The Internal Revenue Service (IRS) Seeks Comments on Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. Section 42(m)(1)(B)(iii) of the Internal Revenue Code requires state housing credit agencies to notify the Internal Revenue Service (IRS) of noncompliance with the Low-Income Housing Tax Credit (LIHTC) provisions via Form 8823.
According to the Internal Revenue Service (IRS), Form 8823 has not been revised but “adjustments were made to the burden computation to accurately reflect the total burden hours associated with this collection, which resulted in a decrease of 69,000 hours, making the new burden hours 303,200.”
Written comments are due by September 6, 2011. For more information, see the Federal Register notice.