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Form 8038-GC Information Return for Small Tax-Exempt Governmental Bond Issues Leases and Installment Sales Rev. May 2009 Department of the Treasury Internal Revenue Service Caution If the issue price of the issue is 100 000 or more use Form 8038-G. Reporting Authority Part I OMB No. 1545-0720 Under Internal Revenue Code section 149 e Check box if Amended Return Issuer s name 2 Issuer s employer identification number Number and street or P. O. box...
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How to fill out 8038-gc
How to fill out 8038-GC
01
Obtain Form 8038-GC from the IRS website or a local tax office.
02
Enter the issuer's name, address, and EIN in the appropriate fields.
03
Complete the issue date, issue amount, and type of bond information.
04
Specify the purpose of the bond issue in the designated section.
05
Fill in the details of the regulatory section including tax-exempt status.
06
Provide information regarding the professional service provider, if applicable.
07
Ensure all validations and signature fields are properly completed.
08
Review and double-check all provided information for accuracy.
09
Submit the completed form to the IRS by the deadline.
Who needs 8038-GC?
01
State and local governments issuing tax-exempt bonds.
02
Organizations involved in issuing bonds for public purposes.
03
Municipalities looking for a simplified informational return for certain tax-exempt bonds.
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People Also Ask about
What is the difference between tax free bonds and tax saving bonds?
Tax free bonds are issued by government-backed entities and offer tax free interest income. Tax savings bonds, on the other hand, offer a relatively low interest rate, have a medium-term maturity period and a lock-in period of 5 years.
What is the difference between taxable and tax-exempt municipal bonds?
The main difference between a taxable municipal bond and a tax-exempt muni is that taxable munis pay interest income that's subject to federal and state income taxes, whereas tax-exempt munis pay interest income that's generally exempt from federal and potentially state income taxes.
What is tax form 8038 G?
Compliance with tax laws: Form 8038-G ensures that state and local governments issuing tax exempt bonds comply with the relevant tax laws and regulations. It provides the Internal Revenue Service (IRS) with essential information to monitor the issuance and use of tax exempt bonds.
What is the difference between taxable interest and tax-exempt interest?
taxable interest income — interest income that is subject to income tax. All interest income is taxable unless specifically excluded. tax-exempt interest income — interest income that is not subject to income tax.
What is the difference between 8038 and 8038 G?
(IRS) Form 8038 In most cases, this will be either an IRS Form 8038-G for Governmental Bonds or Governmental Purpose Bonds or an IRS Form 8038 for qualified Private Activity Bonds.
What is the IRS form 8038 GC?
Form 8038-GC is used by the issuers of tax- exempt governmental obligations to provide the IRS with the information required by section 149(e) and to monitor the requirements of sections 141 through 150. Issuers of tax-exempt governmental obligations with issue prices of less than $100,000 must file Form 8038-GC.
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What is 8038-GC?
8038-GC is a specific tax form used for reporting exempt facility bonds and other certain types of tax-exempt bonds that qualify under IRC Section 145.
Who is required to file 8038-GC?
Entities that issue tax-exempt bonds, such as local or state governments, must file Form 8038-GC when they issue qualifying bonds.
How to fill out 8038-GC?
To fill out 8038-GC, issuers need to provide specific details about the bond issue, including the issuer's information, the type of bond, the amount issued, and other relevant financial data.
What is the purpose of 8038-GC?
The purpose of 8038-GC is to provide the IRS with information about tax-exempt bonds to ensure compliance with tax laws and regulations related to public finance.
What information must be reported on 8038-GC?
The information reported on 8038-GC includes the issuer's name, address, employer identification number (EIN), bond issue date, principal amount, maturity date, bond type, and details about the projects financed by the bonds.
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