IRS/Tax Issues

The Federal Housing Finance Agency (FHFA) has released a draft version of its Strategic Plan: Fiscal Years 2013-2017.

The Internal Revenue Service (IRS) has issued final regulations that provide guidance concerning LIHTC owners’ requests to housing credit agencies to obtain a qualified contract for the acquisition of a LIHTC building.

The Internal Revenue Service (IRS) released Revenue Procedure 2012-27 to inform taxpayers of how to notify the Internal Revenue Service of any increase in tax resulting from a reduction in the qualified basis of a LIHTC building in order to begin the 3-year statutory period for assessing a deficiency.

The Internal Revenue Service released a notice in the Federal Register announcing that it is extending the comment period for previously issued Notice 2012″“7.

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

The Internal Revenue Service (IRS) has released Notice 2012-26 to modify Notice 2008-40 and Notice 2006-52, both of which relate to guidance on deductions for energy efficient commercial buildings.

The Government Accountability Office (GAO) recently released a report that identifies several tax expenditure programs that contribute to community development, several of which overlap with at least one other tax expenditure program in terms of the areas or activities funded.

The Internal Revenue Service (IRS) has issued its 2012 population figures to be used in calculating state housing credit ceilings, volume caps and volume limits in 2012.

The Internal Revenue Service (IRS) today released its 2012 Calendar Year Resident Population Estimates.

The IRS issued a notice in the Federal Register that it will hold a hearing on a proposed rule regarding the definition of an “interest in a limited partnership as a limited partner” for purposes of determining whether a taxpayer materially participates in an activity under Section 469 of the Internal Revenue Code.

The IRS recently released Notice 2012-23 to provide guidance on tax-related issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 (ARRTA).

NH&RA is pleased to offer the PowerPoint Presentations from our recent 2011 Annual Meeting & New Markets Tax Credit Symposium, which was held February 22-26 at the Breakers Resort in Palm Beach, Fla. In addition, we have included additional conference materials, relevant articles, reports, memos, etc. under the relevant session titles.