Welome to Soulence Tax and Accounting
Here at Soulence we celebrate the entrepreneurial spirit. We believe that this country was founded and continues to depend on the heart of business owners. Our employees have a combined 37 years of experience working with business owners, and we are dedicated to helping old and new business owners to understand and structure their businesses according to the many tax laws as well as how to minimize their tax liability.
Please explore the links on this page to discover how Soulence Tax and Accounting can help give you peace of mind when it comes to your business and personal finances.
Soulence News:
Homebuyer Credit News and Problems
This past year the Federal Government offered an $8000 tax credit for first time homebuyers. In these economic conditions, you can bet that an $8000 credit caused quite a stir, and many people, including our clients, applied for the credit. Things seem to be running smoothly, but there is some news that you should be aware of if you applied for the tax credit or if you were going to but may have missed the deadline.
The first bit of news is for those who may have been trying to get the tax credit but missed the deadline. On Friday July 2, 2010, President Obama signed a three-month extension for the deadline, so first-time homebuyers now have until September 30, 2010 to qualify for the credit. Important to note is that in order to qualify, you must have entered into a contract by April 30th of this year.
The second bit of news is a bit more comical but serious still. Apparently, the IRS is having trouble effectively regulating claim approvals for the homebuyer credit. Multiple credits have been approved for the same residence. For example, five homes were claimed by 256 filers. Other questionable claims include claims by prisoners that slipped through the cracks and were approved. There were also many questionable amended returns in need of additional investigation but were never examined. And some inspectors discovered that nearly 100 IRS employees filed questionable claims for the homebuyer credit. Those employees are now under internal investigation.
Agency officials promise they’ll “plug the leaks” and do better at monitoring all claims for the credit. But what does this mean for those who claimed the credit? It means that the IRS is going to be looking more closely at the returns that claimed the homebuyer credit. We don't anticipate any trouble with our clients, if you receive any kind of letter from the IRS about the credit, please don’t panic, but contact us so we can help you figure out exactly what the IRS wants from you.
For those of you who may be wondering if you qualified for the tax credit, contact us.
For more information about this topic and other financial news, Click Here to sign up for our Free Monthly E-Newsletter.
