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