IRS Releases Updated LIHTC Audit Technique Guide

Thursday, September 18, 2014 - 7:00am

The Internal Revenue Service (IRS) today released its updated audit technique guide (ATG) for the Low-Income Housing Tax Credit (LIHTC) program. The ATG provides guidance for IRS examiners to audit owners of LIHTC properties. It was last updated in 1999. A draft of the guide was released for public comment last December and the IRS accepted comments until the end of March. The revised guide includes, among other changes, an expanded explanation of documents to request from the taxpayer during pre-contact analysis; a more developed definition of “residential rental property;” and a new section on emergency housing relief. The IRS provided an overview of the updates in LIHC Newsletter #56.

Tune in to the Sept. 23 Tax Credit Tuesday podcast to learn more about the changes and what they mean for the LIHTC community. The revised ATG will also be discussed in detail at the Novogradac Affordable Housing Conference, Oct. 9 and 10 in San Francisco.