Items Tagged with 'tax preparer'


  • IRS Opens Investigations on Homebuyer Tax Credit Abuse

    The Internal Revenue Service (IRS) is cracking down on fraudulent claims of the first-time homebuyer tax credit. The national tax service is trying to close loopholes in the system that it says allows unqualified borrowers access to taxpayer funds toward home purchases. The first-time homebuyer tax credit provides up to $8,000 to individuals or married couples who haven’t owned a home in three years and who close on a property by Dec. 1, 2009.
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  • Massachusetts AG Sues Option One, H&R Block

    Option One may be gone from H&R Block's books, but the ghost of the subprime lender continues to haunt the tax preparer's present operations. Massachusetts Attorney General Martha Coakley said Tuesday that she had sued Option One Mortgage Corp. as well as H&R Block, Inc. [stock HRB][/stock] over alleged deceptive and discriminatory lending practices.
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  • H&R Block to Sell Option One, Finally

    H&R Block, the tax preparer that has seen its ownership of subprime lender Option One Mortgage Corp. become an albatross around its neck as the mortgage industry has run aground, said Monday morning that it has signed an agreement with an affiliate of WL Ross & Co. LLC to sell its once-mighty lending and servicing platform.
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  • H&R Block: Losses Soar on Option One Debacle

    H&R Block, Inc., the nation's largest tax preparer, said this morning in a filing with the Securities and Exchange Commission that it will report surprisingly large losses for the quarter ended October 31, 2007 due to problems at its Option One Mortgage Company franchise -- once one of the largest subprime lenders in the United States.
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