How do I Quick-file Form 8038-CP?
Last modified 9/30/2024 5:32:24 AM EST |

The quick filing option enables you to enter the required information directly on the 8038-CP Form and transmit it to the IRS.

Follow these steps to complete the 8038-CP Form in Quick Filing.

Step 1:

Part I - Information on Entity That Is To Receive Payment

In part I, you’ll need to add the details of the entity that will receive the credit payment. Click ‘Add entity’ to proceed.

Upon clicking, a popup will appear requesting details of the entity to receive payment, including the organization name, EIN, and address. Additionally, you will need to provide the contact information of an individual the IRS may contact if they require further information. Click ‘Save’ to add the details. You can also edit the information if needed.

Step 2:

Part II - Reporting Authority

To add the details of the reporting authority and bonds, please follow these steps:

Add Reporting Authority: 

Click ‘Add Reporting Authority’, and a popup will appear where you have to input the relevant information.

In the popup, enter the basic details of the bond issuer, who serves as the reporting authority. Required information includes the organization name, EIN, and address. Please note that the bond issuer may also be the entity designated to receive payment. Additionally, you need to provide the contact information of an individual the IRS may contact if they require further information. 

Click ‘Save’ to add the details, and you can also edit the information if needed. 

Add Bond Details: 

Click ‘Add Issue’ and you’ll need to enter the bond details in the popup.

 
Below are the details you’re required to include:

• Name of issue 
• Report number
• Date of issue
• Name of bond
• Maturity date
• Interest payment frequency 
• Issue price

Also, you have to choose the payment method in which you want to receive the credit payment and indicate whether you want to use a DBA (Doing Business As) name. 

Step 3:

Part III - Payment of Credit 

Line 18: Indicate the date of the credit payment to which this refund credit request pertains.

Line 19a: Report the amount of interest payable to the bondholders on the interest payment date.

Line 19b and 19c: These lines are applicable only for specified tax credit bonds. Enter the applicable credit rate on Line 19b. For issuers of New Clean Renewable Energy Bonds (NCREBs), Qualified Energy Conservation Bonds (QECBs), Qualified Zone Academy Bonds (QZABs), and Qualified School Construction Bonds (QSCBs), complete Schedule A and report the amount from Line 3 of Schedule A here.

Lines 20a - 20f: Enter the credit amount allowed for the interest payment date on the appropriate line based on the type of bond:

20a: For Build America Bonds, enter 35% of the interest payable.

20b: For Recovery Zone Economic Development Bonds, enter 45% of the interest payable.

20c-20f: For New Clean Renewable Energy Bonds, Qualified Energy Conservation Bonds, Qualified Zone Academy Bonds, or Qualified School Construction Bonds, enter the smaller amount from Lines 19a or 19c.

Lines 21a - 21c: Enter any adjustments made to previous credit payments, including net increases or decreases. Provide explanation codes for these adjustments.

Line 22: Enter the amount of credit payment requested, calculated by combining the amount on Line 20 with any adjustments reported on Lines 21a or 21b.

Lines 23a - 23b: Indicate any changes made to the most recently filed debt service schedule and provide the explanation code and the revised debt service schedule.

Lines 24a - 24b: Confirm whether all interest mentioned on Line 19a has been paid or will be paid before the interest payment date.

Line 25: Enter ‘Yes’ if this return is being filed for the final interest payment date for the respective bonds.

Step 4:

Part IV - Payment Method

The payment details will be added based on the information you’ve provided while adding the bond details. You have the option to change the payment method if required.

Step 5:

Part V - Signature and Consent

After completing the required information, provide your signature and consent in this section.

Step 6:

Part VI - Paid Preparer

If you’re a paid preparer, your details will be included automatically in this section based on the information you’ve provided prior.