My chronicle of how the IRS and Tax Court affect taxpayers' daily lives.

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Wednesday, September 16, 2009

White House Weighing New Homebuyer Tax Credit Extension

CCH News, a provider of news and research services for tax professionals, is reporting that the White House may extend the first-time homebuyer credit.  The information was proposed by the Council of Economic Advisers Chairperson in an interview at the White House on September 11th.  Currently, more than 20 House and Senate bills have been introduced to expand, extend, or modify the credit, which expires on November 30, 2009.

CCH comments that many taxpayers hoping to tax advantage of the credit are currently stuck in a due-dilligence cycle with their banks.  This could delay the closing of their house to past the November 30th deadline, at no fault of their own.  Congress is looking to relieve the pressure on these potential purchasors. 
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Aaron Blau, E.A. is the Vice President of the Central Arizona Chapter of Enrolled Agents and a member of the Government Relations Committee of the National Association of Enrolled Agents. The opinions and ideas expressed here are in no way representative of the official position of the National Association of Enrolled Agents, Arizona Society of Enrolled Agents or the Central Arizona Chapter of Enrolled Agents.

For official comments, please e-mail NAEA Director of Communications at mlockwood@naea.org or Arizona Society president stefaniecampbell@aztaxpros.org.

IRS CIRCULAR 230 DISCLOSURE:
"To ensure compliance with the requirements imposed by the IRS, we inform you that, to the extent this communication (or any attachment) addresses any tax matter, it was not written to be (and may not be) relied upon to (i) avoid tax-related penalties imposed under the Internal Revenue Code, or (ii) promote, market or recommend to another party any transaction or matter addressed herein (or in any such attachment). In addition, nothing herein is intended to convey an expression of an opinion as to the likelihood a tax position would ultimately prevail if challenged by the IRS. This communication is intended solely for the person to whom it is addressed; no one else should rely on the tax advice provided herein. The person to whom this advice is addressed is under no obligation to keep the advice or matters related to the advice confidential."