IRS agents have long had access to continuing education courses to assist them in performing their duties. A recently released text of an IRS course on tax exempt bonds now gives practitioners a glimpse of the issues and topics on which bond agents are being trained.
While they can not be cited as authoritative literature, the CPE text does provide valuable insight. The course covers the following (follow the hyperlinks to the actual documents):
- Financial Products Used in the Tax-Exempt Bond Industry - A discussion of the structure of various financial products used in the industry and the reasons why an issuer or investor may enter into one or more transactions involving such structures.
- The ABC's of School Funding - Insights into Qualified Public Education Facility Bonds, a new type of exempt facility bond created under section 422 of the Economic Growth and Tax Relief Reconciliation Act of 2001.
- Procedures Applicable to Filing Forms and Recovering or Paying Rebate - A review of the regulations and revenue procedures applicable to filing and rebate requirements.
- Valuation of Government Securities - Yield Burning - A discussion of the valuation of the Treasury securities purchased for an advance refunding escrow and the effect an improper valuation may have on the tax-exempt status of the advance refunding issue.
- Tax-Exempt Bond Returns - Highlights of the recent form changes made to the various tax-exempt bond returns.
Compliance Initiatives and Current Developments:
- Three Year Notes - A Tale of Too Many Cities - This article is intended to raise awareness of small issuers (including, but not limited to, school districts) regarding abusive arbitrage transactions.
- The SLGS Compliance Initiative: A Correspondence Examination Initiative of Advance Refunding Bonds - A review of the on-going efforts of the Internal Revenue Service to identify and resolve possible violations of the yield restriction and arbitrage rebate requirements under IRC section 148.
- Current Developments - A summary of the most important pronouncements, procedures and legislations issued over the past year.