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IRS Published Notice 2005-17 Granting an Extension of Time of Transitional Relief

Tuesday, February 1, 2005 - 7:00AM

The Internal Revenue Service (IRS) this week published Notice 2005-17 granting an extension of time of the transitional relief provided in Notice 2004-80 for material advisors to comply with the new filing requirements under Section 6111. General partners and/or developers of low-income housing tax credit (LIHTC), historic rehabilitation or new markets tax credit (NMTC) partnerships or properties that closed AFTER October 22, 2004, may have a filing requirement as a material advisor. The penalties for non-compliance can be very severe, so parties involved with partnership closings after October 22, 2004 are urged to read Notices 2004-80 and 2005-17.

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