Federal Income Tax Comprehensive Project
You have recently been hired by the accounting firm of Debits & Credits LLP. Your first assignment is the 2016 Individual federal tax return of John and Jane Harrison. The return has been prepared by an overseas staff member. Your assignment is to:
1. Use the provided client information to review the accuracy of the Harrison's 2016 tax return as prepared by the overseas staff member.
a. Provide a "to-do" list for the overseas staff member, including a list of items on the return which are incorrect, and clear explanations.
b. Provide the staff member with corrected amounts for Form 1040. You can prepare a revised Form 1040 or note on the staff member's prepared Form 1040 the correct amounts for each line which is incorrect.
2. In excel, use your corrected amounts to compare the Harrison's 1040 to the IRS Statistics of Income (SOl). Compute the variances using the SOl for Married Filing Jointly filers who itemized in 2015 (use the by filing status tables). For any variances greater than $5,000, note whether the variance increases, decreases or has no impact on the taxpayers' audit risk. Explain your answer.
3. Your manager is excited you are using the SOl to assess audit risk for the Harrison return, and is interested to know what other information can be retrieved from the SOL He has asked you to use the IRS SOl for Individual Income Tax to answer the following questions (use the by AGI tables). Provide answers using the All Returns information.
a. At what dollar amount of AGI do exemptions start to decrease? Why might that be? b. At what dollar amount of AGI do itemized deductions substantially increase? Why
might that be? c. At what dollar amount of AGI does the percentage of social security that is taxable
flatten out? Why might that be? d. At what dollar amount of AGI do Keogh deductions substantially increase? Why
might that be? e. At what dollar amount of AGI do Student loan interest deductions start to decrease?
Why might that be? f. Describe the pattern of AMT in relation to AGI. Why might this pattern exist? g. At what dollar amount of AGI does the Nonrefundable Education Credit start to
decrease? Why might that be? h. Based on the statistics, is there a tax credit which does not appear to phase out with
AGI?
Note: Data on the SOl tables may need to be manipulated when completing parts 2 and 3. Amounts reported in the tables are rounded to the nearest 1 ,000. In addition, Income/Deduction/Credit items in the tables are the total amounts for each item reported on all tax returns. The total number of returns which reported each item is also listed. To compute income/deduction/credit amount per return, the total amount should be divided by number of returns reporting the item and then multiplied by 1,000.
Client: Spouse:
Address:
Children:
Client Information
John Harrison (date ofbirth 08/10/1966 & social security #456-78-0123) Jane Harrison (date ofbirth 06/01/1968 & social security #321-45-7891)
610 Market Street, Wilmington, NC 28403
Amy (date ofbirth 01/15/1998 & social security #055-44-3235) Chris (date of birth 07/22/2002 & social security #041-11-3268) Mike (date of birth 08/02/2006 & social security #068-11-1789)
Health Insurance: All family members were covered all year under Jane's employer provided plan.
Additional: • John is self-employed. He has owned and run a cash-basis doggy daycare for the
past 3 years. During 2016, the daycare purchased no depreciable assets, and made no payments requiring 1 099s. ·
• John has a SEP-IRA and would like to contribute $5,000.
• Jane is a Human Resources executive. She is covered by her employer's retirement plan.
• Amy is a full-time college sophomore. She lives on campus but comes home over school breaks.
• John's uncle died and left John $50,000 in life insurance proceeds.
• On January 1, the family moved to Wilmington, NC for Jane's job. Jane's old office was 20 miles from their old home in Raleigh, NC. Her new office in Wilmington is 160 miles from their old home in Raleigh, NC. The cost of moving the household and the family was $12,440, not including meals.
• Following the move, John and Jane were unable to sell their home in Raleigh (9 Madison Way, Raleigh, NC 27612). They began renting it out January 1, 2016. John actively manages the property, and made no payments which required forms 1099. The income and expenses related to this activity were:
Rental Income Repairs & Maintenance Expense Real Estate Tax Expense Mortgage Interest Expense *Depreciation Expense
$20,400 $ 331 $ 3,840 $12,270 $ 8,779
*The fair market value of the house on January 1, 2016 was $251,900, original cost $280,000.
• Jane and John provide the following list of additional expenses they paid during 2016. They have written documentation and/or receipts for all expenses.
Alimony (Mark Thomas, #245-11-1756) Charitable Contributions - Cash Charitable Contributions - Clothing
$ 8,000 $ 8,800 $ 200
to Salvation Army Childcare Expenses (for Mike) $
to Children "R" US, EIN#12-3456789 Credit Card Interest $ Dental Expenses $ Doctors, Prescriptions $ Gym membership $ Income Tax Preparation Fee $ Political Contributions $ UnionDues $ 2016 Estimated tax payments to the IRS $
2,500
1,500 5,200 1,800
600 1,000 4,500
800 4,000
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f Employee's addi'IISS and ZIP coda
15 Slltl Empl~'sstateiDnumbar 16 Slsho_.a.tlpos,e\c, 17 StateincomeliJc
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Fonn W•2 Wage and Tax Statement
Copy B-To Be Flied With Employee's FEDERAL Tax Return. This Information Is being furnished to the Internal Revenue Service.
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Department of tha Treasury-lntamal Ravenua SeMea
Hairy Pup-Ins, LLC 4 Windrift Lane Wilmington, NC 28406
Revenue
Advertising Expense $1,250 Dog Supplies Expense 4,500 Employee Wage Expense 16,670 Dog Food Expense 18,890 Insurance Expense 1,620 License Fees Expense 800 Utilities Expense 5,600 Website & Video Expense 2,630 Depreciation Expense ------=-7_,2=8=0
Total Expenses
Net Income
$98,640
59,240
$39.400
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federal-ldentifiatiaa Number. 13--2741719
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1his is importaol tax illformatioa and is being furnished to ttae Internal Revenue Servia! (ex(ept as indkated}. H you are required to file a 11!1urn. a Degligence penally er o1ber saadlom may be imposed em you H tlais laCOJDe is taxable aad die IRS delenaiRes tbat it bas nat~ rtpertecl.
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~©tGa LlmRs baaed on the loan 8111ount Mortgage -:r\J* Loo.ns., The... and the cost and value oltha S&Gure!l pror: muy apply. Also, Interest
Po, ~o" ~)000 you may on deduct interest lo the (Rev. July 2016) Statement Ullwlt H was Incurred by you, >uelly paid by you, and not
1\u'::l-t\ C) I 'IX 1'?.>~0 \ relmburaed by another peraon. Form 1098 1 Mortgage Interest received from payer{a)lbDII'OWa/(s)'
CopyB
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PAYER'SIBORROWER'S taxpayer 2 !)u!Btsndl~~ mortg:wf 3 Mortgage o~glnaUon date Borrower ldentHlcatfon number ldentmcatfon no, principal ea c 1/11201
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lt,\0 ~CLC~ S-tre& PAYER'SIBORROWER'S addreaa?
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II Yes, box Is checked , that an underpayment of II N<;>, see box 8 or 9, below tax ruuHa bacauae you
City or town, state or province, country, and ZJP or foreign postal code overstated a dedl/cUon
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or for 1hase points, reported In boxea 1 and 6; C6
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Account number (see lnattuctiona) Hem.
Form ,098 ee for o~r records (K p y www.lrs. /fcrm1098 De an -P ment of the Tl"l!llsury lmemal Revenue Service
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LER S name,' street ad ess, city or town, state Ol prov foreign postal code, 111\d I!Jiephontt number
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2 Amounta .~ eel for qualified IIJ!Uon and r&lated expenses
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www.lrs.gov/form1098t
OMB No. 1645-1574
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Form 1098-T
7 Chock it the amcUII In bOll 1 or 2 lnolucles amounts for 1111 academic period beginning January
0
- March2CI17.,. D und ·
Tuition Statement
opy B For Student
Thla Is Important talc Information
and I& being fumlshO(j to the
Internal Revenue Service. Thi8 fonn
must be used to complele Form 8863
to claim aducaiiQn credits. Give~ to the
IIIX preparer or usult to prepsns the tax return.
Department of the "r rtiiiSUry - Internal R9'11enue SeNtce