Improve Your LIHTC Vocabulary with the IRS Audit Technique Guide
In January 2014, the IRS released a draft version of the Section 42 Audit Technique Guide. The audit technique guide was prepared to assist IRS examiners audit owners of tax credit sites. The audit technique guide consists of 20 chapters, in nine parts, plus 10 appendices that include case law to illustrate examples of litigation concerning tax credit issues such as eligible basis, credit recapture, and nonprofit participation. The guide will be published in its final form later this year.