Expert Arbitrage Rebate Calculation & Bond Compliance Services 

Experience You Can Trust

ACS is an independently owned firm which specializes in post-issuance bond compliance services to include: arbitrage rebate, yield reduction, spending exceptions, private business use and record retention.

Born out of Pricewaterhousecoopers, ACS’ founders have been at the forefront of every advance and reform of the Tax Code since 1986.  ACS’ compliance reports have been relied upon for over 17,500 debt issues tied to over 1,600 separate municipal clients.  ACS has already passed the 51,000 compliance report milestone in 2016.

ACS Team

At ACS we employ individuals with diverse backgrounds primarily in the financial, accounting and law fields.  Our practice has also been fortunate to retain an in-house tax attorney for over 30 years as well as multiple licensed Certified Public Accountants. Our structure allows us to engage our clients on a personal level and enhance their experience through genuine, long-lasting relationships

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Bond Compliance Program Services

Our capable team regularly completes arbitrage rebate, yield restriction and spending exception compliance reports.  We also review for private business use of facilities built with tax-exempt, tax credit and direct pay bonds. Furthermore, we provide assistance with review or completion of the Schedule K of IRS Form 990. Furthermore, we review the unique record retention requirements and provide secure onsite and online storage of the applicable records.  

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Bond Compliance Training 

As an ancillary service we provide comprehensive IRS and SEC bond compliance training through recognized government association conferences such as GFOA or ASBO, as part of regional CPE training sessions, online as part of our basic training resources and unique onsite client tailored programs.  We also have an extensive training program available on our website with 30 modules.

Recent Training Presentations:

Upcoming Training Presentations:

  • 72nd Annual TASBO Conference 2018

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Four Benefits to Working with ACS

1. Expertise

Over the past 30 years ACS has developed accurate and efficient means for maintaining the most comprehensive compliance programs.

2. Peace of Mind

ACS’ in-house tax attorney, CPA’s and accountants expertly handle all facets of bond compliance and arbitrage services while you focus on the next issue, or next project.  ACS has the experience to make post-issuance compliance easier.

3. Flexibility

Our singular focus on post-issuance bond compliance allows us to provide the most competitive fees while offering programs tailored to each issuer.

4. Approach

ACS will be your partner for the life of the debt issue. ACS will timely complete the compliance reporting, utilizing the most up-to-date and appropriate methodology, coordinate the compliance process with our state of the art bond management and calculation systems, provide a secure online customer record retention system and lastly ACS provides relevant continuing education for our clients.

What is Arbitrage?

Arbitrage is the profit made from investing inherently lower yielding tax-advantaged bond gross proceeds in higher yielding taxable investments.

What is an Arbitrage Bond?

An arbitrage bond is any bond issued as part of an issue were any portion of the gross proceeds of which are reasonably expected to be used directly or indirectly to acquire higher yield investments. The arbitrage rebate rules were put in place to discourage issuers and borrowers from creating arbitrage bonds. 

What is Arbitrage Rebate?

The arbitrage rebate amount for an issue is the excess of the future value of all receipts on non-purpose investments over the future value of all payments on non-purpose investments.

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ACS' Primer for IRS Publication 5091

Click here or on the image to review ACS' Primer Related to the IRS Publication 5091.

NABL, GFOA Issue Guidance on Post-Issuance Tax Compliance

Click here or on the image to review the guide issued by NABL. Click here for the GFOA guidance.

IRS Issues New Guidance on Complying with Arbitrage Requirements

Click here or on the image to review the IRS' Publication 5271.

Contact Us | 800.672.9993