RI student loan agency seeks US tax settlement

The Rhode Island Student Loan Authority is seeking a voluntary settlement with the Internal Revenue Service over an accounting of investment returns.

The Providence Journal reported that an IRS spokeswoman says the federal agency must determine there was a violation of law before a taxpayer can seek a settlement.

Noel Simpson, chief financial officer of the Rhode Island Student Loan Authority, said Monday it did not violate tax law. Officials have said they hope to resolve their disagreement with the IRS by negotiating a voluntary settlement.

The dispute involves the state agency’s accounting of investment returns from investing money that the authority raised from the sale of tax-exempt bonds.

The state agency has not disclosed how much it will have to pay to settle with the IRS.

Article source: http://www2.turnto10.com/news/2013/jan/02/ri-student-loan-agency-seeks-us-tax-settlement-ar-1297593/

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