Tax Credit Tuesday Podcasts
Each Tax Credit Tuesday, Novogradac & Company LLP's audio broadcast offers an in-depth weekly look at tax credit topics. A new episode is posted here and on the RSS Feed by 1 p.m. Pacific Time every Tuesday.
There are two overarching ways to structure a historic tax credit transaction: the direct investment structure and the pass-through lease structure. How do the structures differ and how can you choose the right structure for your project? Michael Novogradac, CPA, and Novogradac partner John DeJovine, CPA, discuss the pros and cons of each structure for developers and investors, as well as other considerations when choosing a structure.
The affordable housing industry continues to work through the challenges of the COVID-19 pandemic, including for some public housing authorities (PHAs) a return to the office and an opportunity to re-evaluate internal controls. In this week’s podcast, Michael Novogradac, CPA, and Rich Larsen, CPA, discuss four ways PHAs can protect against fraud, with special attention on rent collections, building materials, physical assets and cyber fraud.
Form 8609 is the IRS document that credit allocating agencies give to property owners as evidence that the owner is eligible to claim low-income housing tax credits (LIHTCs). Developers should understand how to complete Form 8609 and its various elections because an improperly completed form can result in the loss of credits on a building-by-building basis. Michael Novogradac, CPA, and Craig Staswick, CPA, provide an overview of Form 8609 and discuss the nuances of particular questions to help developers avoid potentially costly mistakes. As part of the “So You Want to be a LIHTC Developer” series, this episode is a must-listen for all new and experienced LIHTC developers.
The coming year is set up to be a significant one for regulatory guidance and community development tax incentives. In this week’s podcast, Michael Novogradac, CPA, and Peter Lawrence, Novogradac’s director of public policy and government relations, discuss the coming year and look at the key issues for Novogradac’s seven tax incentive working groups. They look at the key emphasis for each group and discuss the value of being part of the working groups. They wrap up with a look at some crosscutting provisions that affect multiple community development tax incentives.
The U.S. Department of Housing and Urban Development (HUD) recently announced it would use 2021 American Community Survey data to determine fiscal year (FY) 2023 income limits, which are used to determine who can live in properties financed with low-income housing tax credits (LIHTCs). In this week’s episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Thomas Stagg, CPA, parse several types of information following the announcement: What stakeholders working in LIHTCs and community development know at this stage in the annual process of determining income limits, what they know they don’t know and also how to best prepare for unknown challenges on the horizon.
The Community Development Financial Institutions (CDFI) Fund is authorized to award up to $5 billion in new markets tax credit (NMTC) allocation authority under the calendar year 2022 round. Michael Novogradac, CPA, and Nicolo Pinoli, CPA, discuss five ways community development entities can strengthen their allocation applications in preparation for the Jan. 26, 2023, deadline for the calendar year 2022 round. They discuss how the NMTC application is structured, scored and reviewed. They also review tips on which application sections to prioritize in terms of scoring and how to avoid common errors.
In this week’s installment of the “So You Want to Be a LIHTC Developer” series, Michael Novogradac, CPA, is joined by Novogradac partner Christina Apostolidis, CPA to discuss keys to successfully meeting tax, audit and investor deadlines for low-income housing tax credit (LIHTC) properties. They discuss the tax and audit requirements, then look at the importance of hiring an experienced tax credit accountant, establishing the timeline and communication protocol, being ready for surprises and how to recap after busy season.
In this installment of the “So You Want to be a LIHTC Developer” series, Michael Novogradac, CPA, is joined by Novogradac partner Blair Kincer and Novogradac principal Kelly Gorman to discuss the annual Novogradac LIHTC operating expenses and income report. They discuss overall impressions from the report, which includes a survey of nearly 125,000 units financed by the low-income housing tax credit (LIHTC), then they look at factors for income in 2021, followed by a look at the increase in property insurance and repairs and maintenance expenses and the drop in payroll expenses in 2021.
In this installment of the “So You Want to Be a LIHTC Developer” series, Michael Novogradac, CPA, and guests Warren Sebra, CPA, discuss final cost certifications, one of the necessary benchmarks for receiving low-income housing tax credit (LIHTC) equity. They discuss cost certification basics, examples of eligible costs, ways to enhance eligible basis and tips and recommended practices for LIHTC developers.
An expected red-wave election for Republicans in the Senate and the House of Representatives ended up being closer than expected, with the Democratic Party retaining control of the Senate and the House of Representatives undecided (although trending toward Republican control). In this week’s podcast, Michael Novogradac, CPA, and Peter Lawrence, Novogradac’s director of public policy and government policy, discuss the results and the repercussions for community development tax incentives. They begin with an overview of the election, the look at potential leadership for each party in each chamber of Congress, including the key tax-writing committees. Then they discuss the effect the election results will have on the lame-duck session of Congress as well as the next two years, before looking at the 2024 election and 2025 expiration date for many tax incentives. Finally, they discuss the Novogradac working groups and how listeners can benefit from being a part of them.
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