TCS Annual Owner Certification and IRS Reporting 2

Question 1

What is the minimum correction period that state housing agencies must provide to LIHTC owners after discovering noncompliance?

Accepted Answer

60 days

Answer

30 days

Answer

45 days

Answer

90 days

Question 2

State housing agencies may extend the noncompliance correction period for a maximum total of how long?

Accepted Answer

6 months

Answer

60 days

Answer

90 days

Answer

4 months

Question 3

After a correction period expires without the noncompliance being corrected, within how many days must the state agency file Form 8823 with the IRS?

Accepted Answer

45 days

Answer

14 days

Answer

30 days

Answer

60 days

Question 4

Annual owner certifications for LIHTC properties verify compliance for which time period?

Accepted Answer

The preceding calendar year

Answer

The current calendar year

Answer

The coming calendar year

Answer

The trailing three years

Question 5

Which of the following would NOT typically be required as part of an annual LIHTC owner certification?

Accepted Answer

Disclosure of individual tenant Social Security numbers

Answer

Certification that qualifying rents were charged

Answer

Certification that tenant incomes were verified

Answer

Certification of any noncompliance events that occurred

Question 6

Under Treasury Regulation 1.42-5, which party bears primary responsibility for compliance monitoring of LIHTC properties?

Accepted Answer

The state housing credit agency

Answer

The IRS directly

Answer

HUD

Answer

The local building authority

Question 7

What action must a property owner take upon discovering a noncompliance event before the state agency identifies it during monitoring?

Accepted Answer

Self-report it to the state housing credit agency

Answer

Correct it without notifying the state agency if done within 30 days

Answer

File Form 8823 directly with the IRS

Answer

Wait for the next scheduled state inspection to disclose it