The following is a list of items that owners and managers of low-income housing tax credit projects can perform to help ensure reporting deadlines are met and to minimize the disruption by auditors and tax preparers to your day to day operations.
Audit and tax season for calendar year-end entities is here. Being proactive in preparation for financial statement audits and tax return preparation is important in achieving a seamless and efficient audit process.
The American Taxpayer Relief Act of 2012 contains some very good news for tax credit developers. The Act extends the 9% low-income housing tax credit rate floor to projects receiving low-income housing tax credit allocations before January 1, 2014. The rate had been scheduled to return to a floating rate for projects placed in service on or after December 31, 2013.