Our Travois Asset Management team would like to pass along an important industry update.
On Sept. 18, the IRS released its final draft of the Audit Technique Guide (ATG) for Section 42, the Low Income Housing Tax Credit (LIHTC). The ATG was developed to assist IRS examiners when auditing LIHTC projects. The ATG is a complement to the 8823 Guide and gives insight into the audit process for owners of LIHTC projects.
What does this guide mean for your project?
- Helps us better understand what IRS examiners will be looking for if an IRS audit is ever performed.
- Provides clarity on some of the complex financial and tax reporting responsibilities of the project.
A copy of the ATG can be found here:
If you have a question about this, contact a member of our team by calling our Kansas City office at 816-994-8970, by sending an email to assetmanagement@travois.com or by contacting your dedicated asset manager by cell phone.