January 2010

Tax Season Starts; IRS Releases Homebuyer Credit Form

From the Journal of Accountancy.

The IRS started accepting e-filed tax returns on Jan. 15, marking the official start of tax season. The IRS’ popular Free File program also started accepting returns on Friday. However, as usual, W-2 and 1099 forms are generally not due to taxpayers before Feb. 1, so many taxpayers will not be prepared to file before then.

With the start of tax season, the IRS also announced the release of a new form that eligible taxpayers must use to claim the first-time homebuyer credit. Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, must be filed with the taxpayer’s individual tax return and is used to report the purchase of a home that makes the taxpayer eligible for the credit.

Read more.


Contact

Blackman Kallick
10 South Riverside Plaza
9th Floor
Chicago, IL 60606-3770

p 312-207-1040
f 312-207-1066
info@BlackmanKallick.com

Get Directions

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.