IRS Publishes Low Income Housing Credit Audit Technique Guide
New Guide Helps With Low Income Housing Credit
Last Friday the IRS released the Low Income Housing Credit Audit Technique Guide, which - as the article states - "explains examination techniques, as well as unique issues, business practices, and terminology to help tax professionals [report] various items related to the Low Income Housing Credit."
The guide outlines the benefits for following the contained instructions as follows:
- Consistent interpretation and application of IRC §42 requirements among states;
- Consistent reporting of noncompliance to the IRS; and
- Enhanced program administration by the IRS; i.e., timely processing of the forms and identification of appropriate follow-up actions by the IRS.
Other audit guides can be found here.
Source: Internal Revenue Service
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