Wednesday, November 9, 2011

Don't Worry ~ You're Probably One of The Many!

The Internal Revenue Service is still struggling with the tax credits that helped boost the housing market a few years ago. And, the article I read today made me giggle.

Why anyone, IRS included, would put together a program without considering all the T-crossing and I-dotting required is beyond me.

Now, they are asking people for money that don't owe it. And, not asking people for money that do. Had to hire an outside agency ~ more money wasted ~ to try to figure out if people still lived where they were supposed to, if they owe it or don't. Yikes!

But far more commonplace, according to auditors, were shortcomings by the IRS in distinguishing between taxpayers who were supposed to repay their credits over a 15-year period — as required under the original $7,500 program in 2008 — and people for whom there was no such requirement under later versions of the program allowing credits up to $8,000.

So, you know who you are and you know what you owe. Don't fret if you get the wrong notice from the IRS, a lot more tax-payers are too!

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