CPE 9.6.19: Novogradac Reviewing LIHTC Lower-Tier Tax Returns for Non-CPAs Webinar

Continuing Professional Education

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Novogradac is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Instructional delivery method: Group internet

Learning Objectives:

  • Differentiate between the different players in a typical LIHTC tiered structure as well as the shares of credits and losses generally allocable to each party
  • Identify the roles of and relationship between Schedule K and Schedules K-1 in reporting partners' distributive share items
  • Define pass-through entities for federal tax purposes
  • Identify the major schedules within the Form 1065 - U.S. Return of Partnership Income, the other forms commonly filed with the Form 1065 for lower-tier LIHTC partnerships and the most important boxes and lines to review
  • Differentiate between schedules that report book amounts and those that report tax amounts
  • Reconcile common book-tax differences
  • List the requirements for a partnership to file a Schedule M-3
  • Define recourse and nonrecourse debt and allocate the share of each kind of debt to the appropriate partner
  • Trace amounts that are found on several different schedules within the tax return - tax credits, shares of losses, depreciation, etc.

Level: Basic

Prerequisites: A basic understanding of how the LIHTC program works

Advance preparation required: None

Field of Study: Taxes

Recommended Credit Hours: 2.5

In accordance with the standards of the National Registry of CPE Sponsors, CPE credits for this course are based on a 50-minute hour group-Internet based instructional method and responses to three attendance monitoring activities (usually in the form of polling questions) per credit. Failure to participate in the entire live webinar will result in partial or no CPE credit.

Note: Multiple paid registrants within an organization may choose to watch the webinar on one screen. In situations where small groups view a webinar, for multiple members of the group to claim CPE credit it is not necessary for the individuals in the group to respond to polling questions individually. The person logged into the program may respond to the polling on behalf of the group and the monitoring of active participation of the individuals in the small group will be documented and verified by the small group administrator.

If you are watching the webinar in a group and wish to be eligible to claim CPE credit for multiple members of the group, please print and fill out the Small Group Sign-In Sheet (also provided during the webinar) and submit it to [email protected].

Policy for addressing concerns or issues with Continuing Professional Education delivered by Novogradac & Company 

Please address any questions or concerns regarding CPE at Novogradac & Company workshops, webinars or on-demand courses to the Events Desk at 415-356-7970 or [email protected].

Unresolved issues or concerns regarding registered CPE sponsors may be reported to the National Registry of CPE Sponsors and submitted online at www.nasbaregistry.org/cpas/complaints.

Note also that although recordings of most webinars are available for purchase, unless specifically stated, CPE is NOT available for webinar recordings.