Items Tagged with 'Taxation in the United States'


  • 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.
    Read More
  • Five States Swap Tax Credits for Treasury Stimulus

    The US Treasury is setting up nearly $135m in Recovery Act funds for Iowa, Maine, New Hampshire, Rhode Island and Washington. The money is meant to go towards creating jobs in the states and developing a more affordable housing market for residents. The states, in turn, will swap tax credits for the aid. Iowa has been granted $72m; Rhode island, $36m; Washington, $11m; New Hampshire, $10m and Maine, $4m.
    Read More
  • Demand for Income Verification Services Surge

    Fraud and risk analytic solutions provider BasePoint Analytics experienced "record growth" in their newly enhanced Income Verification Service, the company said today. Since launching what BasePoint claims is the industry's first and only completely automated income verification service late last year, the company is increasing the volume of requests it handles each month by more than 100%. Income verification seems to be climbing the latter of importance for underwriters.
    Read More