Internal Revenue Service (IRS) recently announced that certain government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for extended time to file certain returns related to tax-exempt bonds, qualified tax credit bonds, and specified tax credit bonds. The IRS subsequently announced that they are extending that relief until April 1 in connection with the following localities:
- In New Jersey (starting Oct. 26): Monmouth and Ocean counties;
- In New York (starting Oct. 27): Nassau, Queens, Richmond and Suffolk counties.
Under this extended IRS relief, issuers located in the localities listed above that 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 March 31, 2013, may file such returns and make such payments up until April 1, 2013. Issuers may also file such returns and make such payments up until April 1, 2013, if the records necessary to make such filing or payment, the conduit borrower, or the bond counsel or other professional upon whom the issuer relies to make such filing or payment is located in the localities listed above. Issuers may also request an extension beyond April 1, 2013 to files such forms under Revenue Procedures 2002-48 and 2005-40.
