Special Project 2

Special Project 2 - October 18, 2009 TAX FILE MEMORANDUM...

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October 18, 2009 TAX FILE MEMORANDUM FROM: John P. Kilzi SUBJECT: Hugo Diaz Taxpayer Engagement: Issues I have been assigned the individual tax return for a new client, Hugo Diaz. Mr. Diaz is a recent immigrant to the United States and this is his first return filed here. Mr. Diaz has completed and returned the tax return questionnaire that we have sent him. In reviewing the questionnaire, I noticed that there is no mention of any income from his foreign investments. However, I met Mr. Diaz at a firm party and he mentioned that he has several substantial investments in Latin America unrelated to his business in the United States. In paragraph 2 of the “Statement on Standards for Tax Services No. 3, Certain Procedural Aspects of Returns” it says that in preparing or signing a return, a member may in good faith rely, without verification, on information furnished by the taxpayer or by third parties. However, a member should not ignore the implications of information furnished and should make
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This note was uploaded on 03/17/2010 for the course ACC 1001 taught by Professor Limpski during the Spring '10 term at Florida Memorial.

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Special Project 2 - October 18, 2009 TAX FILE MEMORANDUM...

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