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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).


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payable to issuers of qualified Build America Bonds, recovery zone economic development bonds under former (now repealed) sections 54AA and 1400U-2, and specified tax credit bonds under former sections 54A and 6431(f).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

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