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Official form guide
Form 8038-GC: Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales
IRS Form 8038-GC is the Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales. Issuers with issue prices less than $100,000 must file this form.
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IRS Form 8038-GC - Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales
IRS Form 8038-GC is the Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales. Issuers with issue prices less than $100,000 must file this form.
Risk Radar
Scan points- 1Use Form 8038-G instead if your obligation's issue price is $100,000 or more.
- 2Failing to file Form 8038-G when the issue price reaches $100,000 or more.
- 3Not filing a separate return for an obligation that must be reported individually.
- 4Omitting required details in Part I, such as the Issuer's EIN.
- 5Failing to round amounts correctly (e.g., showing $2.50 as $3).
Plain English
This form allows issuers of small tax-exempt government bonds or leases to report necessary information directly to the IRS under Internal Revenue Code section 149(e). It helps the IRS monitor these obligations and fulfills reporting requirements for smaller issues that do not require Form 8038-G.
Submission Date
- Filing date: 2021-10-01 22:10:30
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when you are an issuer of tax-exempt governmental obligations with issue prices less than $100,000.
- Do not use Form 8038-GC when your issue price is $100,000 or more (in which case, use Form 8038-G).
- Check Form 8038-G instead when the obligation has an issue price of $100,000 or more.
Form selector
Use this form or another form?
Construction Issue
A separate Form 8038-GC must be filed to notify the IRS of the election to pay a penalty in lieu of arbitrage rebate.
✓ Confirm you are filing separately for this construction issue.
Arbitrage Rebate/Penalty
This form is used specifically for rebating arbitrage or paying a penalty in lieu of an arbitrage rebate.
✓ Ensure you use Form 8038-T if the primary purpose relates to these payments.
Private Activity Bond
Use this form when the obligation qualifies as a tax-exempt private activity bond issue.
✓ Verify the obligation is classified as 'private activity' before using this alternative form.
Deadline or filing window
If an issuer files a separate return for one small issue, it must be filed by the 15th day of the second calendar month following the quarter in which the issue occurred. If filing a consolidated return, the deadline is February 15 of the year after issuance. An extension can be requested under section 3 of Rev. Proc. 2002-48.
Checklist
What you need before filling it out
Issuer's name (Line 1)
Issuer's legal name · Part I
EIN (Line 2)
Employer Identification Number of the issuer · Part I
Issue Price Check
Issue price is less than $100,000 · Part I/Instructions
Filing Deadline (Single Issue)
On or before the 15th day of the 2nd calendar month after issue close · Page 2
Rounding Rule
Drop amounts less than $0.50 and round up amounts from $0.50 to $0.99 · Page 2
Late Filing Request
Must write 'Request for Relief under section 3 of Rev. Proc. 2002-48' at the top · Page 2
Before you submit
- 1Verify that the issue price is less than $100,000 (if it is $100,000 or more, use Form 8038-G).
- 2Confirm you have correctly listed the issuer's name on Line 1.
- 3Ensure the correct Employer Identification Number (EIN) is entered on Line 2.
- 4If filing a single issue return, confirm the address provided on Lines 3/4 matches where the IRS will send communications.
- 5Check if you are filing as an amended return by checking the corresponding box in Part I.
- 6If late, verify that 'Request for Relief under section 3 of Rev. Proc. 2002-48' is written at the top.
- 7Confirm that no copies of bond/lease documents are being submitted with Form 8038-GC.
How to file this form
- 1Complete Part I by entering your issuer’s name, EIN, and issue address details on lines 1 through 4.
- 2Determine the correct filing deadline: file on or before February 15 of the following year for consolidated returns, or on or before the 15th day of the 2nd calendar month after issuance for a single return.
- 3If filing late, write 'Request for Relief under section 3 of Rev. Proc. 2002-48' at the top and attach a letter explaining the delay.
- 4Mail Form 8038-GC and any attachments to the Department of the Treasury Internal Revenue Service Center in Ogden, UT 84201 for proof of filing.
Known limitations
- 1Issuers with an issue price of $100,000 or more must file Form 8038-G instead of Form 8038-GC.
- 2If the obligation is a construction issue and an irrevocable election to pay a penalty in lieu of arbitrage rebate has been made, a separate Form 8038-GC must be filed to notify the IRS.
- 3When filing for a single issue that is a construction issue with a penalty election, the penalty itself is payable using Form 8038-T, not Form 8038-GC.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of IRS Form 8038-GC is Revision October 2021 (Rev. 10-2021). The instructions direct users to www.irs.gov/Form8038GC for the latest information regarding developments.
What changed or needs a fresh check
- Edition date — confirm the revision reads October 2021 (Rev. 10-2021).
- Fee — Not stated in the official source.
- Mailing address — confirm you are sending it to Center Ogden, UT 84201.
- Signature — ensure an authorized officer or employee of the issuer signs Form 8038-GC.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed Form 8038-GC.
- 2If filing late, attach a letter stating why the form was submitted late and indicating if the obligation is under IRS examination.
- 3When filing for an extension, write 'Request for Relief under section 3 of Rev. Proc. 2002-48' at the top of Form 8038-GC.
- 4Do not submit copies of any bond documents, leases, or installment sale documents with Form 8038-GC.
Sources
- SRCInstructions p.1 — The form is used by issuers of tax-exempt governmental obligations to provide information required by Internal Revenue Code section 149(e) and monitor sections 141 through 150.
- SRCInstructions p.1 — Issuers with issue prices less than $100,000 must file Form 8038-GC.
- SRCInstructions p.1 — If the issue price is $100,000 or more, use Form 8038-G.
- SRCInstructions p.2 — To file a separate return for a single issue, file Form 8038-GC on or before the 15th day of the 2nd calendar month after the close of the quarter in which the issue is issued.
- SRCInstructions p.2 — To file a consolidated return for multiple issues, file Form 8038-GC on or before February 15 of the following year.
- SRCInstructions p.2 — A separate Form 8038-GC must be filed if the issue is a construction issue to give notice of the election to pay a penalty in lieu of arbitrage rebate.
Common confusion points
What if my issue price is exactly $100,000?
Confusion
The source states issuers with an issue price of less than $100,000 must file Form 8038-GC.
→ Confirm the amount is strictly less than $100,000.
When do I file if it's a single issue?
Confusion
A separate return for a single issue is required; this form dictates that filing deadline.
→ File on or before the 15th day of the 2nd calendar month after the close of the quarter in which the issue was issued.
What if I have multiple issues to report?
Confusion
A consolidated return for multiple issues must be filed using Form 8038-GC.
→ File on or before February 15 of the calendar year following the year the issue was issued.
Do I file this form even if it's a construction issue?
Confusion
Yes, a separate Form 8038-GC must be filed to give notice of the penalty election.
→ Check the box on Form 8038-GC if the irrevocable election was made on or before the bond issuance date.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- An extension can be granted under section 3 of Rev. Proc. 2002-48 (referenced on Form 8038-GC).
Questions about IRS Form 8038-GC
What is IRS Form 8038-GC used for?
This form allows issuers of small tax-exempt government bonds or leases to report necessary information directly to the IRS under Internal Revenue Code section 149(e). It helps the IRS monitor these obligations and fulfills reporting requirements for smaller issues that do not require Form 8038-G.
Who must file IRS Form 8038-GC?
Issuers of tax-exempt governmental obligations with issue prices less than $100,000 must file Form 8038-GC. An issuer may also choose to file a separate return for any single obligation that meets this criteria.
What information does IRS Form 8038-GC require?
Part I reports the Issuer’s name and EIN, while other sections collect details about the obligations themselves. Specific instructions detail information required for issues involving property exchanges (lines 9a through 9h).
When is IRS Form 8038-GC due?
To file a separate return for one issue, the deadline is on or before the 15th day of the 2nd calendar month after the close of the quarter in which it was issued. For consolidated returns, the filing deadline is February 15 of the following year.
Where do I file IRS Form 8038-GC?
The form must be filed with the Internal Revenue Service (IRS). Instructions direct users to www.irs.gov/Form8038GC for further guidance on submission locations.
How do I complete IRS Form 8038-GC?
An issuer must complete Form 8038-GC based on available information as of the date of issue, though consolidated returns allow year-end estimates. The filer checks the Amended Return box if correcting a prior filing. Final submission requires signing and sending the completed form to the IRS.
What happens if IRS Form 8038-GC is filed incorrectly?
If filing late, an issuer may need to request relief under section 3 of Rev. Proc. 2002-48; failure to file timely can result in the IRS determining the failure was not due to willful neglect.
Confusion — what should I check?
The source states issuers with an issue price of less than $100,000 must file Form 8038-GC. Confirm the amount is strictly less than $100,000.
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