Post-Issuance Tax Compliance
In recent years, the Internal Revenue Service has increased its focus on post-issuance compliance with particular emphasis on the adoption and implementation of compliance procedures. Post-issuance requirements generally fall into two primary categories -- the qualified use of proceeds and arbitrage yield restriction and rebate. The ongoing nature of post-issuance compliance requirements applicable to tax-advantaged bonds compels issuers and conduit borrowers to actively monitor compliance throughout the life of the bonds.
McKennon Shelton & Henn has significant experience advising clients on the best practices to ensure compliance with the Internal Revenue Service's requirements and the various remediation options available for the unexpected. Our firm offers a full complement of post-issuance compliance services including:
- Developing and implementing written post-issuance tax compliance procedures tailored to each client’s particular circumstance that are designed to assist in the on-going monitoring of post-issuance compliance and the timely identification and resolution of any noncompliance.
- Preparing responses to requests for information from the Internal Revenue Service.
- Completing and reviewing Internal Revenue Service Schedule K for nonprofit corporations.
- Periodic and urgent private use review and analysis.
- Negotiating agreements with the Internal Revenue Service through its Voluntary Closing Agreement Program.
- Private activity bond monitoring and analysis.
- Client educational and training presentations.
- Review of tax documentation and recordkeeping procedures.
- Representation in connection with Internal Revenue Service ruling requests, including requests relating to changes in use and ownership of bond-financed facilities
- Representation in connection with rebate compliance filings and refund requests
- Representation in connection with Internal Revenue Service bond audits
- Services in connection with remedial actions taken by issuers and borrowers to preserve the tax-exempt status of bond issues involving changes in use, including the issuance of taxable refinancing bonds
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