Some are taking the first time home buyer credit when they don’t qualify

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Services for Real Estate Pros with Charles G. Perkins, CPA

Some are taking the first time home buyer credit when they don’t qualify

Some will debate the merits of the first time home buyers tax credit, but one thing is not up for debate.  Any preparer or taxpayer that decides to fraudulently take the credit is risking an IRS audit.  The IRS has implemented several programs that will assist them in determining if the credit filed for are legitimate.

More than a million claims for the credit have been processed, quite significant number.  There currently have been 100,000 claims identified as suspicious and open for review.  There also are 167 claims currently being look at for criminal prosecution.

 For more information

http://online.wsj.com/article/SB125599683058895389.html?mod=WSJ_hpp_MIDDLTopStories

http://www.marketwatch.com/story/kill-the-wasteful-home-buyer-tax-credit-2009-10-20

 

Posted by

Charles G. Perkins, CPA

Servings Small Businesses in the Puget Sound Area

 

Cell: (206) 422-5504

Office: (206) 228-1988

email: charles@charlesperkinscpa.com

website: www.charlesperkinscpa.com

 

Charles G. Perkins, CPAI look forward to meeting your business and tax needs.  I also have many partners in business that can meet your other business needs.  These include contractors, insurance agents, investment advisers, financial planners, mortgage advisers, and many others.

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Anonymous
Anonymous

There are always some that will try to take advantage of the system.  Glad they are figuring out a way to catch them.

Oct 21, 2009 03:13 AM #1
Rainmaker
301,935
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Anytime there is "FREE MONEY" available, there are those who will do whatever they can to get their share...a testament to our society, I'm afraid.

Oct 21, 2009 09:02 PM #2
Rainer
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Charles Perkins
Charles G. Perkins, CPA - Burien, WA

Theodora

It is far more fair when everyone is playing by the same rules.  I am glad to see the IRS catching some those that are cheating.

 

John

There will always be some that look for any advantage whether legitimate or not.

Oct 21, 2009 11:13 PM #3
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Rainer
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Charles Perkins

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