CPA & Business Advisory Blog

Home-Buyer Tax Credit Seekers May be in for a Long Wait

Home-Buyer Tax Credit Seekers May be in for a Long Wait

 

If you’re one of the many people who are planning to or already took advantage of the home-buyer tax credit, you may be in for a long wait to actually receive your refund. Why is this?

 

According to this article by MarketWatch, the main reason is fraud. The article states that the IRS handed out $620 million to ineligible filers. The result? Every request for the credit is now being audited leading to long delays for those claiming the credit.

 

Other reasons for delays include the IRS losing some of the returns and some filers receiving a larger refund than they requested.

 

If you've been waiting on your refund for more than six weeks and have not heard from the IRS, it is advised that you call theme (800) 829-1040. Find the number and address for the group that is working on your original or amended tax return and send them all the proofs of purchase they require to speed up the process.

 

Looking for tax planning assistance in Cleveland or Akron? Contact Skoda Minotti at 440-449-6800 or visit our web site.

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