Form 8038-CP Processing Changes and “Issue Snapshots”

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Form 8038-CP Processing Changes

Tax Exempt Bonds has introduced an interactive feature to the Form 8038-CP to help you avoid delays due to missing or incomplete information. To use the new interactive form, complete it in the order presented and it will alert you to missing fields and other errors.

We’ve also made important changes to how we process Form 8038-CP requests for refundable credit payments. The revised processes and procedures apply to all Forms 8038-CP received after May 16, 2016. See the full article here for more information.

Issue Snapshots

The IRS Tax Exempt and Government Entities (TE/GE) Knowledge Management team periodically issues research summaries called “Issue Snapshots” on tax-related issues for practitioners. They are posted on IRS.gov’s electronic reading room page under “Training and Reference Materials.” Bookmark and check the page often for helpful new materials.

Recent articles include:

• IRC Section 4942, Taxes on Failure to Distribute Income - Carryover of Excess Distributions or Undistributed Income

• Employers Must Withhold FICA Taxes for Aliens who Change Visa Status to H-1B

• Excise tax on Federal Foreign Procurement Payments

• Lessening the Burdens of Government as a Basis for Tax Exemption under IRC Section 501(c)(3)