IRS Revises Bond Reporting Forms

The Internal Revenue Service has revised two forms used by bond issuers.

Form 8038-GC, Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales, is used by issuers of tax-exempt bonds to provide the IRS with the information required by Section 149 of the Tax Code and to monitor the requirements of Sections 141 through 150 of the Tax Code.

Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds,  is employed by issuers of Build America Bonds, recovery zone economic development bonds, and specified tax credit bonds who elect to receive a direct payment from the federal government equal to a percentage of the interest payments on these bonds. 

The revised Form 8038-GC and Form 8038-CP, along with other forms and publications pertaining to tax-exempt bonds, are available by clicking here.