IRS Will Issue New Form 8823; Completion of Revised LIHTC Audit Guide Next Priority
By Caitlin Jones
2 min read
Tax Credit Advisor, November 2009: The Internal Revenue Service will be issuing a new version of IRS Form 8823 at some point, as a follow-up to the release of the revised 8823 Guide, according to IRS Senior Analyst Grace Robertson.
Form 8823 is completed by housing credit agencies and filed with the IRS to report incidents of noncompliance in a low-income housing tax credit (LIHTC) project, and the correction of noncompliance.
In an interview on October 6, Robertson also described the significant new changes in the revised 8823 Guide, which she drafted, as well as the status of other current projects she is working on. With the revised Guide out, she said her primary focus now is to complete an update of the IRS audit techniques guide for the LIHTC. She said a first draft is supposed to be ready for IRS Chief Counsel review by 10/1/10, but she hopes to have the draft done “way before then.” After Chief Counsel review the draft guide will be made available for public comment.
Robertson said a revised draft of a separate new audit techniques guide for the federal new markets tax credit program is “almost done.” She was hopeful that the final guide will be out by 12/31/09.
(See article at right on changes in revised 8823 Guide. To view revised Guide, go to http://www.novoco.com/low_income_housing/lihtc/8823_guide.php)
