Tax audits

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.

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.

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.

IRS muni regulatory priorities for 2018 include rules on bond reissuance and final rules on notice and approval of private activity bond-financed projects under TEFRA.