Accounting System

IRS IRC § 42 Audit Technique Guide — Part I (Introduction and Pre-Contact Analysis) · 2026 edition · updated 2026-07-29 · United States

Examiners need to know how the IRC §42 project operates on a day-to-day basis with respect to tenants occupying the housing, on-site personnel, and management oversight. What are the common transactions? What books and records are maintained? Examiners should be familiar with the normal flow of each type of transaction, including (1) what records are created, (2) how the transaction is recorded, and (3) how the funds flow into and out of the business.

Create a diagram of the business operation depicting transactions and identifying who completes the transaction, when and where it is transacted, and who records it.

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▸Contents — IRS IRC § 42 Audit Technique Guide — Part I (Introduction and Pre-Contact Analysis)

IRS IRC § 42 Audit Technique Guide — Part I (Introduction and Pre-Contact Analysis)

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