1. Married Filing Joint taxpayers who received the FTHB credit on a 2008 purchase
The IRS projects that some of these taxpayers will receive their refunds as soon as April 5 and others the following week.

2. Taxpayers who received the FTHB credit and are now reporting the sale or disposition of their home
The IRS projects that taxpayers in this situation should receive their refunds by the end of April.

3. Taxpayers who received the FTHB credit and are attempting to pay back more than the amount required (typically $500)
The IRS projects that taxpayers in this situation should receive their refunds by the end of April.

The time frames above assume there are no other issues impacting the taxpayer refund, including federally mandated offsets to refunds.

It is important to note that taxpayer returns claiming a home purchase in 2010 are not affected, and those returns are being processed as are the vast majority of other homebuyer returns. Additional information is available on IRS.gov.

Because the IRS is aware of the issue and working to resolve it, taxpayers do not need to contact the Service regarding this matter.

(Article courtesy of IRS.gov)

Bodybuilder (part 1): A pro bodybuilder wanted to claim a dietary business deduction for buffalo meat and protein shakes.

Donor’s Deduction: A Manhattan CPA was approached by a man who had made some money as a sperm donor. He wanted to take a depletion allowance, which only works with things like oil wells.

Arson: A business owner who hired an arsonist deducted a $10,000 ‘consultation’ fee. An audit two years later led to the convictions of the business owner and the arsonist.

Alarm Food: A man tried to deduct the cost of dog food. Because his dog protected his house, he considered it a security expense. The IRS disagreed.

Approved by the IRS

Bodybuilder (part 2): This bodybuilder was able to deduct posing oil as a viable business expense.

Silicon Stage Props: An exotic dancer was able to convince the IRS that her 56 FF breast implants were a legitimate business expense.

Medical Clarinet Lessons: The parents of a child with an overbite were able to write-off clarinet lessons as a medical expense to improve their child’s smile.

Medical Boarding School: The parents of a child with respiratory problems were able to deduct travel, room, and board expenses associated with a boarding school in Arizona.