The IRS has acknowledged that 2008 Amended Tax Returns for the first-time homebuyer tax credit has hit a brick wall in that refunds that were taking 6 weeks to process are now taking up to 20 weeks.
Why's that? Good question.
You can probably guess: FRAUD.
Yes, you got it. Some questionable claims were filed by none other than: IRS Employees. Filers as young as 4 years old were also asking for the refund.
These questionable claims are estimated to total in the hundreds of millions of dollars.
Let's think about this for a second. The IRS has all of our information already on file. It surely can't be that hard to have an automated system of cross-referencing to prioritize legitimate requests from bogus claims. In fact, perhaps there needs to be a RETS like transaction standard for EDI for official tax reporting purposes to take the fraud aspect completely out of the picture.
So...for you first time home buyers who have recently amended your returns, I would be curious to know if you get your tax refund sooner than had you filed your 2009 tax return in Mid-February and the refund takes six weeks on average.
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