Tax Regulation Outlook for 2015
December 26, 2014 11:36 AM
Treasury and the IRS expect to release further guidance on the determination of issue price separately from further guidance on other arbitrage-related issues, said Treasury associate tax legislative counsel John Cross.
Leslie Norwood, managing director, associate general counsel, and co-head of municipal securities at the Securities Industry and Financial Markets Association, said she is hopeful that there will be movement on issue price regulations with John Cross back at the Treasury Department.
The National Association of Bond Lawyers is planning to submit comments to regulators about management contracts and accountable care organizations, said Matthias Edrich, a shareholder at Greenberg Traurig and chair of NABLs tax law committee.
Tony Martini, president of the National Association of Bond Lawyers, said that Treasury and the IRS are making good, steady progress on completing items on the guidance list.
Rebecca Harrigal, director of the IRS tax-exempt bond office, said that her office will target its resources toward the areas where there are the greatest risk of noncompliance with tax rules.
The IRS tax-exempt bond office is reworking the Internal Revenue Manual, which provides instructions to its staff, to make it clear what the offices process and expectations are.
