The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns. These forms are related to tax-exempt bonds, qualified tax credit bonds, and specified tax credit bonds, including those that are often used in conjunction with the Low-Income Housing Tax Credits (LIHTCs). Affected issuers who are required to file a Form 8038 series information return or a Form 8038-T in connection with an arbitrage payment, with a due date between late October and Jan. 31, 2013, may file such returns and make such payments up until Feb. 1, 2013. The IRS will abate any late-filing penalties and only certain federally-declared disaster areas in New York, New Jersey, Rhode Island and Connecticut apply.
Click here to read the IRS press release.
