11/12/2021
Revision to Form 8038-CP and Instructions
The IRS released draft Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds (PDF), including new Schedule A, Specific Tax Credit Bonds Interest Limit Computation and related draft Instructions.
Form 8038-CP is used to claim refundable tax credit payments payable to issuers of qualified Build America Bonds, Recovery Zone Economic Development Bonds and specified tax credit bonds. The form and instructions are being updated to allow electronic in 2022.
Issuers should use the January 2022 version of Form 8038-CP for submissions received by the IRS in January of 2022. Using a prior version of the form after 2021 could cause a delays in processing requests for credit payments.
Tax Exempt Bonds will hold two Zoom meetings to explain the changes and answer questions. They are open to everyone and cover the same material with a slightly different emphasis
Tuesday November 16, 2021 2:00 PM Eastern Zoom meeting ID 161 789 8661 - for paid preparers such as banks and bond counsel
Wednesday November 17, 2021 1:00 PM Eastern Zoom meeting ID 160 852 4420 - for issuers that file their own Forms 8038-CP
You can dial by your location and input the meeting ID to join with audio only:
(669) 254-5252 US (West Coast)
(646) 828-7666 US (East Coast)
More information will be posted on the IRS' Recent Updates to Form 8038-CP and Processing Changes page.