Dealing with the IRS

How to Get a Private Letter Ruling

January 30, 2013    

 

Like every other tax credit site manager, you may not always be sure of the right way to handle a situation. And the owner may sometimes ask you questions that you can’t answer. For example, you may not know whether the IRS can give the owner more time to elect the site...

Allocations Must Follow Depreciation Deductions

October 1, 2008    

The IRS recently issued circular chief counsel advisory (CCA) 2008812023, requiring that tax credits be allocated in accordance with depreciation deductions. The coordinated allocation should occur wherever a partnership agreement provides for special allocations of depreciation that differ from...

Q&A on Reporting Noncompliance

August 31, 2008    

No matter how efficiently you run your tax credit site, your state housing agency may one day cite you for noncompliance with the tax credit law. If that happens, your state housing agency must notify your site's owner of the violation and also report it to the IRS using IRS Form 8823 (Low-...

How Much Should You Pay for a Tax Credit Site?

February 1, 2008    

The IRS is considering an amendment to the Internal Revenue Code (IRC) Section 42 to provide a method for establishing the value of a tax credit site when the owner wants to sell at the close of the 15-year compliance period. With the help of tax credit expert A.J. Johnson, we will explain the...

Meet Two Requirements for Charging Parking Lot Fees

July 31, 2007    

Your tax credit site may offer a parking lot or other parking facility where your residents can keep their cars. If you, as a site owner or manager, want to charge residents a parking fee, you must proceed carefully, cautions tax credit consultant Karen A. Graham. Although the tax credit program...