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.