When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
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Due to the mortgage crises that happened several years ago there have been several changes in the lending process with respect to obtaining financing (home mortgage/loans) for primary residences in Manhattan, Brooklyn, and Queens, New York. One of the biggest changes is that lenders now require more documentation (Proof of income from a certified public accountant) than ever to close a home mortgage/ loan for self-employed individuals. The purpose of all this information is to provide evidence about a self-employed person's income for the past two years which will enable lenders to determine the amount of mortgage/loan to approve.
The new requirements can be especially challenging for self-employed individuals who do not use a certified public accountant. Lenders in Manhattan, Brooklyn, and Queens, New York consider anyone who owns more than 10% of a business that is the primary source of income as self-employed. If you are considered self-employed your lender will ask for your personal tax return and business tax return for the past two years. Most lenders will require a self-employed person to furnish a comfort letter from a Certified Public Accountant (CPA) stating that the borrower has been self-employed for at least two years.
Some lenders require self-employed individuals applying for a Veterans Administration home loan to provide a current year to date income statement prepared by a Certified Public Accountant (CPA) as part of the home loan application process. A year to date income statement prepared by a CPA is routine if you already have monthly write-up for the business being performed by a CPA, however, if this service is not being performed then your loan application may be in jeopardy until you find A CPA.
If you are self-employed and live in Manhattan, Brooklyn, and Queens, New York or else where in New York City or New York State and are in the process of applying for a home loan please contact us if you need a year to date income statement prepared by a CPA or mortgage letter from a CPA confirming that you have been self-employed for the last two years.
We assist self-employed individuals throughout Manhattan, Bronx, Staten, Island a and the rest of New York state.