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Draft Audit Technique Guide for IRC §42 Projects: Overview and Public Comment Process

The draft Audit Technique Guide (ATG) for IRC §42 has been completed and reviewed by Chief Counsel, comprising 20 chapters and 10 appendices across 312 pages. It is aimed at examiners auditing taxpayers owning IRC §42 projects, usually partnerships. The Guide does not replace Form 8823 but complements it, detailing the audit process from beginning to end. Released for public comment in December 2014, feedback is due by March 28, 2014, and will be used for revisions before posting to the IRS website. It includes essential topics such as applicable fractions, developer fees, and documentation requirements.

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Draft Audit Technique Guide for IRC §42 Projects: Overview and Public Comment Process

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  1. IRC §42 Audit Technique Guide • Draft ATG has been completed and reviewed by Chief Counsel • 20 Chapters & 10 Appendices • Adobe file is 312 pages • 132,990 words • Draft ATG cannot be cited as authority for ANY reason

  2. Process • Draft released for public comment in Dec. • Internal review by interested parties • Comments due March 28, 2014 • Comments submitted to Grace Robertson and will be shared with Chief Counsel • Revisions made based on comments • Post to IRS website (html & Adobe pdf)

  3. Highlights • Organized for examiners auditing taxpayers owning IRC §42 projects (usually partnerships) • Content complements Form 8823 Guide, does not replace it. • Process (beginning to end) • Issue Development Depth (high to low level) • Chapter 12, Applicable Fraction (46 pages) includes cross references. • Chapter 15, Computing Adjustments to the Allowable Annual Credit

  4. In-depth discussion of Eligible Basis (Chapters 8-11 and Appendix C) • Developer Fees (pages 8-15 to 8-25) • Nonprofit Set-Aside (Chapter 6) explains tax consequences of noncompliance • Relevant court cases (Appendices F-J) • Glossary of Terms (Appendix A) • References with full citation (Appendix B) • Documentation requirements • Audit techniques

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