New Markets Tax Credit Audit Amp Tax Return Preparation Guide-Books Pdf

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MHIC NEW MARKETS TAX CREDIT FUNDS,AUDIT AND TAX RETURN PREPARATION GUIDE. FOR THE YEAR ENDED DECEMBER 31 2011,TABLE OF CONTENTS. INTRODUCTION AND SUMMARY OF REQUIREMENTS Tab 1,Introduction. Sample NMTC Transaction,Master Tenant and Other Complex Structures. Summary of Operating Tier Reporting Requirements,Suggested Audit and Tax Preparation Schedule.
MHIC Asset Management Staff Contact List, Tax ID numbers of the MHIC NMTC funds and Corresponding CDE. FINANCIAL STATEMENT AUDITS Tab 2, Audited Financial Statement submissions and deadlines. Helpful Acronyms, Information required for the Audited Financial Statements. Sample Balance Sheet Income Statement Cash Flow Formats. Common Financial Statement Reporting and Accounting Issues. Sample List of Information to be Prepared by Project Sponsor. INFORMATION FOR LOWER TIER AUDITOR Tab 3,Sample Independence Letter Exhibit A. Work papers and documents required for preliminary. draft financial statements and tax returns Exhibit B. Book to Tax Reconciliation Exhibit C,TAX RETURN INFORMATION Tab 4.
Tax return and schedule K 1 submissions and deadlines. Information required for the tax returns and schedule K 1. Tax Return Preparation Guide for Operating LLCs Partnerships. 704 b Minimum Gain Discussion and Calculation,General First Year Elections. Federal Historic Rehabilitation Tax Credits,Massachusetts Historic Rehabilitation Tax Credits. MASSACHUSETTS HOUSING INVESTMENT CORPORATION,NEW MARKETS TAX CREDIT. TAX RETURN AUDIT PREPARATION GUIDE,Introduction, In 2000 Congress authorized the New Markets Tax Credit NMTC program to facilitate the access. of capital for economic development in lower income communities The NMTC program was. designed to follow on the success of the Low Income Housing Tax Credit LIHTC program The. program is administered by the Treasury s Community Development Financial Institution CDFI. Fund and tax regulations can be found in Treasury Regulations section 45D. The NMTC itself is a 39 federal tax credit for investors claimed over a 7 year credit period in. increments of 5 over the first three years of the credit period and 6 over the remaining 4 years. The NMTC is claimed based on the amount of qualified equity investments QEI made to a. qualified community development entity CDE CDEs are for profit entities organized to serve or. provide capital to low income communities and are certified by the CDFI Fund CDEs must use. the proceeds of QEIs to make and maintain qualified low income community investments QLICI. in qualified active low income community businesses QALICB The Massachusetts Housing. Investment Corporation MHIC has created NMTC investment funds and qualified CDEs in what. is known as a leveraged structure to channel investor capital into qualifying investments Sample. illustrations of the structures of qualifying investments follow this introduction Under the MHIC. NMTC fund structure QLICIs are generally made in the form of equity or loan investments made. to project level limited partnerships or limited liability companies which represent QALICBs in the. NMTC equation, Many accounting and tax complexities exist at both the fund and CDE levels of the MHIC NMTC.
structure but the purpose of this manual is to provide guidance to the management and independent. accountant of the project level partnerships and limited liability companies which report upward to. CDE and fund levels In this manual the project level entities are interchangeably referred to. as limited partnerships or limited liability companies There are no significant differences in. the reporting requirements of limited partnerships and limited liability companies Those. familiar with the audit and tax requirements of MHIC s LIHTC funds should find these reporting. requirements similar and in some ways simpler from a tax perspective However the structure of. individual project investments in some cases may involve complex multi entity structures as well. as multiple ownership transfers during pre development construction and occupancy phases. These aspects have generally been derived to facilitate the delivery of certain tax benefits to. investors comply with tax laws and or other regulations related to the industry in which the project. is to be used Project sponsors and practitioners should take great care to understand the. entities for which they are responsible for accounting and tax reporting. NMTC Transaction, The sample MHIC NMTC transaction represented on the preceding page shows a basic loan and. equity investment structure in which the New Markets CDE has made both an equity investment. and two mortgage loans in the Project Level LLC Transactions without an equity investment are. structured similarly and are referred to as loan only projects in this manual. The structure is referred to as a leveraged structure because the project s debt is structured at the. New Markets Fund level and is used to maximize the NMTC available to Investors in the NMTC. Fund Note that the event triggering recognition of the tax credit is not the investment of the New. Markets CDE in the Project Level LLC but rather the 10 000 000 QEI made by the New Markets. Fund into the New Markets CDE The QEI will enable 3 9 million of tax credits to flow to the. Investors in the NMTC Fund over the seven year credit period In some NMTC transactions. federal Historic Rehabilitation Tax Credits claimed at the Project Level LLC will also flow to the. Note that the principal amounts of the first and second mortgages made by the New Markets CDE. to the Project Level LLC correspond to the principal amounts or Hard Debt and Soft Debt at the. New Markets Fund level The character and terms of debt at the New Markets Fund level are. generally similar to the terms on which the New Markets CDE lends to the Project Level LLC. effectively resulting in a flow through of these debt obligations to the project level While. requisitioning funds of NMTC projects sponsor developers and accountants should be careful to. monitor and reconcile the specific obligations being drawn down MHIC s business office is. available to assist sponsors in the reconciliation of loan balances. Master Tenant Structures, In some transactions the operating tier project may be structured with multiple entities including a. building owner master tenant or building lessee and possibly other entities In most cases. MHIC s asset management department has produced an organization chart of each project structure. For more complex structures such as master tenant structures these organization charts may be. helpful in to understanding the relationships between entities and the related accounting and tax. reporting requirements,Federal Historic Rehabilitation Tax Credits. A master tenant structure may be necessary to facilitate the intended distribution of federal Historic. Rehabilitation Tax Credits HRTC to investors where a portion or all of the project is to be. occupied by one or more tax exempt entities See Section V of the Tax Preparation tab for more. information concerning the HRTC and tax exempt use as well as special tax considerations for. master tenant arrangements or for other reasons specific to the project Typically the master. tenant enters a long term lease from the building owner entity and then sublets the property to other. subtenants including tax exempt sublessees Tax regulations allow the master tenant or lessor to. be treated as purchasing the building for purposes of claiming the HRTC. In the example on the preceding page the upper tier structure remains much the same as in the first. sample NMTC transaction illustration However the CDE s investment including loans to the. project is made in part to the Owner LLC and in part to the Master Tenant LLC The investment. to the Owner LLC may be loan equity or both The investment to the Master Tenant is typically. made in the form of an equity contribution in an amount sufficient to absorb the capital account. adjustment required in connection with claiming the HRTC In the provided illustration the. proceeds of the CDE s investment in the Master Tenant LLC are in turn advanced to the Owner. LLC as part of the loan and equity financing of the project Again careful records must be kept by. sponsor accountants to ensure the projects books reflect the appropriate flow of funds The sponsor. should establish separate general ledgers for the Owner LLC and the Master Tenant LLC. Tax Status of Master Tenant, Note that the Master Tenant LLC in this example is owned 100 by the CDE qualifying it to be. treated as a disregarded entity for tax purposes Please refer to the special reporting instructions on. the following page and in the tax section of this manual if your project s master tenant is structured. as a disregarded entity for tax purposes Master tenants with more than one member are treated as. partnerships for tax purposes,Master Tenant Structures continued.
State Historic Rehabilitation Tax Credits, Projects which have qualified for the federal HRTC may also have applied for newly authorized. Massachusetts credits See section VI within the tax section of this manual In MHIC NMTC. transactions these state credits are generally not delivered to the Fund s NMTC investors but are. generally sold to outside parties to yield additional project equity Note that these proceeds are the. only source of financing not delivered through the NMTC Fund structure in the accompanying. illustration,Other Entities, This master tenant structure illustrated also include a Special Limited Partner to invest the. proceeds from the sale of Massachusetts HRTC and a Project Manager LLC Some transactions. may contain additional entities These entities are not within the scope of MHIC s NMTC annual. audit and tax reporting process but the sponsor should establish an understanding of who is. responsible for tax reporting for these entities and should also ensure that intercompany transaction. are appropriately reconciled with the books of the Owner LLC and Master Tenant LLC. Suggested Audit and Tax Preparation Schedule,December 1 Audit and Tax Engagement Letter Signed. December 15 Audit preliminary work completed and,Loan and equity balances reconciled with. MHIC Finance Department,January 15 Begin Audit Fieldwork.
January 31 Audit Fieldwork Completed, February 15 Review Draft Audit and Tax Returns with. Management,March 1 Deadline for Submission of Drafts to MHIC. March 15 Deadline for Submission of Finals to MHIC. Please wait for Go Final letter, Drafts of audits and tax returns submitted for March 1 2012 deadline should be. prepared as if ready to be issued final Incomplete drafts will be considered late. Asset Management Department Contact List,Name Title Email Phone. Richard G Becker Director of Asset Management becker mhic com 617 850 1007. Scott Backman Senior Asset Management Officer backman mhic com 617 850 1054. Melissa J Sheeler Senior Asset Management Officer sheeler mhic com 617 850 1060. Ellen M Caracciolo Asset Management Officer caracciolo mhic com 617 850 1058. Rudolph R Russell Asset Management Officer russell mhic com 617 850 1023. Henry A Terrones Asset Management Officer terrones mhic com 617 850 1050. Gayle G Simmons Asset Management Officer simmons mhic com 617 850 1003. Kimberly Williams Asset Management Analyst williams mhic com 617 850 1041. Finance Department Contact List, William Thompson Director of Finance thompson mhic com 617 850 1034.
Charles Edwards Controller edwards mhic com 617 850 1047. Christine Vincenti Associate Finance Officer vincenti mhic com 617 850 1049. New Market Tax Credit NMTC Developments by Fund,Upper Tier Accountant Alexander Aronson Finning. Tax ID Number 20 0269913,CDE Series 1,Tax ID Number 20 0104108. Project Name Asset Manager,Hibernian Hall Ellen Caracciolo. Pace Border Henry Terrones,Warren Palmer Rudy Russell. CDE Series 2,Tax ID Number 20 0105476,Project Name Asset Manager.
Coffin Lofts Scott Backman,Lawtons Corner Scott Backman. CDE II Series 1,Tax ID Number 20 1138664,Project Name Asset Manager. Hibernian Hall Ellen Caracciolo,Warren Palmer Rudy Russell. Upper Tier Accountant Alexander Aronson Finning,Tax ID Number 20 1139172. CDE Series II Series 2,Tax ID Number 20 1138784,Project Name Asset Manager.
Atlantic Works Scott Backman,Brewery Main Block Ellen Caracciolo. Project Hope Melissa Sheeler,Central Square Theater Melissa Sheeler. Colonial Theatre Gayle Simmons,Natural Kitchens Melissa Sheeler. Nuestra Casa Melissa Sheeler,CDE Series II Series 3. Tax ID Number 20 1138830,Project Name Asset Manager.
Holyoke Health Center Ellen Caracciolo,CDE Series II Series 4. Tax ID Number 20 1138891,Project Name Asset Manager. Marbury Terrace Rudy Russell, Chinatown Community Education Center Ellen Caracciolo. Project Place Melissa Sheeler,CDE Series II Series 5. Tax ID Number 20 1139103,Project Name Asset Manager.
Zumix Rudy Russell,Nobis Engineering Scott Backman. Upper Tier Accountant Alexander Aronson Finning,Tax ID Number 20 3992692. CDE III S1,Tax ID Number 20 3777086,Project Name Asset Manager. Boston Health Care for the Homeless Ellen Caracciolo. CDE III S2,Tax ID Number 20 3777093,Project Name Asset Manager. Egleston Power Station Henry Terrones,CDE III S3,Tax ID Number 20 3777099.
Project Name Asset Manager,Madison Washington II Rudy Russell. GIL Girls Inc Business Trust Melissa Sheeler,CDE III S4. Tax ID Number 20 3777106,Project Name Asset Manager. 1803 Dorchester Ave Henry Terrones,CDE III S5,Tax ID Number 20 3777115. Project Name Asset Manager,North St Cinema Cinema Center Ellen Caracciolo.
Zumix Rudy Russell,Tax ID Number 20 5668863,Project Name Asset Manager. Dudley Village North Gayle Simmons,Gerrish Retail Partners Ellen Caracciolo. Tax ID Number 20 5668941,Project Name Asset Manager. Fenway Community Health Center Melissa Sheeler,Tax ID Number 20 5669080. Project Name Asset Manager,Greenhouse Leonard Florence Ellen Caracciolo.
Tax ID Number 20 5669125,Project Name Asset Manager. 470 Main St Scott Backman, Worcester Center for the Performing Arts Scott Backman. Upper Tier Accountant Alexander Aronson Finning,Tax ID Number 26 3687149. NE CDE 1 Series 2 LLC,Tax ID Number 26 3688193,Project Name Asset Manager. Eustis Street Firehouse Rudolph Russell,Spike Segundo LLC Gayle Simmons.
Apex Resource Technologies Gayle Simmons,Arts Pushkin Gayle Simmons. Hyde Park YMCA Henry Terrones,One Off Funds,MHIC NE CDE 1 Sub 1 LLC. Tax ID Number 26 4310571,Project Name Asset Manager. Baystate Medical Center Rudy Russell,MHIC NE CDE 1 Sub 2 LLC. Tax ID Number 26 4311070,Project Name Asset Manager.
The Boston Conservatory Henry Terrones,MHIC NE CDE 1 Sub 4 LLC. Tax ID Number 26 4311621,Project Name Asset Manager. RI Institute for Non Violence Scott Backman,MHIC NE CDE 1 Sub 5 LLC. Tax ID Number 26 4311796,Project Name Asset Manager. Chelsea Jewish Greenhouse Expansion Ellen Caracciolo. MHIC NE CDE 1 Sub 6 LLC,Tax ID Number 26 4311921,Project Name Asset Manager.
470 Main St Additional Scott Backman,MHIC NE CDE I Sub 3 LLC. Tax ID Number 26 4311293,Project Name Asset Manager. Commonwealth Yogurt Melissa Sheeler,MHIC NE CDE II Sub 2 LLC. Tax ID Number 27 1325417,Project Name Asset Manager. Generations Willimantic Ellen Caracciolo,MHIC NE CDE II Sub 4 LLC.
Tax ID Number 27 1325802,Project Name Asset Manager. Goodwill Headquarters Rudolph Russell,MHIC NE CDE II Sub 5 LLC. Tax ID Number 27 1325955,Project Name Asset Manager.

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