Filing for the New Tax Credit, it may not be much fun

I was recently forwarded an article from the "mortgage girlfriends" website. You've got to love the internet everyone has a website. The article was focusing on some comments made by Doug Geissler, CPA, about the changing requirements for filing when looking to capture the new Homebuyers Tax Credit. Mr Geissler stated that

"the IRS is literally writing the refund guidelines as they go along."

Well that's encouraging.

Not!

Also that the IRS is giving "behind the scenes" instructions to CPA's and tax preparers. That is information that is not being made available to the general public.

That doesn't sound right to me, the taxpayer.

Two simple things;

No 1040EZ filings

No electronic filings

No electronic filings? They want the HUD attached and that's not possible, at this time, when you file electronically.

Mr Geissler also states that the IRS is estimating up to 16 weeks or longer, as a turn around time.

So don't go planning on spending those $$$$$'s right away.

The obvious is that like anything else, we had some fraud in regards to the original program, and they are attempting to correct this. I think that the key comment may well be that they're making the changes as they go along. So while you will/should get the refund, as long as you qualify, that the filing and refund process

May not be much fun!