How do I file Form 8038-CP with TaxExemptBonds?
Last modified 9/30/2024 5:35:44 AM EST |

Follow the steps below to file Form 8038-CP with TaxExemptBonds.  
 
Step 1: Log in to the TaxExemptBonds account. On the Home page, click ‘Add Bond’. 

Step 2: An entity or organization that issues the bonds is referred to as the reporting authority. Click ‘Add Reporting Authority’ and enter all the required details. Click on the ‘Save’ button to add the reporting authority details.

Step 3: Click ‘Add Entity’ and enter all the details of the entity that is to receive the payment. You can check the box if the entity to receive the payment is the same as the reporting authority. Click on the ‘save’ button once the details are updated.

Step 4: Then, add the bonds issued by the reporting authority.

You are required to include the following details of the bond:

• Name of issue - Enter the name of the issued bond.
• Report number -  You must assign permanent report numbers for bonds currently eligible to receive credit payments and consistently use the same report number when filing to claim credit for the bond. Use the dropdown to assign a separate report number in the range 401–450 for each type of bond that must be treated as a separate bond issue for purposes of Form 8038-CP payment requests.
• Date of issue - Enter the date on which the bond was issued. 
• CUSIP number - Enter the Committee on Uniform Securities Identification Procedures (CUSIP) number on the bond with the latest maturity. The bond's CUSIP Number is on the respective lines of the forms, as mentioned below.

• Type of bonds - Enter the corresponding three-digit code number to indicate the type of bond along with the bond name.

• Maturity date - Enter the date of maturity of the bond.
• Interest payment date frequency - Choose the frequency at which you are making interest payments.
• Issue price -  enter the price of issue of the bond.
• Payment method - Choose the payment method you want to receive the payment.

If you need to add more bonds, click on ‘Add Another Issue’ and enter the details. You can also add an issue for another reporting authority. 

You can edit the entered details as needed. Once done, click ‘Continue’ and your bond details will be added.

Step 5: To file Form 8038-CP for the added bonds, navigate to manage bonds on the dashboard and click ‘File Form 8038-CP’ next to the bond for which you want to claim tax credits.

Step 6: Fill out the required details on the form. Review the return summary and click ‘Save and Continue’. How to complete 8038-CP Form?

Step 7: If any errors are found on the form, you’ll be informed on the audit report page. There, you can fix the errors by clicking ‘Fix me’. Once done, click ‘Next’ to proceed.

Step 8: TaxExemptBonds offers electronic and manual options for sharing your return with organization members for review and approval. Choose the method you prefer and click ‘Next’.

Step 9: The IRS requires that you submit Form 8453-TE along with the 8038-CP return as an e-file signature. TaxExemptBonds generates this form on your behalf once you’ve completed the return. Click ‘e-Sign Form 8453-TE’ to add your signature or request an e-Sign form from a signing authority.

Once completed, click ‘Next’ to proceed.

Step 10: You can add the phone number and fax number to receive IRS status updates on the form. Then, click ‘Next’ to proceed.

Step 11: Review your form, edit the details if necessary, and click ‘Complete Your Order’ to transmit it to the IRS.