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News | A new revision of the 8823 Guide has been released

compliance monitoring lihtc Feb 07, 2024

Breaking News! The IRS has issued a new 8823 Guide! It was published 1/24/2024.

Check out "Update" below for our analysis so far of the new content. 

Without fanfare or request for comment, the IRS' website now has a revision of the 8823 Guide. We are in the process of reading it, but it appears that it does not contain HOTMA provisions except those relating to foster household members. Readers of the Guide will need to keep HOTMA in mind as they read the guide, as HOTMA made old HUD-related income and asset provisions obsolete, per the 8823 Guide's own instructions. 

IRS Audit Technique Guides, including the 8823 Guide can be found HERE. The 8823 Guide is under the header "Low-Income Housing Credit - Guide for Completing Form 8823"

Update | Upon further review, it appears that the primary change is to the instructions to state agencies on submitting 8823s and the obvious new formatting. We have not identified that any major topic that has changed in the last decade or more is reflected in this new version. This includes Change 4 of the HUD Handbook, the Average Income Test, HOTMA, and NSPIRE. We'll share if we discover any substantive changes. Otherwise, this appears to be a minor change and a new look. 

What a week! A new 8823 Guide! HOTMA! Two Major New HUD updates this week! ... and then there is NSPIRE!

So much to discuss this year at the 2024 Compliance Summit. Please Join us ... the discussion won't be the same without you! Get more information HERE or by clicking the image below.

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