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Examinations of municipal bond issuers turning ugly.(AUDITS)
Kiplinger Tax Letter, The, November, 2005
Examinations of municipal bond issuers are turning ugly.
IRS has started going after holders when it can't reach a deal with an issuer after violations of the tax-exempt bond rules are alleged. Usually, the Service lets the issuer pay a fine so the tax-exempt status of the bonds is preserved. But lately, IRS has noticed that many issuers are balking at paying penalties and are slow to settle their disputes. So the agency has decided that, in those cases, it will start the process of tracking down bondholders and assessing tax. IRS is making the point that it is ready to use its ultimate enforcement weapon if necessary.
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