close
Share with your friends

IRS guidance on Form 8038-CP for bond issuers requesting tax credit payments

IRS guidance on Form 8038-CP

The IRS today issued a release concerning which form is to be used in claiming refundable tax credit payments by certain bond issuers—specifically Form 8038-CP, “Return for Credit Payments to Issuers of Qualified Bonds,” and the related Instructions for Form 8038 (Rev. January 2020).

1000

Related content

Form 8038-CP is used to claim refundable tax credit payments payable to issuers of qualified Build America Bonds, recovery zone economic development bonds under former (now repealed) sections 54AA and 1400U-2, and specified tax credit bonds under former sections 54A and 6431(f).

According to the IRS release, bond issuers are to use the January 2020 version of Form 8038-CP for new submissions to the IRS. The IRS reported that using the old version of Form 8038-CP may cause a delay in a request for credit payment; however, the IRS directed these bond issuers not to submit a new filing using the updated form if they have already mailed an older version of Form 8038-CP to the IRS.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal