adopted by the IRS in 2014.

Responsible, limited changes in the tax code and IRS regulations could go a long way toward economic recovery where needed most to deal with the pandemic.

The IRS Tax Exempt Bond unit closed nearly 300 cases instead of attaining its earlier goal of around 500 cases.

This pandemic-related waiver from a handwritten signature extends through June 30 of this year.

Bond attorneys said the new rules fill in some holes because the IRS previously only had a process for tax-exempt bonds.

The National Association of Bond Lawyers wrote to the IRS in November 2019 asking for a significant reduction in the fee.

The Treasury and IRS have only granted a few of the National Association of Bond Lawyers' requests for pandemic-related regulatory relief.

Twin Cities International School and MIMCS Building Company announced the reversal in a public notice filed Monday.

“This is a preliminary determination, not a proposed adverse determination or a final determination,” the county said.

The IRS will post quarterly updates of its enforcement strategy on the webpage of the Tax Exempt and Government Entities Division-Compliance Programs and Priorities.

The city of Alpharetta wants to repurpose $24.72 million in bonds issued in 2016 by the Development Authority of Alpharetta.

Sinking fund overfunding is the primary driver of these audits, with the IRS making sure the overfunding does not result in an arbitrage situation.

Allyson Belsome, program manager of the IRS Office of Tax-Exempt Bonds spoke to members of the National Association of Bond Lawyers.

Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.

The paper filing requirement for Form 8038-CP was a particular problem early in the pandemic because IRS paper processing centers were shut down from mid-March until sometime in June.

The two series are $355,730,000 Power Revenue Bonds, Series EEE, and $320,175,000 Power Revenue Bonds, Series YY.

The bond lawyer group's No. 1 suggestion is to loosen the rules governing state and local government borrowing for working capital.

PABs represented 25.4% of all tax-exempt bonds issued in 2017, up from 21.5% in 2016.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.