Story Pitch: First-time Homebuyers Beware

The IRS may have problems with your return

Hundreds of thousands of Americans took advantage of the first-time homebuyer tax credit in 2008. The IRS has announced that it is having problems processing returns involving repayment of the credit.

Groups at risk -
 Married, filing jointly taxpayers who claimed the credit on their 2008 return who filed their taxes before Feb 22, 2011.
 Taxpayers who claimed the credit but who are now reporting the sale or disposition of the residence.
 Those who are attempting to repay more than the amount that's owed.

This is the first year payments are due for this particular tax credit. A CPA can help your audience file the right paperwork. Contact Kathleen Miller at 215-972-6188 or kmiller@picpa.org or Jackie Barnard at 267-675-6255 or jbarnard@picpa.org to set an interview with a local CPA.