October 31, 2009

Tax Credit Fraud Eyed by the IRS

The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers.

The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help nudge the U.S. economy back to life.

Lawmakers have expressed concern that a significant number of claims might turn out to be fraudulent. The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee. The IRS is not commenting on the report.

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