Tax Happenings - May 11, 2011

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In a routine review, the IRS is looking into $20 million in loans used by Almeda Corridor East Construction Authority since 2005. The review of the fund was randomly chosen.

The IRS requested a large number of financial documents related to the fund. The organization regularly receives ‘commercial paper payments’ – which function like loans – to pay for projects with the promise of repaying the loans with future grant money. And the IRS regularly keeps such organizations in check to ensure they do not request more than is necessary from fund providers or hold on to the loans longer than needed.

Please see full article below for more information.

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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.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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