Article by
John A. Janicik 
,
David Narefsky ,
Joanna K. Horsnail 
and
Lorraine M. Tyson
Originally published February 2, 2009
Keywords: IRS, compliance check, governmental bond financings, Tax Exempt Bond Office, TEB, tax-exempt bonds, record retention requirements
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.
According to the IRS's related press release, this governmental bond financings project is designed to measure several aspects of the post-issuance compliance knowledge and practices of governmental issuers of tax-exempt bonds. The questionnaire covers:
- Record retention requirements;
- Qualified use of bond-financed property requirements;
- Arbitrage yield restriction and rebate requirements;
- Debt management policies and procedures; and
- Awareness of voluntary compliance and educational resources.
Learn more about our Government Relations practice.
Visit us at www.mayerbrown.com.
Mayer Brown is a global legal services organization comprising legal practices that are separate entities ("Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; and JSM, a Hong Kong partnership, and its associated entities in Asia. The Mayer Brown Practices are known as Mayer Brown JSM in Asia.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
Copyright 2009. Mayer Brown LLP, Mayer Brown International LLP, and/or JSM. All rights reserved.