Tax Communications Between the Client Tax Preparer and the IRS

The assignment below will assess your knowledge and understanding of recordkeeping requirements and your ability to apply that knowledge to solve problems. In addition, you can assess your knowledge of the alternative tax systems discussed in your textbook. You will use CCH IntelliConnect (aka CCH Omnitax or AnswerConnect) exclusively for your tax research for this course (access provided through the Library). Answer the following homework problems thoroughly and in complete sentences. Save your answers in a Microsoft® Word® document and submit them to the Dropbox. APA format , citation and references. You can find the answer below this site Requirements: 5 pages | .doc file Michael and Priscilla Johnson are married and file a joint return. They have a new baby, born December 30, 2020. Michael receives a salary of $29,000 from Big Top Corp and Priscilla is a salaried faculty member at a local community college. She earns $48,000 each year. They own a home and pay a mortgage. Priscilla had a difficult pregnancy and spent several days in the hospital during 2020. List and describe the basic and specific records that the couple should keep. Mitchell is a self-employed barber. He rents a chair from a local barber shop. He purchases all of his supplies from the local beauty store. On occasion, he is hired to perform services for wedding parties and must use his personal vehicle to drive to and from the events. He does not have a business bank account. List and describe the supporting documents that Mitchell should keep when filing his individual income tax return, including his Schedule C. Discuss the differences between an income and consumption tax and how to determine which type of system a reform proposal is based on. Explain why evasion is likely to be higher under a National Retail Sales Tax than a Value Added Tax. Choose a code section that you believe is overly complex. Develop three possible changes to the code section that would simplify the law without repealing it. Michael and Priscilla Johnson are married and file a joint return. They have a new baby, born December 30, 2020. Michael receives a salary of $29,000 from Big Top Corp and Priscilla is a salaried faculty member at a local community college. She earns $48,000 each year. They own a home and pay a mortgage. Priscilla had a difficult pregnancy and spent several days in the hospital during 2020. List and describe the basic and specific records that the couple should keep.
Mitchell is a self-employed barber. He rents a chair from a local barber shop. He purchases all of his supplies from the local beauty store. On occasion, he is hired to perform services for wedding parties and must use his personal vehicle to drive to and from the events. He does not have a business bank account. List and describe the supporting documents that Mitchell should keep when filing his individual income tax return, including his Schedule C.
Discuss the differences between an income and consumption tax and how to determine which type of system a reform proposal is based on.
Explain why evasion is likely to be higher under a National Retail Sales Tax than a Value Added Tax.
Choose a code section that you believe is overly complex. Develop three possible changes to the code section that would simplify the law without repealing it.

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