IRS receives 30 Municipal Bond Whistleblower Claims

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The Tax-exempt Bond Office of the IRS has received referrals of about 30 whistle-blower claims of potential abuses in the municipal bond market, a number that is seen as ‘fairly significant’. Before proceeding with investigations into these claims, each one undergoes a ‘taint analysis’ to determine if it qualifies as whistleblower material. Only after due analysis will the IRS tax-exempt bond office take action.

At present, the IRS has between 25 and 30 examinations ongoing on Build America Bonds (BABs). Ever since the BAB program began in 2009, the IRS has paid out about $4 billion in subsidy payments. Since October 1, the IRS has received about 4,000 BAB subsidy payment requests.

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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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