Tax Credit Briefs

摘要

The Internal Revenue Service is revising its guide for completing Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition, to reflect recent statutory and regulatory changes, according to Grace F. Robertson, an IRS senior program analyst who oversees tax credit property audits and who is the principal author of the guide.rnA draft of the guide is being reviewed by the Office of the Chief Counsel for Special Industries and Passthroughs, and Robertson said the revised guide is scheduled to be released in June. The revisions reflect provisions enacted in the Housing and Economic Recovery Act (HERA), changes in IRS utility allowance regulations, new HUDrndefinitions of income rules, final HUD up-front income verification regulations issued on January 27, and other regulatory developments.rnThe IRS is also changing some of the examples in the guide and clarifying some sections in response to questions raised by readers, Robertson said.