WASHINGTON - An advisory committee's tax-exempt bond panel will present a report to the Internal Revenue Service next month on balancing limited resources with needs, the IRS announced Wednesday.
In a related matter, the Treasury Secretary has named two new members to the tax-exempt bond panel who will begin two year terms at the meeting in June.
The tax-exempt bond panel and other teams of the Advisory Committee on Tax Exempt and Government Entities (ACT) are to present reports with recommendations to senior IRS executives at the agency's Washington headquarters on June 17 at 9:30 a.m.
The ACT consists of external stakeholders that advise the IRS on operational policy and procedural improvements. The group has five project teams: tax-exempt bonds; employee retirement plans; exempt organizations; federal, state and local governments; and Indian tribal governments.
The tax-exempt bond team's report is called "Doing More With Less - Balancing Resources and Needs."
Rebecca Harrigal, director of the IRS tax-exempt bond office, said during the past year that the office will have to do "less with less." TEB has seen a significant reduction in staff over the past few years, she said.
Given TEB's more limited resources and issuers and borrowers' paperwork burdens and time constraints, the ACT panel had been aiming to select a project that would make things more efficient and effective for the IRS and members of the bond community, Newell said last fall.
The two new tax-exempt bond panel members will be David Danenfelzer, manager of development finance for the Texas State Affordable Housing Corporation in Austin, and William Johnson, senior vice president for First Southwest in Dallas.
Danenfelzer manages multifamily bond finance programs, direct lending programs and the Affordable Communities of Texas land trust program at the TSAHC. Johnson, a certified public accountant, works with clients on arbitrage rebate matters at his firm, the IRS said.
They will replace Lorraine Tyson, a partner at Pugh, Jones & Johnson in Chicago, and Katherine Newell, director of risk management for the New Jersey Educational Facilities Authority.
