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Tax Exempt Bonds Voluntary Compliance
Voluntary compliance includes post-issuance diligence and resolving noncompliance on a timely basis. This general information for issuers of tax-exempt, tax credit and direct pay bonds (tax-advantaged bonds) includes:
- General post-issuance compliance responsibilities
- Self-correction of violations
- Voluntary Closing Agreement Program (TEB VCAP)
- Private letter rulings
- Post-Issuance Compliance
General information on the post-issuance compliance responsibilities of issuers of tax-advantaged bonds. Issuers must be diligent in identifying and resolving noncompliance, on a timely basis, to preserve the preferential status of tax-advantaged bonds.
- Self-Correction
General information on the availability of remedial action provisions under the Income Tax Regulations that issuers of tax-exempt bonds can use to resolve tax violations without the involvement of TEB.
- Private Letter Rulings
Overview description of private letter rulings, including important distinctions between private letter rulings and closing agreements related to tax-advantaged bonds. Revenue Procedure 2016-1 provides formal guidance on the process for requesting private letter rulings.
- Voluntary Closing Agreement Program - how to apply
Procedures for requesting a closing agreement to resolve violations of the federal tax laws applicable to tax-advantaged bonds
- Model Closing Agreement - you must include this with your request
- Notice 2008-31- Procedures for TEB VCAP
- Form 14429, Tax Exempt Bonds Voluntary Closing Agreement Program Request
- IRM section 7.2.3 covers TEB VCAP submissions and processing
- Simplified VCAP Process for Issuers of Qualified 501(c)(3) Bonds (Announcement 2015-2)
- Voluntary Closing Agreement Program - streamlined resolution standards
IRM sections on standardized resolutions to timely resolve violations of applicable federal tax laws.
- IRM section 7.2.3 - includes resolution standards under TEB VCAP
- IRM section 7.2.3 - includes resolution standards under TEB VCAP
- Feedback on Tax Exempt Bonds Voluntary Compliance
We invite issuers and other participants in the municipal bond industry to submit questions, comments and suggestions concerning our voluntary compliance programs.
Page Last Reviewed or Updated: 30-Mar-2017