IRS INVITES COMMENTS ON TAX-EXEMPT BOND FORMS
The Internal Revenue Service (IRS) today invited comments concerning Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues, Form 8038-G, Information Return for Tax-Exempt Governmental Obligation, and Form 8038-GC, Information Return for Small Tax-Exempt Governmental Bond Issues, Leases and Installment Sales. Issuers of state or local bonds must comply with certain information reporting requirements contained in Internal Revenue Code (IRC) Section 149 to qualify for tax exemption; Forms 8038, 8038-G and 8038-GC are used to provide the IRS with the information required by IRC Section 149 and to monitor the requirements of IRC sections 141 through 150. There are no changes being made to the forms at this time; the invitation to comment was published as part of the effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995. Written comments should be received on or before April 23, 2007 to be assured of consideration.