ABC Taxes, Tips & Tools

Its offi­cial.  Given the ram­pant fraud poten­tial of the Home Buyer’s Credit, the IRS ramped up efforts to make it more dif­fi­cult to claim it with­out proper doc­u­men­ta­tion.  Tax pre­par­ers always should have looked at an HUD1 form to con­firm the tax­payer in ques­tion had meet at least the require­ment that they actu­ally pur­chased a house, but appar­ently enough didn’t that the IRS changed how it will qual­ify the tax credit.

If a tax­payer wishes to claim the tax credit, they will need to sub­mit a copy of the HUD1 form to the IRS with their tax return.  That is a paper file folks.  Tax­pay­ers who wish to claim the Home Buy­ers Credit will not be eli­gi­ble to e-file.

In other news, we will be post­ing a Pol­icy regard­ing posts at this web­site soon.  In a nut­shell, keep it polite and civil.  And if you fol­low links, ping­backs and com­ments, real­ize they will be tak­ing you off our web­site to some­one else’s web­site that we have no con­trol over.

As always, small busi­ness ser­vices and tax­a­tion are our busi­ness.  If you need help Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice.  Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

Tags: commenting, home buyers credit, no efile, policy, posting

This entry was posted on Monday, January 18th, 2010 at 11:00 am and is filed under Individual Taxes, Other Information. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.