The IRS Audit Blog

Archive for December, 2007

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Despite financial instability, United Way officials say merger not answer

These are tough times for United Ways across the country and the battered economy is causing many to reduce costs and pool fundraising efforts by merging with neighboring organizations.The United Ways in Butler and Warren counties are expected to finalize a merger on Feb. 4, making the merger the eighth in Ohio — and 95th in the nation — since 2004. The two agencies expect to save $1.4 million …

Part 8

Question: Will the irs take money owed to them out of the first time homebuyer tax credit?

A lawyer is going to amend my 2008 taxes to include the first time homebuyer credit but what will happen if I owe them money? Also does anyone know what you have to attach to the form 5403 i believe? Do they look over your whole tax return or what are they looking for?

Answer: the form is 5405
and IRS has found a mountain of fraud in the FTHB credit
if you owe back taxes, more than likely it will be satisfied first and any left over applied to you FTHB credit
filing in 2008 was $7500 and in essence a loan that had to be repaid, filing in 2009 is a true credit of $8000, or depending on your income

Consuming Interests: When will you get the homebuyer credit from IRS?

When will you get your homebuyer credit from the IRS? Claiming the homebuyer credit? The IRS will begin processing returns claiming the widely popular credit worth up to $8,000 in mid-February. The earliest you can expect to get the money is toward the end of March, the IRS says.

New IRS ruling on the Homebuyer Tax Credit