IRS TEB Publishes Final Report On Post-Issuance Compliance Survey

On July 13, 2011, the Tax Exempt Bonds ("TEB") function of the IRS Tax Exempt and Government Entities Division released its final report (the "Report") related to TEB's soft-contact post-issuance compliance check program initiated in 2007. The intent of the program was to evaluate the post-issuance compliance and record retention practices within the tax-exempt bond industry. The Report summarizes the information received in response to the Tax-Exempt Bond Financings Compliance Check Questionnaire (Form 13907) (the "questionnaire") distributed by TEB. The questionnaire went to 207 exempt organizations described in Section 501(c)(3) of the Internal Revenue Code that had reported outstanding tax-exempt liabilities at the end of the 2005 calendar year.¹