Avoid Unnecessary IRS Penalties with Bingham’s Expertise

What We Do

As an issuer of tax-exempt bonds, or an obligated party in a tax-exempt issue, Bingham’s expertise can help you navigate the complexities of arbitrage rebate compliance.

Arbitrage is any interest or value earned over the declared yield of a tax-exempt bond issue as defined by Internal Revenue Code Section 103 and Section 148. Bingham’s experienced professionals can determine the amount, if any, that must be rebated (paid) to the Federal Government. Even if your issue does not earn arbitrage, the calculation is required at least every five years over the life of the issue.

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You have questions. Bingham has answers. We are here to help with all of your Pre-Issuance and Post-Issuance Compliance needs.

  • Verification
  • Yield Restriction
  • Arbitrage Rebate
  • Post-Issuance Compliance
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Bingham’s office – located in the historic Uptown of Richmond, Virginia.

News & Info

Fall 2026 Arbitrage Rebate & Post Issuance Compliance Update

For tax-exempt bond issuers and borrowers, 2026 has brought several developments worth watching in…


Arbitrage Rebate Is STILL Around!

Everyone remembers the dramatic increase in investment and capital finance rates beginning in 2022…


Investment Rates Are Creating Arbitrage Rebate Liabilities!

Arbitrage Rebate is not a bad thing!  It is also NOT a four-letter word!  Many tax-exempt issuers…


Best Practices for Arbitrage Rebate Compliance

Tax-exempt debt issuers must have a written post issuance compliance program as part of their debt…



Upcoming Events

Virginia GFOA Debt Management Class

Loudoun, VA

October 29-30, 2026

Virginia Government Finance Officers’ Association (VGFOA) Fall Conference 

Charlottesville, VA

November 4-6, 2026

North Carolina Government Finance Officers’ Association (NCGFOA) Fall Conference

Asheville, NC

November 15-17, 2026

North Carolina Capital Management Trust Winter Educational Seminar

Greensboro, NC

December 8, 2026

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