TEB Community News
TIGTA Finds that Compliance Check Questionnaires by TEB were Appropriate
The compliance check questionnaires issued by the TEB office were appropriate for identifying indications of a high risk of potential noncompliance for BABs and were not examinations.
Alternate Permitted Method for Filing Form 8038-CP for Certain Specified Tax Credit Bonds
The Internal Revenue Service will process certain Forms 8038-CP filed using an alternate permitted method that allows issuers to file one Form 8038-CP covering all maturities of qualified school construction bonds or qualified zone academy bonds of an issue for each interest payment date. Notifications of the alternate permitted method are being mailed to identified eligible issuers.
IRS Announces VCAP Relief from Debt Extinguishment for Certain Issuers of Tax-Exempt Bonds
Announcement 2011-19 describes conditions under which the IRS will consider VCAP requests for relief from debt extinguishment for certain issuers.
IRS Promotes Compliance by Direct Pay Bond Issuers
the Tax Exempt Bonds office (TEB) of the Tax Exempt and Government Entities division initiated examinations on several issues of build America bonds (BABs) issued in 2009 and 2010. TEB is committed to further developing its compliance programs for direct pay bonds similar to its compliance programs for tax-exempt bonds.
IRS Announces New Clean Renewable Energy Bonds Supplemental Allocations for Cooperative Electric Companies
The Internal Revenue Service has announced the allocation of $190,795,445 in volume cap authority for 13 projects owned by cooperative electric companies eligible to be financed with tax credit bonds under the New Clean Renewable Energy Bonds ("New CREBs") program.
IRS Extends Deadline to Issue Tribal Economic Development Bonds Under First Allocation
The new deadline for issuance of tribal economic development bonds by Indian tribal governments that received allocations of volume cap from the first tranche of allocations is June 30, 2011. An additional extension to December 31, 2011 is available upon written request submitted to, and confirmed by, the IRS.
IRS Announces Supplemental Round of New CREBS Allocation Requests
The Internal Revenue Service is soliciting applications for a supplemental allocation round of New Clean Renewable Energy Bonds. This supplemental round will award nearly $190.8 million in unallocated cooperative electric company national volume cap under section 54C of the Internal Revenue Code.
TEB's Website Has a New Look!
The Tax Exempt Bonds function (TEB) reorganized our website to make it easier to access information.
TIGTA Audit Report Finds BABs Payment Processing is Timely and Accurate
TIGTA finds initial build America bond subsidy payments were processed accurately and timely.
Future Guidance on Debt Extinguishment and Volume Cap Issues
The IRS and Treasury Department are considering providing future guidance as soon as reasonably possible on certain issues relating to both the extinguishment of tax-exempt obligations for federal tax purposes and the treatment of draws under a draw-down loan or commercial paper program for purposes of the application of the private activity bond volume cap under IRC section 146.
IRS Releases Guidance on ARRA Bond Provisions
The latest guidance, forms and information on bond provisions enacted by the American Recovery & Reinvestment Act of 2009.
IRS Announces New Clean Renewable Energy Bonds Allocations
The IRS announced the allocation of the volume cap to public power providers, cooperative electric companies, and governmental bodies under the new CREBS program.
IRS Announces Tribal Economic Development Bonds Allocations
The IRS has announced the allocation, in two tranches, of $2 billion of volume cap to tribal governments under the new TEDBs program.
TEB Current Developments
The latest guidance and information for the Tax Exempt Bonds Community.
IRS and MSRB Issue a Memorandum of Understanding
On October 19, 2011, the IRS and the Municipal Securities Rulemaking Board (MSRB) issued a memorandum of understanding allowing IRS access to certain MSRB proprietary information products.
***ARCHIVED CONTENT*** IRS Announces Updated Procedures and Educational Resources for the TEB VCAP
***ARCHIVED CONTENT*** The IRS released updated IRM procedures for the TEB Voluntary Closing Agreement Program and TEB Closing Agreements as well as web-based educational resources concerning post-issuance and voluntary compliance.