The IRS had a successful filing season this year, according to a new report, despite the challenges of dealing with economic stimulus provisions passed in the midst of tax season, such as an expanded First-Time Homebuyer Credit.

The report by the Treasury Department’s Inspector General for Tax Administration on the filing season identified more than 1.1 million tax returns on which taxpayers were allowed more than $7.8 billion in First-Time Homebuyer Credits. Of those, 958,058 (85 percent) were filed electronically and 171,422 (15 percent) were filed via paper.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access