Orrick Tax Talk 11 - IRS Audits

The IRS Tax-Exempt Bonds audit program is very active with 300-400 bond issues being audited at any time, with tax problems occurring in as many as 50% of the audits. These tax problems range from major to minor violations and issuers and borrowers should formulate informed responses when dealing with the IRS during an audit. Listen to this week’s video to learn more about the two types of Tax-Exempt Bonds audits: targeted (specific and unique to the transaction) and random (market segment approach, identifying certain types of deals or industries to focus on). In addition, Larry and Ed walk you through the process that issuers and borrowers can expect during and IRS audit of tax-exempt bonds.

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Other Tax Talk Videos
1. The ABC’s of Governmental Bonds
2. The ABC’s of 501(c)(3) Bonds
3. Private Business Use
4. Private Payments
5. Management Contracts (video removed – see video #13)
6. Sponsored Research Contracts
7. Private Activity Bonds
8. Tax Credit Bonds (video removed as tax credit bonds can no longer be issued)
9. Post-Issuance Tax Compliance
10. Change in Use/VCAP
11. IRS Audits
12. Allocation of Bond Proceeds and Floating Equity
13. Management Contracts – New 2017 Rules

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