WASHINGTON -- The Internal Revenue Service announced yesterday that seven information forms for tax-exempt bonds have been simplified and updated to reflect current tax laws.
"We hope that issuers will begin using these new forms as soon as possible." an agency official said in an interview.
In Announcement 93-102, the IRS said revisions were made to Form 8038, a general information form that issuers must submit for all tax-exempt private activity bond issues; Form 8038-G, which covers all tax-exempt governmental obligations; and 8038-GC, a form for small tax-exempt governmental bond issues, leases, and installment sales.
Also changed were Form 8038-T, a form that must be submitted for any arbitrage payments or penalties made to the federal government; Form 8328, which must be submitted when unused private activity bond volume is carried forward to the next year; Form 8329, a lender information form for mortgage credit certificates; and Form 8330, an issuer's quarterly information form for mortgage credit certificates.
The IRS announcement said that these forms will probably be further revised in the future "to make them a better compliance tool."