Articles and Blogs

Update: The IRS has modified the effective date of Rev. Proc. 2016-44 to extend the transition period by 6 months. The revision allows an issuer to apply the safe harbors in Rev. Proc. 97-13, as modified and amplified, to a management contract entered into before August 18, 2017 and that is not materially modified... READ MORE

On October 27, 2015, the IRS released final allocation and accounting regulations for tax-exempt bonds (the “New Regulations”).  The New Regulations, which can be found here, make three major changes for issuers and borrowers of tax-exempt bonds, in that they:  (1) increase flexibility for how qualified equity is allocated to projects financed both with... READ MORE

Since the enactment of the Jumpstart Our Business Startups Act (cleverly referred to by Congress as the “JOBS Act”) last fall, much has been written regarding its impact on private placements of debt and equity securities.  Most of the reports, briefings and articles have been accurate, but few have been practical.  We find one provision... READ MORE

On Friday, March 8, 2013, the Internal Revenue Service (“IRS”) released Form 14429, Tax Exempt Bonds Voluntary Closing Agreement Program Request. The new form is required for a Tax Exempt Bonds Voluntary Closing Agreement Program (“VCAP”) submission request. VCAP provides remedies for issuers of tax-advantaged bonds (e.g., 501(c)(3) tax-exempt bonds) who voluntarily come forward... READ MORE

USCIS announced that tomorrow, March 8, 2013, they will release a new Form I-9.  Employers must complete Form I-9 for employees hired after November 6, 1986 to verify the identity and employment eligibility of employees.  USCIS stated that the newly revised Form I-9 will include additional data fields, improved instructions and a new layout... READ MORE

The 2011 Form 990, Schedule K has added a question asking whether or not written procedures have been adopted to ensure violations are timely identified and corrected through the IRS’s Voluntary Closing Agreement Program (“VCAP”) if self-remediation is not available.  See our February 2012 Summary of 2011 Schedule K changes, here.  As this question... READ MORE