First-Time Homebuyer Credit Fraud
Today, the IRS releases a notice to warm taxpayers to beware of First-Time Homebuyer Credit fraud after the agency's first successful prosecution on fraudulent reporting of the credit. On July 23, 2009, a tax preparer pled guilty on falsely claiming the credit on a client's federal tax return. He faces up to three years in jail, a fine up to $250,000, or both.
The IRS claims that they have developed a number of computer programs to identify this type of fraudulent reporting. The IRS also confirms that taxpayers are ultimately responsible for the accuracy of the return even if paid preparers prepare the return for them. For details on qualifications of the First-Time Homebuyer Credit and how to report the credit, you could either read my prior posts or visit the IRS website.
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Today, the IRS releases a notice to warm taxpayers to beware of First-Time Homebuyer Credit fraud after the agency's first successful prosecution on fraudulent reporting of the credit. On July 23, 2009, a tax preparer pled guilty on falsely claiming the credit on a client's federal tax return. He faces up to three years in jail, a fine up to $250,000, or both.
The IRS claims that they have developed a number of computer programs to identify this type of fraudulent reporting. The IRS also confirms that taxpayers are ultimately responsible for the accuracy of the return even if paid preparers prepare the return for them. For details on qualifications of the First-Time Homebuyer Credit and how to report the credit, you could either read my prior posts or visit the IRS website.
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