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.
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 2020-1 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 - resolution standards
IRM sections on standardized resolutions for TEB VCAP.
- IRM section 7.2.3 - includes resolution standards under TEB VCAP