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Please see below for the IRS announcement on the new VCAP process for 501(c)(3) bonds.
IRS Announcement 2015-2 Providing Simplified VCAP Process for Issuers of Qualified 501(c)(3) Bonds This announcement is scheduled to be published in Internal Revenue Bulletin 2015-3 dated Jan. 19. Announcement 2015-02 TEB Voluntary Closing Agreement Program: Relief from violation of qualified ownership and use requirements for qualified 501(c)(3) bonds. This Announcement provides a simplified process for issuers of qualified 501(c)(3) bonds, as defined below, to request a closing agreement in situations in which the borrower of the proceeds of the bonds received Prospective Reinstatement, as defined below, after its tax-exempt status was automatically revoked under section 6033(j)(1) of the Internal Revenue Code (the “Code”). |
AuthorCharles A. Samuels Archives
December 2019
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