On March 8, 2013, the IRS Office of Tax Exempt Bonds released a report entitled "Avoiding Troubled Tax-Advantaged Bonds: A Study of Issuer Compliance Considerations". The full 38-page document can be found here. While the IRS is to be commended for its ongoing efforts to provide guidance to issuers of tax-advantaged bonds, there was general consensus following release of the report that this particular set of guidelines extended well beyond the normal purview of the IRS regarding federal tax law matters. Indeed, the report offered a broad array of suggestions regarding the initial evaluation of a proposed transaction, review of transaction participants, assessing potential conflicts of interest, consideration of novel transaction ideas, the utilization of debt management policies and procedures, and the list goes on. Whatever your views might be regarding the propriety of an IRS report on such a broad range of topics, they undoubtedly have some unique insights into the pitfalls that arise whenever tax-exempt bonds are involved. This report makes for some interesting reading.