Telephone Forum - TEB VCAP IRM Updates
TEB Voluntary Closing Agreement Program - Telephone Forum on September 8, 2011
Steven Chamberlin, Manager, Tax Exempt Bonds, Compliance & Program Management, together with Tax Law Specialists Mark Westergard, Faye Dawkins, and George Gurrola discussed the revised Internal Revenue Manual procedures relating to TEB’s Voluntary Closing Agreement Program. The presentation included the following topics.
- Post-Issuance Compliance: Why it is important and how issuers can ensure the continued tax preferred treatment of their tax-exempt bonds, tax credit bonds, and direct pay bonds.
- TEB VCAP Process: A description of the information required in a request, how TEB processes a VCAP case, how an issuer can avoid delays, and the various resolutions available for VCAP cases.
- TEB VCAP Resolution Standards: Why TEB publishes resolution standards, how issuers can use them to expedite their VCAP request, and a description of how to apply the standards to cases.
A pdf version of a power point slide presentation covering the above topics is available here.
Questions may be submitted to TaxExemptBondQuestions@irs.gov. Please insert “VCAP” in the subject line, and include your question, a return email address, a contact person, and telephone number in the body of the email.