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LIHTC Update: Audit Technique Guide and LIHC Newsletter #56

On Thursday, September 18 the IRS issued the finalized Audit Technique Guide IRC §42, Low-Income Housing Credit. The scope of this guide is limited to guidelines for IRS examiners conducting audits of taxpayers owning IRC §42, low-income housing projects. It is organized in the order an examiner might address issues during an examination, starting with an overview of the credit and how to complete a pre-contact analysis through calculating an adjustment to the credit and writing the audit report. Two related topics, auditing partners and completing the Examination of Income, are also addressed.

To view the Audit Technique Guide, please click here.

On March 28, 2014, NAHMA sent comments on the draft Audit Technique Guide to the IRS. To view these comments, please click here.

LIHC Newsletter Issue #56 is now available on the NAHMA website. The topic covered in this issue include :

· The completion of the IRC Sec. 42 Audit Technique Guide

· Building Identification Numbers (BINS)

· Form 8823 – Reporting Noncompliance

· Form 8609 Part II, First-Year Certification

To read this issue, please click here

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