Tax strategies

The IRS finalized tax code regulations that date back to the financial crisis of 2008 that govern the retirement and re-issuance of tax exempt bonds by state and local governments.

A letter signed by GFOA, NLC and NACo, expressed concerns over the IRS and Treasury's tax credit election, particularly, complexities around pre-filing and compliance.

The clarifications are predicted to boost bond issuance .

Technology is improving collection of the tax supporting COFINA bonds.

While hope remains for certain muni priorities in 2023, others look highly unlikely to gain traction in an ideologically-split Congress.

The team has pledged to launch a petition drive to place the project on the May 16 city ballot.

The Internal Revenue Service has reinstated Ham Lake, Minnesota based charter school operator Parnassus Building Company's tax-exempt status after it was revoked in May 2022.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.

The Internal Revenue Service will permanently allow TEFRA hearings to be held remotely.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.