In Second Audit, IRS Declares Kentucky County's Bonds Taxable

McConnell, Alison L.
June 2006
Bond Buyer;6/23/2006, Vol. 356 Issue 32409, p5
Trade Publication
The article reports the declaration by the Internal Revenue Service that Pendleton County, Kentucky's $100 million bonds are taxable after its second audit. The agency initially audited the bonds in 1998, closing the exam on January 27, 2000, with a letter that there had been no change to the bonds' status. ding to municipal market participants, the case reflects double jeopardy and the difficulties associated with the agency that treats both bondholders and issuers as taxpayers for different purposes of the federal tax code.


Related Articles

  • The Perils of IRS Reform. SHRIBMAN, DAVID // Fortune;11/24/1997, Vol. 136 Issue 10, p74 

    Focuses on the possibly bad aspects of the reformation of the U.S. Internal Revenue Service (IRS). Discussion on the political attacks on the IRS; Effects of the delay in gathering taxes; Statement that a congressional ban on random taxpayer audits makes it impossible to put a price tag on...

  • IRS audits: Should you bring a pro? Block, Julian // Central New Jersey Business;7/12/95, Vol. 8 Issue 15, p19 

    Discusses the necessity of seeking a professional's services for auditing tax deductions under the US Internal Service Revenue's (IRS) Form 1040. Involvement of expense substantiation; Provisions in the law requiring delay requests; Consideration of issues involved in interpreting the Internal...

  • Dateline Washington. Coorsh, Richard // Consumers' Research Magazine;Sep95, Vol. 78 Issue 9, p6 

    Reports on a US Internal Revenue Service (IRS) tax audit to be conducted in the fall of 1995. Criticisms on the documentation requirements and on expenses incurred for IRS compliance audits.

  • `IRS Agent Jones is on line one...' Fraser, Jill Andresky // Inc.;Apr97, Vol. 19 Issue 5, p97 

    Offers tips on preparing for a personal tax audit. Views of tax experts whose accounting practices specialize in serving entrepreneurs; The biggest personal audit risk business owners face and ways to minimize them; How long to keep records.

  • Heading off an IRS audit. Haupt, Jennifer // Nation's Business;Mar96, Vol. 84 Issue 3, p42 

    Focuses on suggestions for small businesses on preparing tax audit compliance evaluations from the US Internal Revenue Service (IRS). Correction of misclassified workers; Caution in issuing remarks to IRS representatives; Meeting with accountants; Readiness of documents; Case example of Barbara...

  • Surviving An IRS Audit. Weiss, Earl J. // Business Forum;Spring82, Vol. 7 Issue 2, p31 

    Gives advice on how to prepare for a United States Internal Revenue Service (IRS) audit. Procedures of an IRS audit; Steps involved in the formal appeal process; Factor that should be focused on by a taxpayer in preparation for a tax audit.

  • IRS audits: Should you bring a pro? Block, Julian // Northern New Jersey Business;7/12/95, Vol. 3 Issue 15, p19 

    Presents suggestions on dealing with audits from the Internal Revenue Service. Hiring a tax professional; Going to the audit session; Questions of interpretation of language in the Internal Revenue Code.

  • IRS expands `Economic Reality' audits.  // National Public Accountant;Mar96, Vol. 41 Issue 3, p12 

    Reports on the US Internal Revenue Service's (IRS) expansion of `Economic Reality' audits. IRS's training of auditors to investigate the taxpayer's standard of living and net worth in addition to examination of items directly related to the tax return; Information that may be accessed by IRS in...

  • Come clean with the taxman. Baumer, Dick // DollarSense;Spring99, p4 

    Discusses tips in standing ground supposing the United States Internal Revenue Service (IRS) audits an individual's income tax return and disallows one or more deductions. Evaluation by an IRS appeals officer if an individual objects to the IRS' decision to disallow him for a deduction he...


Read the Article


Sign out of this library

Other Topics