TaxNewsFlash-Exempt Organizations

February 27, 2008
No. 2008-15

Amended Voluntary Closing Agreement Procedures for Use by Issuers of Tax-Exempt Bonds and Tax Credit Bonds

The IRS today released an advance copy of Notice 2008-31 to update the procedures for issuers of tax-exempt bonds and tax credit bonds to submit requests to enter into voluntary closing agreements (VCAPs) with the IRS under the TEB VCAP program.

For an electronic version of today’s notice: Notice 2008-31

In a transmittal announcement, the IRS reported that Notice 2008-31 amends earlier guidance (Notice 2001-60) which established the TEB VCAP program, by:

Changing references to Outreach Planning and Review to Compliance & Program Management (CPM)
Incorporating tax credit bonds into the TEB VCAP program
Simplifying the VCAP procedures by providing a cross-reference to requirements contained in the Internal Revenue Manual (IRM 7.2.3)
Clarifying that additional information may be obtained by the CPM staff as needed
Providing that all submissions must be in electronic format
Including e-mail and regular mail addresses for submissions

Notice 2008-31 will appear in Internal Revenue Bulletin 2008-11, dated March 17, 2008.

For more information, contact Rick Speizman, National Partner-In-Charge, KPMG’s Exempt Organizations Tax Practice (ExoTax), at (202) 533-3084 or rspeizma@kpmg.com

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