Response to IRS Examinations
Under its tax-exempt bond audit program, the IRS is regularly sending out literally hundreds of examination letters. These include general correspondence examinations, compliance questionnaires, and targeted audits. We routinely help issuers respond to these IRS examinations.
Analysis of Spending Exceptions
If a bond meets a spending exception (six-month, eighteen-month, or two-year), no rebate calculations are necessary on the project fund, and excess earnings (i.e. rebate) can be kept by the issuer. We can determine the expenditures necessary to meet the applicable spending exception, periodically analyze the expenditures to determine if the requirements are being met, and develop strategies available to meet the requirements.
Debt Service Coverage Reports
We prepare reports that attest to the adequacy of the debt service coverage or related ratios assuming the proposed bonds are issued. These reports are issued through our accounting firm, Chris D. Berens, CPA, P.C.