Can’t
Make It To The Boot Camp But Understand It’s Crucial to Get These
Policies Written?
Get our P&P Boot Camp In A Box!!!
Pssst… the Secret Has Been
Revealed…
And We’ve Got the
Blueprint for Staying In Compliance!
Not sure what
I am talking about? Feeling left out ‘cuz ya haven’t heard about any
secret or seen any blueprints?
Well you have… you just may not be aware of it! In fact, it came
directly from the IRS themselves. All laid out in 1 simple sentence…
“…the IRS will treat all households documented as initially
income-qualified households as income-qualified as long as the owner
demonstrates due diligence when completing the initial income
certification. Therefore, the owner does not violate the Available Unit
Rule when a unit is unintentionally rented to a nonqualified household.”
This
statement came directly from Grace Robertson herself when writing about
how the IRS would handle Available Unit Rule violations on 100%
properties implementing the annual recertification exemption! But she
has said it before… numerous times in fact. And she spelled it out
thoroughly in Chapter 3 of the Final 8823 Guide when she defined due
diligence and then described what it looks like on a Tax Credit
property. Let me refresh your memory…
“Due diligence can be demonstrated
in many ways, including (but not limited to)
establishing strong internal controls (policies and procedures)
to identify, measure, and safeguard business operations and avoid
material misstatements of LIHC property compliance or financial
information.”
In
our heart of hearts we have always known Policy and Procedures are
crucial. We really didn’t need the IRS to tell us by having them we were
demonstrating strong internal controls and standardized operations.
Believing this fact isn’t the problem. Writing them is!! Just finding
the time is nearly impossible. Plus, let’s be honest, it is a nasty job!
Boring, tedious, and well, even a little painful.
But
as the IRS has so poignantly pointed out to us WE MUST GET THEM WRITTEN
if we are going to avoid noncompliance ESPECIALLY ON OUR 100%
PROPERTIES!!
So here is the
million dollar question… Do
You Have Standard Operating Procedures Specifically Related To Housing
Credits??
Unfortunately, the answer is probably no. At the very least, I venture
to guess they aren’t written down, and tested frequently. But the time
has come… you cannot afford to delay anymore! The IRS has been very
clear and is pushing your State Monitoring Agencies to look for your
policies & procedures especially when deciding if they need to expand
an audit or when making noncompliance determinations!
Get our P&P Boot Camp In A Box!!!
I realize
that you may want to come to the P&P Boot Camp Revisited, but due to
budget constraints or scheduling conflicts, you might not be able to
make it. But, at the same time, I know you understand just how crucial
getting these policies written is to your company and compliance on your
properties! So we have created our P&P-Boot-Camp-In-A-Box to help
you accomplish this task! And trust me when I tell you… it is the next
best thing to attending the October event!
Your P&P Boot
Camp-In-A-Box contains…
(1)
The Main P&P Boot Camp Guide:
Giving vital information on how & why
policies and procedures are needed plus step-by-step instructions
on how to write them. It also breaks down the critical Tax
Credit policies that all of us need and gives sample policy statements
as well as a list of bullets that walk you through all of the
considerations you should take in writing the procedure portion!
All you need to do is fill in the blanks!
(2)
A Housing Credit Compliance Supplement:
Details the important rules of Tax
Credit compliance so you have them at your fingertips when writing your
actual P&Ps. The supplement covers all the important compliance rules
including unit transfers, the Unit Vacancy Rule, students, Next
Available Unit Rule and much, much more! The best part is that the
supplement is written in plain-English and carefully yet succinctly
explains the rules and the considerations each of us must make when
applying it.
and ARE YOU READY FOR
THIS?…
(3)
A Disk With An Electronic Version Of The P&P Template We
Encourage You To Use When Writing Your Actual Policies And ELECTRONIC
SAMPLES OF THE ACTUAL P&Ps Produced By The Attendees Of Our Live Events!
Since we know that you have a limited time to write these
procedures, we wanted to give you every advantage and that is the reason
for including this disk! Besides containing our Policy & Procedure
Template, this disk contains the electronic version of all the actual
policies & procedures produced at the two live events we held in 2002!
So most of the work is done for you!!! All you have to do is read
through the different samples for each policy created by these attendees
and choose which one you want to adopt as yours. Or you can combine or
pick & choose from several different samples ultimately creating a set
of policies that are perfect for your company! As I said… we want to
help you accomplish this task fast!
OPTIONAL COMPANION PACK!
Add a 1 Year Subscription to the Compliance Coach to your
P&P-Boot-Camp-In-A-Box! The perfect companion! By adding
the Compliance Coach to your P&P-Boot-Camp-In-A-Box, you have the
ability to ask me questions and run your thoughts past me as you create
these policies! Our Compliance Coach service gives you up to 1
hour of my time per month to ask me questions, so if you get
stuck or find yourself debating which direction to go on a particular
policy, you can run it past me. (This does not include me researching an
issue or reading and/or approving your policies rather is a Q/A service
to assist you in making the correct policy decisions.)