ფორმა 8038-CP

What information is required to be reported on Form 8038-CP?

Form 8038-CP requires the reporting of various types of bond related information, such as:

- Issue date and description of the bonds

- Interest rates and coupons

- Original issue price per bond and total issue price for the bond offering

- Outstanding bond balances and maturities

- Bond call features (optional redemption)

- Arbitrage income and related expenses

- Exempt use taxes paid or received on bond proceeds

What paperwork reduction act notice should be included with Form 8038-CP?

The Paperwork Reduction Act (PRA) notice is a statement that explains why certain information is being requested and its estimated burden on taxpayers. It must include an OMB control number and instructions for commenting or suggestions.

What is a private activity bond (PAB)?

A private activity bond (PAB) is a tax-exempt bond issued for financing projects where a private party has a significant degree of control or involvement in the project. These types of bonds are subject to certain IRS rules and restrictions as they may not qualify for tax-exemption solely based on their purpose.

What types of bonds are subject to Form 8038-CP?

Form 8038-CP is required for various types of tax-exempt bonds, including private activity bonds (PABs), qualified small issue bonds (QSIBs), qualified mortgage bonds (QMBs), qualified education bonds (QEBs), and qualified zone academy bonds (QZABs).

What should be reported regarding interest income on Form 8038-CP?

Interest income from the bond issuance or sale should be reported annually on Form 8038-CP. The total annual interest income, calculated using the effective yield to maturity and any accrued interest income from the previous year, must be included in the form's filing.

What is the purpose of Form 8038-CP and when should it be filed?

Form 8038-CP, also known as the Annual Information Return for Tax-Exempt Bonds, is used by issuers to provide the Internal Revenue Service (IRS) with annual information regarding their tax-exempt bonds. The form must be filed annually by February 28 (or March 31 if filing electronically) of the year following the calendar year in which the bond was issued or sold.