Because the pandemic continues to afflict the country, the IRS will further extend some of the deadlines that were addressed in previously released guidance in addition to new ones, the agency said.
For instance, if the placed-in-service deadline for a low-income housing building was originally locked in at the end of 2020, the owner now has until Dec. 31, 2021, to comply with the requirement, per Internal Revenue Code Section 42, the agency said.
Additionally, the IRS extended a 24-month expenditure period for bonds used to provide residential rental projects under IRC Section 147(d). The new deadline will be either Sept. 30, 2021, or one year from the original due date, depending on which one is earlier, the IRS said. That extension is valid for expenditure periods that end on or after April 1, 2020, and before Sept. 30, 2020, the agency said.
--Additional reporting by Theresa Schliep. Editing by Vincent Sherry.
For a reprint of this article, please contact firstname.lastname@example.org.