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fraud: Waiting For Your Home Buyer Tax Refund? - 10/27/09 11:31 AM
In a recent POST I described the problem the IRS was having with fraudulent claims for the First Time Buyer Tax Credit. It seems that where the potential for abuse exists, some will take advantage of it.
 
And now that abuse is hurting those who legitimately earned their refund. In an effort to limit further fraud, the IRS is scrutinizing EVERY return which has dramatically slowed the process. An article on MarketWatch describes the problem and includes a phone number that taxpayers can call to check on the status of their return.
 
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fraud: Are We Surprised To Discover Fraud In The First Time Buyer Tax Credit? - 10/23/09 06:15 PM
A preliminary audit from the Treasury Inspector General for Tax Administration, TIGA, has uncovered as much as $500 million in fraud in the First Time Buyer Tax Credit. The audit has shown fraud to be both blatant and rampant, with thousands of aliens, hundreds of children, and as many as 53 IRS agents applying for the credit. There were also individuals who did not even own homes who received the credit.
 
What this demonstrates is the government’s inability to administer this program. Any time there are billions of taxpayer dollars involved and dishonest, incompetent, or indolent bureaucrats doling it out, … (11 comments)

fraud: IRS Reports Widespread Abuse of First Time Buyer Tax Credit - 10/20/09 08:01 AM
With all the discussion about extending the First Time Buyer Tax Credit, there has been little talk about the potential for fraud and abuse. However investigations by the IRS have turned up more than 100,000 suspicious claims, according to an article in the Wall Street Journal.
 
Unfortunately, when “free” money is being handed out by the government, many try to game the system and get in on the action.
 
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