Form 14429 - Tax-exempt bonds voluntary closing agreement program 

March 11:   The IRS released a new form—Form 14429, Tax Exempt Bonds Voluntary Closing Agreement Program Request (March 2013)—under the tax-exempt bonds voluntary closing agreement program (TEB VCAP).

Form 14429 [PDF 142 KB] is to be used by entities in submitting a request under the voluntary closing agreement program (pursuant to Notice 2008-31).

Background

Notice 2001-60 established the program under which issuers of tax-exempt bonds and tax credit bonds may submit requests to enter into voluntary closing agreements (VCAPs) with the IRS under the TEB VCAP program.


Notice 2008-31 amended the TEB VCAP program, by:


  • Changing references to outreach planning and review to compliance and program management (CPM)
  • Incorporating tax credit bonds into the TEB VCAP program
  • Simplifying the VCAP procedures by providing a cross-reference to requirements contained in the Internal Revenue Manual (IRM 7.2.3)
  • Clarifying that additional information may be obtained by the CPM staff as needed
  • Providing that all submissions must be in electronic format
  • Including e-mail and regular mail addresses for submissions


For more information, contact:


Rick Speizman, National Partner-In-Charge, KPMG’s Exempt Organizations Tax Practice (ExoTax)

+1 (202) 533-3084





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