News & Analysis as of

Bond Issuers Internal Revenue Service

Foster Garvey PC

2023 Reminder to Issuers and Borrowers of LIBOR-Based Tax-Exempt Bonds: Now is the Time to Protect the Tax-Exempt Status of Bonds...

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As we welcome 2023, and the final six months of certain London Interbank Offering Rates (“LIBOR”), issuers and borrowers of LIBOR-based tax-exempt bonds should evaluate whether changes to their financing documents are...more

Orrick, Herrington & Sutcliffe LLP

Post-Issuance Tax Compliance and Continuing Disclosure Responsibilities for Issuers and Borrowers of Tax-Exempt Bonds (Second...

The tax-exempt bond market is perennially under heightened scrutiny by various regulators, including the Internal Revenue Service (the "IRS"), the United States Securities and Exchange Commission (the "SEC") and the Municipal...more

Bricker Graydon LLP

IRS announces changes to Form 8038-CP coming in January 2022

Bricker Graydon LLP on

On November 16, 2021, the Internal Revenue Service (IRS) publicly previewed a draft of a revised Form 8038-CP (Return for Credit Payments to Issuers of Qualified Bonds), along with updated filing instructions and a new...more

Butler Snow LLP

Alternatives to Tax-Exempt Advance Refunding Bonds

Butler Snow LLP on

As described in “Tax-Exempt Advance Refunding Bonds: History and Legislative Updates” by Caitlyn Smith Burchfield, the Tax Cuts and Jobs Act of 2017 bans the issuance of tax-exempt advance refunding bonds after December 31,...more

Holland & Knight LLP

IRS Expands Ability of Issuers to Purchase Their Own Tax-Exempt Bonds

Holland & Knight LLP on

The COVID-19 crisis has caused many disruptions in the municipal bond market. Over the course of the crisis, many issuers of tender bonds or tax-exempt commercial paper have been unable to remarket their tender bonds or...more

Bracewell LLP

IRS Extends Due Date for First Quarter Form 8038 Filings

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As a result of the COVID-19 pandemic, in Notice 2020-23 the IRS extended the due date for issuers of tax-exempt obligations to file Forms 8038 or 8038-G for transactions that closed during the first quarter of 2020. ...more

Ballard Spahr LLP

Tax-Exempt Bond Community Considers New Bond Regulations

Ballard Spahr LLP on

In a very busy end of the year, the IRS provided two new bond regulations: The final public approval (TEFRA) regulations and proposed reissuance regulations....more

Bracewell LLP

It's Official! Final Public Approval Regulations Now Reflect the 21st Century

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Treasury has released final regulations (the “Final Regulations”) relating to the public approval requirements for private activity bonds (aka the “TEFRA approval” process). The Final Regulations effectively track the...more

Sherman & Howard L.L.C.

New IRS Revenue Procedure Expands the Range of Remedial Measures for Nonqualified Uses

On April 11, 2018, the Internal Revenue Service published Revenue Procedure 2018-26 ("Rev. Proc. 2018-26") which sets forth new remedial measures that issuers may utilize to preserve the tax-exempt or tax-advantaged status of...more

Foley & Lardner LLP

Tax Reform and Tax-Exempt Bonds: Risks Presented by the Tax Cuts and Jobs Act

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On November 2, 2017, the “Tax Cuts and Jobs Act” was introduced in the House of Representatives. This act has immediate and far-reaching implications for tax-exempt finance. Among other things, the Tax Cuts and Jobs Act...more

Mintz - Public Finance Viewpoints

IRS Releases New Public Approval Proposed Regulations

On September 28, 2017, the Internal Revenue Service (IRS) withdrew previous proposed regulations and released new proposed regulations (the “Proposed Regulations”) relating to public approval requirements for tax exempt...more

Bracewell LLP

IRS to Begin New Procedure for Initiating Tax-Exempt Bond Audits

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In late 2016, the IRS Tax-Exempt and Government Entities Division (“TE/GE”) released a memorandum to its examiners outlining a new procedure for initiating audits of tax-exempt bonds. The Commissioner of TE/GE recently noted...more

Foley & Lardner LLP

New Regulations on Issue Price of Tax-Exempt Bonds

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On December 9, 2016, the Department of the Treasury and Internal Revenue Service (IRS) published final regulations on the definition of “issue price,” for purposes of the arbitrage rules that apply to tax-exempt bonds....more

Bracewell LLP

The New Issue Price Regulations: The Good, the Bad and the Ugly

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Late last year, the Treasury Department released final Treasury Regulations (the “New Regulations”) relating to the “issue price” of tax-exempt bonds, effective for bonds sold after June 7, 2017. Because the changes imposed...more

Bracewell LLP

Management Contracts Safe Harbors Revisited – IRS Releases Updated Guidance (Again)

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Demonstrating the “user-friendly” side of the IRS, on January 17, 2017, the IRS released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”) (available here) to address many (but not all) of the comments received on the rather...more

McCarter & English, LLP

Final Issue Price Regulations Present Municipal Industry Challenges (and 180 Days to Overcome Them)

McCarter & English, LLP on

The Internal Revenue Service promulgated final Issue Price Regulations under Section 148 of the Internal Revenue Code of 1986, as amended, that were published in the Federal Register on December 9, 2016. The new regulations...more

Orrick, Herrington & Sutcliffe LLP

Final Treasury Regulations Defining Issue Price

For a variety of reasons related to arbitrage, it often is important to identify the "issue price" of tax-exempt bonds with precision and certainty. Existing Treasury Regulations generally allow the "issue price" of publicly...more

Bracewell LLP

Final Issue Price Regulations Significantly Change Current Rules

Bracewell LLP on

On December 9, 2016, the IRS released final Treasury Regulations (the “Final Regulations”) relating to the “issue price” of tax-exempt bonds for purposes of arbitrage investment restrictions. Although, on balance, an...more

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