New material from the Internal Revenue Service (IRS) provides a more clear and notable view of the importance the IRS attaches to “post-issuance compliance” (PIC) related to tax-exempt bond matters or tax credit bonds. These materials include a summary checklist for PIC procedures, new standards for settlement under the Voluntary Closing Agreement Program—many with tight deadlines that issuers are more likely to meet if they have regular internal review under a PIC procedure—and new reporting procedures for Form 8038 and Form 990.

Developments in PIC are important to bond lawyers, financial advisers, investment bankers, issuers, and borrowers.

For more information about PIC developments, click here.