IRS Releases New Instructions for Filing Form 8693
The Internal Revenue Service (IRS) June 8 released new instructions for filing Form 8693, Low-Income Housing Credit Disposition Bond, that no longer require approved forms to be filed with income tax returns. According to the instructions, issued in Announcement 2005-43, IRS said the form is to be filed within 60 days after the date of the "disposition of the building or interest." Taxpayers are required to file Form 8693 to post a bond and avoid recapture of the accelerated portion of the low-income housing credit as necessitated by the owner's disposition of a building or an interest therein. IRS said it will return a copy of approved forms, but said taxpayers no longer are required to attach that copy to their income tax return. The announcement instructs filers to send the original form, plus a copy, to IRS. This announcement is scheduled to appear in Internal Revenue Bulletin 2005-26, dated June 27.