Audit

The $11 million in tax exempt bonds that financed the construction of the K through 6 school are being paid off by the owner of the apartment building developed on part of the 1.67-acre site.

Telley Meier, IRS field operations manager for the Indian Tribal Government/Tax Exempt Bonds office, advises bond attorneys to call the examination agent if they think an audit has been erroneously selected.

“Major banking organizations have now used this abusive tax shelter scheme to illegally shelter well over $1 billion in taxable income,” said the letter by W. Mark Scott.

While public corporations are required to file an annual audit within 60 days after the close of the year, municipal bond borrowers often take close to triple that time or longer.

The U.S. Court of Appeals for the District of Columbia ordered a district judge to review four documents totaling 16 pages in an IRS Office of Professional Responsibility case file for possible release under the federal Freedom of Information Act.

Federal subsidy payments made to issuers of Build America Bonds are continuing even as Congress remains deadlocked over funding for government agencies.

The proposed settlement involves the Jan. 3 issuance of $7.3 million in transportation development refunding revenue bonds that are being used in the hope of resolving the tax audit of $9.55 million in tax-exempt bonds issued in 2009 for construction of a parking garage.

It’s unclear if monthly federal subsidy payments on Build America Bonds will be made.

Three areas are new additions to the work plan of the Tax Exempt and Government Entities Business Operating Division, IRS officials said.

The pilot program began in May, but was not officially announced by the IRS until last week.

The Internal Revenue Service has taken no action regarding tax-exempt refunding bonds that were issued for Gettysburg College in 2010, after closing an audit that appears to have been randomly initiated.

The bonds were issued by the Chester County Industrial Development Agency for West Chester University in Pennsylvania.

The 1.2-percentage point reduction will amount to $12,000 in saving on a $1 million tax settlement.

The audit could be part of an ongoing initiative by the IRS to examine refunding bonds, said a lawyer.

New York City’s Department of Finance continues to pay businesses that owe millions of dollars in past due taxes, according to an audit by Comptroller Scott Stringer.

In an effort to find proof of payment for many of the projects paid for with funds from the 2014 bond, the Greenville Independent School District Board of Trustees has selected Whitley Penn as the auditing firm that will review payments made to Bartlett Cocke General Contractors under the bond election program.

The IRS is focusing on $435.2 million of Series 2014A senior lien revenue refunding bonds and $75.87 million of Series 2014C second lien revenue refunding bonds.

Authority officials say it's business as usual at the authority amid several probes that followed the termination of Dave Jamison.

The proposed legislation formally allows certain but not all taxpayers to have access to their IRS audit case file prior to dispute resolution hearings, ending the requirement to file a request under the Freedom of Information Act.

The proposal would allow taxpayers to have access to their IRS audit case file prior to dispute resolution hearings, ending the requirement to file requests under the Freedom of Information Act.