IRS backs away from plan to audit tons of BAB deals

06/4/2010 | Bond Buyer (free content), The

Officials at the Internal Revenue Service previously said the agency planned to audit as many as half of all Build America Bonds deals, but they are backing away from that comment, apparently in a concession to issuers. Such an enforcement effort raises concern that municipalities might be discouraged from selling BABs. IRS officials said it is too soon to know how many deals will be audited. "Right now, to say exactly that we have the percentage or that we have a target in mind, I think that's inaccurate," said Steven Miller, deputy commissioner for services and enforcement at the IRS. "It's way too early."

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Bond Buyer (free content), The