IRS/Tax Issues

Treasury

Bipartisan Group of Lawmakers Call for Expedited Final Rule on Income Averaging

Last week, a bipartisan group of lawmakers sent a letter to the Department of Treasury and Internal Revenue Service urging the expedited release of a final rule on income averaging under the LIHTC program.

IRS

IRS Seeks Comments on Priority Guidance Plan 

The Internal Revenue Service (IRS) published Notice 2022-21, inviting public comment on recommendations for items that should be included in their 2022-2023 Priority Guidance Plan. 

IRS

IRS Permanently Allows Virtual Bond, QAP Hearings

In Revenue Procedure 2022-20, the Internal Revenue Service provides permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds and QAPs.

IRS

IRS Publishes 2022 Population Figures

The Internal Revenue Service published Internal Revenue Bulletin No. 2022-12, which contains calendar year 2022 resident population figures to calculate state allocations of the nine percent LIHTC and private activity bond cap.

congress-capitol

Treasury IG Report Concludes IRS Oversight of Housing Credit Program Can Be Improved

The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on IRS oversight of the LIHTC program calling for improvements.

IRS

IRS Sets Threshold for Four Percent Floor Eligibility

Last week, the Internal Revenue Service published Revenue Ruling 2021-20, which limits the LIHTC buildings that are eligible for the fixed four percent floor.

congress-capitol

IRS Publishes 2022 LIHTC, PAB Caps

The Internal Revenue Service released Revenue Procedure 2021-45, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB).

IRS

IRS Extends Virtual Public Hearing Option for Tax-Exempt Bonds Through March 31, 2022

The Internal Revenue Service (IRS) issued Rev. Proc. 2021-39, which extends the ability of bond issuers to conduct hearings virtually through March 31, 2022 due to COVID-19.

IRS

NCSHA Urges IRS and Treasury to Extend Housing Credit COVID-19 Relief

NCSHA sent the Internal Revenue Service and U.S. Department of the Treasury a letter urging them to extend certain temporary Housing Credit relief provisions in light of the COVID-19 pandemic’s continuing disruption of development and construction activities and the ongoing operation of Housing Credit properties.

IRS

IRS Publishes Population Figures for Calculating Disaster LIHTC Authority

The Internal Revenue Service (IRS) published Notice 2021-45 advising Housing Credit allocating agencies that qualified for disaster credits authority under the Taxpayer Certainty and Disaster Tax Relief Act of 2020 of the population residing in qualified disaster zones.

IRS

IRS Publishes Updated FAQ Document for HTC

The Internal Revenue Service (IRS) published an updated frequently asked questions (FAQ) document concerning the Federal Historic Tax Credit (HTC). The questions addressed what types of entities can claim the HTC, how and when the HTC can be claimed on a tax return key program definitions, qualified rehabilitation expenditures, basis and several other key aspects surrounding HTC.

IRS

IRS Announcement Confirms Boundaries of OZs Remain As-Is at Time of Designation

Announcement 2021-10 from the Internal Revenue Service confirms that the boundaries of Designated Qualified Opportunity Zones (OZs)were established at the time they were designated and are not subject to change from the 2020 decennial Census.

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