Form 8038-T

Form 8038-T

A form that the issuer of a tax-exempt bond files with the IRS to rebate to the U.S. Treasury arbitrage profits from the investment of bond proceeds, and to make similar payments. Coupons on state and local bonds are not tax-exempt unless the issuer files this form.
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The successful contractor will be required to provide one (1) bound copy and one (1) electronic version (pdf) of each arbitrage rebate report, including Form 8038-T.
Arranging for the timely computation of rebate liability and, if a rebate is payable, for the timely filing of Form 8038-T and payment of rebate (rebate is ordinarily due at 5-year intervals); and
Specifically, the IRS has looked at qualified hedges within advance refunding transactions and found most troubling the failure to file IRS Form 8038-T along with the rebate, including underpayment interest.
Rebate payments are made to the IRS's Philadelphia Service Center and Form 8038-T, Arbitrage Rebate, should be used.
Complete and provide for filing with the Internal Revenue Service a Form 8038-T for each issue for which there are excess earnings.