Treasury Audit Finds IRS Lacks Procedures to Enforce Compliance With Private Activity Bond Limits

摘要

The Internal Revenue Service has failed to ensure that states adhere to tax-exempt private activity bond volume cap ceilings, according to a Treasury Department audit report.rn"The federal government is at risk of losing future tax revenue because the Tax Exempt Bonds (TEB) office has not developed or implemented the processes necessary to identify and address noncompliance with state volume cap limits for tax-exempt private activity bonds," says the Treasury Inspector General for Tax Administration (TIGTA) report.