Itemized Deductions (DUE September 28) [12 points] 1. Getting Information from Your Tax Client – Return preparers usually use an “organizer” to obtain information from their individual clients to aid...

Itemized Deductions (DUE September 28) [12 points]

1. Getting Information from Your Tax Client – Return preparers usually use an “organizer” to obtain information from their individual clients to aid in preparing their income tax returns. This assignment is designed to expose you to this activity if you are not familiar with it. In addition, you’ll review a sample organizer to find topics covered in this class and gain a sense of the value (or lack thereof) of an organizer.

Use and download this organizer from CCH and answer the questions below:

https://www.cchwebsites.com/content/pdf/tax_organizer.pdf

a.Complete this table:

b.For three lines of your choice (including the numerus questions at the bottom of page 1 and top of page 2 of the organizer), find the relevant IRS section(s). For your answer, provide the line #, topic and the IRC section(s).

c.How would you modify the organizer to know if your client received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency during the year. Be specific.

d.Research to find two topics on the organizer where different information is needed for preparing the California Form 540. List and briefly explain each item.