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The IRS is asking every issuer of Build America Bonds ("BABs") to complete a questionnaire that focuses on how the issuer will comply with the federal tax rules for Build America Bonds after issuance.  The questionnaire specifically asks whether the issuer has established written procedures to ensure ongoing compliance.  Although the letter accompanying the questionnaire says that an issuer is not required to answer it, it also says that the IRS might initiate an audit of the Build America Bonds if the issuer does not send back the completed questionnaire!

If you issued Build America Bonds, but haven't received the questionnaire yet, you should assume that you will receive it in the near future.

For assistance or advice in answering the BABs questionnaire or for help in implementing formal proactive post-issuance compliance policies for Build America Bonds or other types of governmental bonds, please contact a Peck, Shaffer & Williams LLP tax attorney or public finance transaction attorney at 1-800-927-2663.



To ensure compliance with requirements of the Internal Revenue Service under 31 CFR Part 10, Section 10.35, we inform you that, unless specifically indicated otherwise, any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (a) avoiding tax-related penalties under the Code or (b) promoting, marketing or recommending to another party any tax-related matter addressed herein.