TAX & AUDIT SERVICES
We have over 19 years of experience in auditing and reporting on government assisted housing for both HUD and Rural Development. Our practice is concentrated on providing services to clients who own, manage, and develop HUD, Rural Development and Section 42 housing. We have the knowledge and expertise to ensure that the annual reporting of the required audit, review or compilation is a smooth and timely process. We also perform the necessary cost certifications and forms for both mortgagors and contractors as required by HUD and Rural Development. We pride ourselves in not only offering quality and timely products to our clients, but in also offering guidance and assistance in mastering the rules and regulations set forth by HUD and Rural Development.
IRC Section 42 Housing
Section 42 Housing or the Housing Tax Credit (HTC) program has provided thousands of units of housing to moderate and low-income elderly individuals and families across the country. This program is extremely complicated, competitive and has many rules and regulations imposed by the IRS, the state housing finance agencies, and possibly other agencies if additional soft debt or grants are utilized. Misinterpretations of the rules and regulations can become very costly, which makes the alliance with an accountant and/or legal counsel who understand and are experienced with the programs an invaluable asset. It is important for these professionals to not only be knowledgeable but to also have working relationships with others within the industry.
At RH CPAs, we understand the need to not only become knowledgeable but to also stay current on the trends within the industry. We attend conferences and seminars and talk regularly to other professionals to learn and discuss the trends and areas of concern with the LIHTC program. Multiple members of our staff are actively involved in housing organizations and committees and have developed excellent relationships with Ohio Housing Finance Agency and many of the nationally recognized syndication groups.
We work with our clients to complete the state agency requirements for carryover allocation and for 8609 application. We perform annual audits that are required by the many syndicators and investment-limited partners that provide equity for the development of the apartment communities. We prepare the required tax returns that include the 8609s and the calculations of tax credit basis and the HTC available for each year. During this entire process, we will work with each client and their syndicator to assure that there are no material surprises that would jeopardize the integrity of the HTCs.
Audits, Reviews, Compilation
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