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Recovery Act Subsidies Processed Accurately By IRS,
by Leroy Baker, Tax-News.com, New York
Thursday, August 26, 2010
The United States Treasury Inspector General for Tax Administration (TIGTA) has found that
the Internal Revenue Service (IRS) generally processed the initial requests
for payment of the Build America Bond (BAB) federal subsidies accurately, timely,
and without indications of erroneous disbursement.
The BAB programme was created by the Recovery Act, and allowed the federal
government to partially offset state and local governments' cost of paying bond
interest. As of September 2009, state and local governments received almost
USD26.4bn in funding for capital improvements through 315 BAB issuances.
TIGTA assessed whether the IRS's Tax Exempt Bonds office developed and implemented
controls to assure the direct subsidies for BABs were accurate and timely, and
whether controls prevented disbursement of erroneous subsidy payments.
It found that the IRS management had provided instructions for using information
returns for BABs, created a subsidy request form for bond issuer use in requesting
federal subsidy payments, and created manual processes and programmed computer
systems to process the federal subsidy payments.
While minor problems were encountered when processing the initial information
returns, the problems were identified and corrected, and all state and local
governments submitting complete subsidy request forms from May 2009 through
September 2009 received the correct federal subsidy payments.
In its assessment, TIGTA reviewed more than USD110m in direct subsidy payments
for the initial 80 bond issuances requesting subsidy payments. Controls and
procedures developed and implemented by the IRS assured that all 80 federal
subsidy payments were accurate.
TIGTA did not make any recommendations in its report. IRS officials reviewed
the report and agreed with TIGTA's findings.
.
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