IRS Initiates Compliance Check on Governmental Bond Financings
2 February 2009
Mayer Brown Legal Update
On January 26, 2009, the US Internal Revenue Service (IRS) Tax Exempt Bond Office (TEB) sent questionnaires to 200 governmental issuers that issued tax-exempt bonds in calendar year 2005 asking for detailed information about their compliance and record-retention procedures and practices. Governmental issuers who receive such a questionnaire will have 90 days to respond to the questionnaire, but TEB may grant 30 additional days to respond in individual cases based on the facts and circumstances.