Bailey Quoted on Voluntary Closing Agreement Program Revisions

Foley Partner Michael Bailey was quoted in an article that appeared in The Bond Buyer on June 10, 2010 titled “Proposal Would Reduce BAB Subsidies for VCAP Users.” He discusses recommendations made by the Advisory Committee on Tax-Exempt and Government Entities (ACT) for improving the IRS’ voluntary closing agreement program (VCAP). Bailey, who is chairman of ACT, states that the committee wants the IRS to provide issuers of Build America Bonds with assurance that inadvertent violations of tax law requirements will be resolved on a reasonable and proportionate basis. He adds that the IRS could adopt the recommended changes to the VCAP program quickly by incorporating them into the Internal Revenue Manual that is used by agency officials and agents.