Updating the IRS 8823 Guide for Compliance

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SKU: 196629

Description

The closest equivalent publication to HUD Handbook 4350.3 for the Low-Income Housing Tax Credit (LIHTC) Program is the IRS Guide for Completing Form 8823.  First released in January of 2007, it provides guidance to state housing agencies in reporting noncompliance or building disposition changes to the IRS from compliance monitoring reviews.  As such, its chapters follow the noncompliance issues identified on IRS Form 8823 and provide solid examples of when LIHTC sites are considered to be in compliance, out of compliance and back in compliance.  This is, of course, extremely valuable to state agencies and tax credit property owners/managers alike, making it an indispensable compliance tool for LIHTC.

 

The Guide also makes thorough reference to the underlying regulations supporting the provisions of its guidance, but unfortunately since it was last updated in January of 2011 many of these rules have changed, rendering numerous sections of the Guide obsolete.  This probability is actually addressed in the Guide where the IRS says that the date of the revised legal authority becomes the date that its provisions are no longer accurate.  To date, however, nearly nine years have passed since the Guide has been officially updated. 

This webinar is designed to provide a much needed update to the areas where the Guide has fallen behind the times.  It will identify in sequential order the provisions for which housing credit practitioners must rely upon updated regulations to properly maintain compliance, while also providing the source documents for these changes as reference for participants with the goal of bringing everyone properly up to speed with LIHTC requirements. 

What you will learn:

  • The background of the 8823 Guide and an understanding of its organization, purpose and how to use it
  • Each update to the underlying authority where the Guide's provisions have become obsolete
  • Additional updated information for LIHTC, also relevant for staying current with compliance