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“Major banking organizations have now used this abusive tax shelter scheme to illegally shelter well over $1 billion in taxable income,” said the letter by W. Mark Scott.
February 15 -
While public corporations are required to file an annual audit within 60 days after the close of the year, municipal bond borrowers often take close to triple that time or longer.
February 14Merritt Research Services LLC -
The U.S. Court of Appeals for the District of Columbia ordered a district judge to review four documents totaling 16 pages in an IRS Office of Professional Responsibility case file for possible release under the federal Freedom of Information Act.
February 7 -
Federal subsidy payments made to issuers of Build America Bonds are continuing even as Congress remains deadlocked over funding for government agencies.
January 10 -
The proposed settlement involves the Jan. 3 issuance of $7.3 million in transportation development refunding revenue bonds that are being used in the hope of resolving the tax audit of $9.55 million in tax-exempt bonds issued in 2009 for construction of a parking garage.
January 9 -
It’s unclear if monthly federal subsidy payments on Build America Bonds will be made.
January 8 -
Three areas are new additions to the work plan of the Tax Exempt and Government Entities Business Operating Division, IRS officials said.
October 31 -
The pilot program began in May, but was not officially announced by the IRS until last week.
October 29 -
The Internal Revenue Service has taken no action regarding tax-exempt refunding bonds that were issued for Gettysburg College in 2010, after closing an audit that appears to have been randomly initiated.
September 28 -
The bonds were issued by the Chester County Industrial Development Agency for West Chester University in Pennsylvania.
August 10