Lender Guidelines: 10.1 Lender Record Keeping and Federal Report Filing
The Lender is required by the IRS to file a report on or before January 31 of such year for all MCCs issued during the previous calendar year. In early January, TSAHC will send the Lender the completed IRS Form 8329 with the MCCs issued the previous year. It is the Lender’s responsibility to verify that the information on the form is correct and, if necessary, make any changes or additions, and then submit the form to the IRS.
For six years after the related loan closing, the Lender must retain:
1. Name, mailing address, and tax identification (“TIN”) or social security number of the MCC holder.
2. Name, mailing address, and TIN of the Issuer.
3. Date of issuance for each MCC (same as related loan date), the certified amount of indebtedness and the credit rate of the MCC.
TSAHC may conduct audits of Lender records to ensure compliance with the recordkeeping provisions.
For access to the full TSAHC DPA & MCC Guidelines, please click here.