IRS INVITES COMMENTS ON FORM 8611
The Internal Revenue Service (IRS) today invited comments concerning Form 8611, Recapture of Low-Income Housing Credit. If a low-income housing tax credit (LIHTC) property is disposed of during or if it fails to meet certain requirements over a 15-year compliance period and a bond is not posted, the owner must recapture on Form 8611 part of the credits taken in prior years. There are no changes being made to the form at this time; the invitation to comment was issued as part of the Treasury Department’s continuing effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995. Written comments will be accepted until July 28, 2009.