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Global Tax Blog > Posts > Post-issuance tax compliance services
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6/16/2010
By Mitch Rapaport
For issuers and nonprofit borrowers, satisfying the post-issuance compliance obligations of each tax-exempt financing is a challenging but critical function. Failure to maintain compliance may result in time-consuming and expensive audits, substantial settlements, or the bonds being declared taxable. Over the past couple of years, the Internal Revenue Service has increased their enforcement of post-issuance compliance. This ongoing initiative has resulted in published guidance and new filing/reporting requirements.
Nixon Peabody, in partnership with our affiliate Omnicap, offers a range of services to assist issuers and nonprofit borrowers with understanding and satisfying these requirements. These services, which can be packaged to create a comprehensive compliance program or offered individually, include:
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Certifying proceeds have been spent in compliance with IRS and transaction covenant requirements
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Responding to an IRS questionnaire or inquiry
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Reporting and monitoring private business use
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Assisting nonprofits with the completion of Schedule K
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Calculating rebate and yield restriction liability
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Developing or reviewing record retention policies
For more information, please contact your Nixon Peabody attorney or:
- Mitch Rapaport, 202-585-8305, mrapaport@nixonpeabody.com
- Bruce Serchuk, 202-585-8267, bserchuk@nixonpeabody.com
- John McQueen, 585-263-1345, jmcqueen@nixonpeabody.com
- Travis Gibbs, 415-984-8336, tgibbs@nixonpeabody.com
- Jeffrey Smith, 310-318-3095, jsmith@omnicap.net
- Eddie McRoberts, 310-318-3094, emcroberts@omnicap.net
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