The IRS Tax-Exempt Bond Financings Compliance Check Questionnaire: Implications and Responses

Foley presented “The IRS Tax-Exempt Bond Financings Compliance Check Questionnaire: Implications and Responses” Web conference, the fifth session in a five part web conference series, Creating An Effective Post-Bond Issuance Tax Compliance Program.

On August 21, 2007, the IRS released its comprehensive “Tax-Exempt Bond Financings Compliance Check Questionnaire.” The IRS indicated that it is sending the questionnaire to more than 200 nonprofit organizations that have benefited from tax-exempt financing. The form asks 27 questions concerning the tax-exempt compliance policies and procedures of the nonprofit organization.

Michael G. Bailey, Elizabeth S. Blutstein and Mark T. Schieble discussed what the questionnaire means and offered practical ideas for how to respond to it. They also discussed the broader implications of the questionnaire in the context of other IRS initiatives directed at post-issuance tax-exempt bond compliance, including the recently released proposed revisions to the Form 990 information return.

The Creating An Effective Post-Bond Issuance Tax Compliance Program web conference series featured post-issuance tax-exempt bond compliance in light of the Internal Revenue Service’s recent enforcement initiatives focused on nonprofit organizations.

Additional sessions include:

• Thursday, May 24, 2007
  Session I: Establishing a Tax-Exempt Bond Compliance Policy (view event page)
  
• Thursday, May 31, 2007
  Session II: Selecting Assets to Finance With Tax-Exempt Bonds and Other Compliance Strategies (view event page)
  
• Thursday, June 7, 2007
  Session III: Conducting an Internal Audit of Tax-Exempt Bond Compliance (view event page)
  
• Friday, June 22, 2007
  Session IV: Important Implications of the Proposed Revisions to Form 990 (view event page)

For more information, please contact Elie Harris at eharris@foley.com or 407.244.3220.