Client Alert
On October 1, 2015, the Tax Exempt and Governmental Entities Division of the Internal Revenue Service released its Tax Exempt and Governmental Priorities for Fiscal Year 2016.
For FY 2016, TE/GE will allocate approximately 50% of its Tax-Exempt Bond Division resources to examinations, approximately 30% to the Voluntary Compliance Agreement Program, approximately 15% to customer education and outreach and approximately 5% to direct pay bond activity.
TEB will also reinstitute a compliance check program. The Compliance Check Program will be used to measure and promote tax compliance in the municipal bond community, as well as to educate issuers and provide the IRS with information to enhance its records.