Please refer to the Year End Reporting Deadlines to ensure each Partnership meets its reporting deadlines for all Tax Returns and required supporting documentation. All submission should be uploaded via the NEF CPA Portal (preferred) or via email to firstname.lastname@example.org.
For certain Partnerships, a copy of the executed Engagement Letter is required to be submitted to NEF by the Year End Reporting Deadline. In addition to the Partnerships listed on the referenced spreadsheet, if a Partnership engaged a new CPA for the current year-end reporting, please submit a copy of the executed Engagement Letter to NEF.
Draft Tax Return
For certain Partnerships, the draft tax return is required AND NEF approval of the draft tax return is also required prior to issuing the final tax return.
For certain Partnerships, the draft tax return is required. However, NEF approval is NOT required. Therefore, the Partnership should proceed with issuing the final tax return by the submission deadline.
Final Tax Return
All Partnerships are required to submit a final tax return by the Year End Reporting deadline.
General Tax Return Notes
- Reportable Entities – Certain Partnerships have investors (direct and/or indirect) that are reportable entities and should be included on Schedule B-1 and/or Schedule M-3 of the partnership tax return.^
- Schedule K-1 – Line 15 credits should be reported on either 15B or 15D depending on the date the building was placed in service unless section 42(j)5 (Certain Partnerships Treated as the Taxpayer) applies.
- Disposition of LP Interest – If the NEF Limited Partner disposed of its interest in the Partnership during the fiscal year, the tax return should include a K-1 for the NEF Limited Partner with the “Final K-1” checkbox marked. The NEF Limited Partner K-1 must also reflect the wind up of operations as indicated by 0% ending partner share and $0 ending capital account balance.
- First Year Credit Calculation – If the Partnership will claim its first year of tax credits, please upload the detailed credit calculation as a “Tax Work Paper” via the CPA Portal.
- Federal Tax Depreciation Schedule – Please attach this schedule to the tax return.
- GAAP to Tax Reconciliation – If the NEF Partner’s tax capital account is presented on a GAAP basis, please upload a GAAP to Tax Reconciliation via the CPA Portal as a “Tax Work Paper”.
- Minimum Gain Analysis – Please upload a completed copy of the CPA’s Minimum Gain Analysis as a “Tax Work Paper” via the CPA Portal.