The IRS today released an advance version of Rev. Proc. 2017-50 providing guidance to issuers of tax-advantaged bonds on the time for filing claims for recovery of overpayments of arbitrage rebate, payments of penalty in lieu of rebate, and yield reduction payments under section 148.
Today’s Rev. Proc. 2017-50 [PDF 38 KB] extends the deadline for filing claims for recovery of such overpayments to two years after: (1) the date that is 60 days after the final computation date of the issue to which the payment relates; or (2) with respect to the portion of the overpayment paid more than 60 days after the final computation date, the date that the payment was made.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Greg Goller | +1 703 286 8391 | firstname.lastname@example.org
Alexandra Mitchell | +1 202 533 6078 | email@example.com
Randall Thomas | +1 202 533 3786 | firstname.lastname@example.org
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