IRS

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.

The current IRS fee charged to most governmental entities for private letter rulings is $30,000.

The IRS has informally responded to a letter from NABL asking for a reduction in the high fee it charged for private letter rulings.

The audit involved four CUSIPs for $53.995 million in bonds issued in 2009.