The U.S. Treasury Inspector General for Tax Administration (TIGTA) recently published a report entitled, “Observations About Annual Dollar Limits for American Recovery and Reinvestment Act of 2009 Bonds.” The goal of the review was to report observations identified during the review of private activity tax-exempt bond volume cap compliance that relate to the Recovery Act. The review concluded that future tax revenues may be at risk if the Tax-Exempt Bonds Office does not closely monitor Recovery Act volume caps because excess Recovery Act bonds may not be eligible for tax credits or may be taxable. The IRS stated that by January 2011, it plans to identify approaches to identify and address compliance with tax-exempt private activity bond volume caps, improve guidance for processing bond information returns, and identify errors for previously processed bond information returns. Read More…