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Articles tagged with: IRS

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[21 Apr 2011 | 2 Comments | 4,411 views]
The mortgage interest deduction — retain it, modify it or eliminate it?

In December, it appeared a proposal to radically alter the mortgage interest deduction had failed.
It seems the issue is back on the table as President Barack Obama on April 13 raised the possibility of at least altering the deduction. The U.S. Treasury Department estimates the deduction will cost the federal budget around $100 billion in 2012, so it’s no surprise that Obama is taking a look at the deduction as the aforementioned effort — a report generated by National Commission on Fiscal Responsibility and Reform — was a proposal setting …

News »

[28 Feb 2011 | No Comment | 1,577 views]
Week in review (2/16-2/27)

Yeah, yeah, yeah — the title should probably be something more along the lines of “two weeks in review.”
Still, you get the idea. Besides, the past couple of weeks have been hectic and — for that reason — the expected “week in review” item wasn’t posted last week.
So it’s time to make up for it. Quite a bit has gone on over the past couple of weeks in that we’ve posted housing market reports, news of the National Association of Realtors possibly overstating its sales numbers for the past few …

Crime, News, Technology »

[16 Feb 2011 | No Comment | 3,539 views]
IRS email scam alive and well in 2011

It’s back and as obnoxious as ever — an email scam that dupes people into installing a virus in hopes of either avoiding trouble from the tax man or getting an email.
This isn’t a new scam, but it’s one that the IRS says is common this time of year. It’s been proven effective, too, and was the most common email scam two years ago. Why do people still fall for it even though it’s been around for awhile and people have been warned not to open attachments from unfamiliar people?
“No …

News, Politics »

[6 Jul 2010 | 2 Comments | 1,887 views]
It’s official — home buyer tax credit extended to Sept. 30

A few days ago, First Arkansas News reported that Congress had passed a bill extending the closing deadline for the home buyer tax credit from June 30 to Sept. 30.
Shortly after that article was published, a commenter asked for further proof of the accuracy of the article. Another commenter asked if the legislation had been signed into law by President Barack Obama.
While the story was sourced very well, one question remained — would Obama sign the extension into law? He did that on July 2 and here’s a release from …

Features and such »

[3 Jul 2010 | 6 Comments | 2,293 views]
The home buyer tax credit isn’t over for military personnel, others

For most people, the first time and repeat home buyer tax credits ended after April 30.
The government has made an exception for certain military personnel and other people stationed away from home. Those individuals have an extra year to file for and receive a first time or repeat home buyer tax credit.
The people who have an extra year to receive a credit are members of the uniformed services, Foreign Services or are employees of the intelligence community and were on qualified extended duty for at least 90 days during the …

Business, News, Real Estate »

[24 Jun 2010 | 3 Comments | 2,301 views]
Criminals con IRS through home buyer tax credit

It seems yet another group is out to defraud the IRS by improperly claiming first-time home buyer tax credits.
This time it’s people who can’t get sent to jail for tax fraud because, well, they’re already there. According to this CNN article, over 1,200 prison inmates – including 241 serving life sentences – received $9.1 million in tax credits reserved for first-time home buyers. Furthermore, over $28 million was improperly distributed in home buyer tax credits, according to a Treasury Department report released Wednesday.
For those not familiar with the first-time home …