• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

IRS eyeing homebuyer’s credit on tax returns

by on
in Small Business Tax

The homebuyer’s credit is drawing a lot of flak at the IRS.

According to an April 15 report to the Senate Finance Committee by Nina Olson, National Taxpayer Advocate, more than 260,000 returns filed in 2010 have already been flagged for correspondence audits because taxpayers didn’t attach sufficient documentation for claiming the credit. This represents approximately 21% of all correspondence audits initiated by the IRS. More audits are expected to follow as the IRS sorts through more returns.

At least there’s some consolation for filers who didn’t claim the homebuyer’s credit: With its limited resources being soaked up with homebuyer credit issues, the IRS is less likely to tap these individuals for audits.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/20782/irs-eyeing-homebuyers-credit-on-tax-returns "

Related Articles...

    No matches

Leave a Comment