Issuers of tax-exempt private activity bonds (such as qualified mortgage bonds and exempt facility bonds) must file Form 8038 by the 15th day of the 2nd month after the close of the quarter in which the bond was issued. Extension requests may be granted for late filers.
What is Form 8038?
Form 8038 is used by the issuers of tax-exempt private activity bonds to provide the IRS with information and to monitor compliance with federal regulations. Depending on the type of bond, issuers must file the form by the 15th day of the second calendar month after the close of the quarter in which the bond was issued. If timely filing is not possible, an extension may be granted. The form should be filed with the Department of the Treasury Internal Revenue Service Center, with private delivery services also accepted. Through their services, issuers can get written proof of their mailing date.
IRS Form 8038 – Who Needs to Fill It Out?
Form 8038, the IRS form for tax-exempt private activity bonds, must be completed and filed by the issuers of the bond. Issuers must file separately for each type of bond, including exempt facility bonds, qualified mortgage bonds, qualified veterans’ mortgage bonds, qualified hospital bonds, qualified small issue bonds, qualified student loan bonds, qualified redevelopment bonds, qualified 501(c)(3) bonds, and nongovernmental output property bonds. All of these bonds must be filed by the 15th day of the 2nd calendar month after the close of the quarter in which the bond was issued, using the facts as of the issue date. Extensions may be requested if the failure to file timely is not due to willful neglect. The form, along with any attachments, should be mailed to the Internal Revenue Service Center in Ogden, UT 84201. Private delivery services may be used to meet the timely filing rule.
Step-by-Step: Form 8038 Instructions For Filling Out the Document
The purpose of Form 8038 is for issuers of tax-exempt private activity bonds to provide the IRS with information and monitor compliance with relevant tax laws. This form must be filed separately for each issue of tax-exempt private activity bond after 1986, which includes exempt facility bonds, qualified mortgage bonds, qualified veterans’ mortgage bonds, qualified small issue bonds, qualified student loan bonds, qualified redevelopment bonds, qualified 501(c)(3) bonds, nongovernmental output property bonds, and all other tax-exempt private activity bonds. Form 8038 must be filed by the 15th day of the 2nd calendar month after the close of the quarter when the bond was issued, and may not be filed before the issue date. Late filing may be considered if the failure to file timely is not due to willful neglect. Form 8038 and any attachments must be filed at the address specified, or using certain private delivery services (PDS) designated by the IRS.
Below, we present a table that will help you understand how to fill out Form 8038.
| Information for Form 8038 | Details |
|---|---|
| Tax-Exempt Private Activity Bonds | Report for various types of tax-exempt bonds |
| Filing Deadline | 15th day of the 2nd calendar month after bond issuance |
| Late Filing | Possible with valid reasons for delay |
| Filing Location | Specified address or certain private delivery services |
Do You Need to File Form 8038 Each Year?
Yes, you must file Form 8038 each year if you are an issuer of any of the following types of tax-exempt private activity bonds issued after 1986: exempt facility bonds, qualified mortgage bonds, qualified veterans’ mortgage bonds, qualified small issue bonds, qualified student loan bonds, qualified redevelopment bonds, qualified hospital bonds, qualified 501(c)(3) bonds, or nongovernmental output property bonds. The Form must be filed by the 15th day of the 2nd calendar month after the close of the calendar quarter in which the bond was issued. An extension may be granted in cases of failure to file timely that is not deemed to be due to willful neglect. Form 8038 and any attachments should be sent to the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201. A list of designated private delivery services (PDS) can be found on IRS.gov/PDS for those seeking to prove the intended timely mailing of their tax returns.
Download the official IRS Form 8038 PDF
On the official IRS website, you will find a link to download Form 8038. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 8038
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