Form 8038-R - Request For Recovery Of Overpayments Under Arbitrage Rebate Provisions Page 2
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Form 8038-R (Rev. 4-2011)
Page
What’s New
Generally, this information will be sufficient to determine whether a
refund is appropriate. For refund claim rejections where there is a
Claims for recovery of overpayments cannot be filed later than the date
procedural deficiency or where an issuer has failed to provide sufficient
that is 2 years after the final computation date under Regulations
information to enable a determination that an overpayment occurred, the
section 1.148-3(e)(2) for the applicable issue of bonds, or 2 years from
IRS will contact the issuer or its representative to resolve the deficiency.
July 1, 2008, for an issue of bonds whose final computation date is on
If all the requested information is not timely received, a letter will be sent
or before June 24, 2008. See Rev. Proc. 2008-37, which is on page 137
explaining that the request for recovery is deficient and that its
of Internal Revenue Bulletin 2008-29 at
processing is rejected.
irb08-29.pdf.
For refund claim denials, in full or in part, if the IRS makes a
preliminary determination to deny a refund claim, the IRS will notify the
General Instructions
issuer in writing that it may submit additional information or participate
in a conference, or both. Additional information must be submitted
Section references are to the Internal Revenue Code unless otherwise
within 21 days of the request for additional information or the
noted.
conference. If the issuer fails to submit additional information or if the
Note. Use a separate Form 8038-R for each issue.
IRS disagrees that an overpayment occurred, the IRS will send the
issuer a registered or certified letter denying the claim, subject to the
Purpose of Form
issuer's appeal rights.
Form 8038-R is used by issuers of state and local bonds to request a
The procedures for processing a request for refund are detailed in
refund of amounts paid with Form 8038-T, Arbitrage Rebate, Yield
Rev. Proc. 2008-37 which is on page 137 of Internal Revenue Bulletin
2008-29 at irb08-29.pdf.
Reduction, and Penalty in Lieu of Arbitrage Rebate.
Payments made with Form 8038-T that may be recoverable include:
An issuer is entitled to appeal a refund claim denial. See Rev. Proc.
2006-40 which is on page 694 of Internal Revenue Bulletin 2006-42 at
1. Yield reduction payments,
irb06-42.pdf, for details.
2. The arbitrage rebate to the United States,
Where To File
3. A penalty in lieu of rebating arbitrage to the United States, or
4. A penalty to terminate the election to pay a penalty in lieu of
File Form 8038-R, and attachments, with the Internal Revenue Service,
rebating arbitrage.
Ogden Submission Processing Center, Ogden, UT 84201.
Private delivery services. You can use certain private delivery services
Recovery of Overpayment
designated by the IRS to meet the “timely mailing as timely filing/
In general, an issuer may recover an overpayment of rebate for an issue
paying” rule for tax returns and payments. These private delivery
of bonds by establishing to the Internal Revenue Service that the
services include only the following:
overpayment occurred. An overpayment is the excess of the amount
• DHL Express (DHL): DHL Same Day Service.
paid to the United States for an issue under section 148 over the sum of
• Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard
the rebate amount for the issue as of the most recent computation date
Overnight, FedEx 2Day, FedEx International Priority, and FedEx
and all amounts that are otherwise required to be paid under section
International First.
148 as of the date the recovery is requested.
• United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air
An overpayment may be recovered only to the extent that a recovery
Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide
on the date that it is first requested would not result in an additional
Express Plus, and UPS Worldwide Express.
rebate amount if that date were treated as a computation date.
The private delivery service can tell you how to get written proof of the
Except for overpayments of penalty in lieu of rebate under section
mailing date.
148(f)(4)(C)(vii) and Regulations section 1.148-7(k), an overpayment of
less than $5,000 may not be recovered before the final computation
▲
Private delivery services cannot deliver items to P.O. boxes.
!
date. See Regulations section 1.148-3(i).
You must use the U.S. Postal Service to mail any item to an
The amount of rebate overpayment is based on the amount actually
IRS P.O. box address.
paid, not the future value of the amount paid.
CAUTION
Note. Regulations section 1.148-3(b) provides that as of any date, the
Specific Instructions
rebate amount for an issue is the excess of the future value, as of that
date, of all receipts on nonpurpose investments over the future value, as
Line 1. Enter the name of the governmental entity that issued the
of that date, of all payments on nonpurpose investments. The definitions
bonds, not the name of the entity receiving the benefit of the financing.
of payments and receipts in Regulations section 1.148-3(d), in part,
Part I. Reporting Authority
require inclusion of transactions (including, but not limited to,
acquisition, earnings and return of principal) on a date for each
nonpurpose investment. Any cash flow representation to the contrary
Line 6. Enter the date of issue. This date should be identical to the date
may result in the understatement of rebate amount. Yield reduction
on the corresponding Form 8038-T, Part I, line 6. This is generally the
payments are determined using payments and receipts as described in
first date on which there is a physical exchange of the bonds for the
Regulations section 1.148-5(b)(1).
purchase price.
Line 7. Enter the name of the issue. This name should be identical to the
Processing the Request
name listed on the corresponding Form 8038-T, Part I, line 7. If there is
When filing Form 8038-R, you must provide:
no name, please provide other identification of the issue.
• All copies of Form(s) 8038-T related to the request for refund, and
Line 8. Enter the CUSIP (Committee on Uniform Securities
Identification Procedures) number of the bond with the latest maturity.
• The computations of the overpayment and interest (if any) on line 17.
The CUSIP should be identical to the CUSIP listed on the corresponding
The computations must show all cash flows from the issue date to the
computation date reflecting the overpayment (for example, if a series of
Form 8038-T, Part I, line 8. Enter “None” if the issue does not have a
reports were prepared all such reports must be provided, unless the last
CUSIP number.
report details all cash flows). Provide any additional attachments if
needed.
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