Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CPE CREDIT: THE IRS RETURN PREPARER OFFICE ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT FOR ENROLLED AGENTS (EA). IF YOU ARE NOT AN ENROLLED AGENT, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ORLANDO, FLORIDA, ON July 28, 2010, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Taxpayer Advocate Service (TAS) and the Wage and Investment operating division jointly delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2010.
In this session, presented by the Taxpayer Advocate Service (TAS) and Wage and Investment division (W&I), you will learn about the key requirements of the First-Time Homebuyer Credit - all three versions. The session highlights the qualifications for the credit for first-time homebuyers and long-time homeowners, special rules for military personnel and the information your clients should attach to their returns. It will cover what to expect and how you can best represent your client if the IRS questions your client's claim for the credit. This session will also discuss long-term issues that may affect your clients for the next 15 years and trigger events that may cause immediate repayment.
By the end of this presentation you will:
- understand what the First-Time Homebuyer Credit is and the differences between the various FTHBC laws.
- understand the requirements necessary to claim First-Time Homebuyer Credit.
- know the answers to common eligibility questions.
- know how the FTHBC is claimed.
- understand the repayment requirements of HERA and the special events that waive repayment.
- understand the IRS recapture and repayment strategy.
No prerequisites or advanced preparation are required for this seminar.