You Don’t Have to Pay for a Post Issuance Compliance Policy…But Have You Adopted One Yet?

K&L Gates LLP
Contact

A number of municipal entities have been receiving a solicitation to purchase a post-issuance debt policy and procedure manual. The advertisement suggests that having such a policy is required by the Internal Revenue Service (the “IRS”). However:

- Post Issuance Compliance Policies are available for free from K&L Gates – you do not need to pay third parties for material your bond counsel has already prepared for you.

- Adopting a policy is not required by the IRS (but is certainly advisable – as discussed below).

As you know, Federal tax law requires the filing of an IRS form (8038-G) by a governmental issuer in connection with its tax-exempt Bonds. Form 8038-G is an informational form. The Form 8038-G was recently amended by the IRS to include questions inquiring whether the issuer has adopted written procedures to ensure compliance with federal tax law following the issuance of the bonds and during the life of the bond issue.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© K&L Gates LLP | Attorney Advertising

Written by:

K&L Gates LLP
Contact
more
less

K&L Gates LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide