jamie.peterson It�s Cash, Who Will Know

jamie.peterson It�s Cash, Who Will Know - 1....

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1. Research relevant tax code and write one or two paragraphs that explain whether or not there is any basis to your client's statement. Please be sure to reference the relevant tax code(s) in your discussion and clearly state your position. a) The Law: As stated above, for federal income tax purposes, gross income means all income from whatever source derived and includes compensation for services. I.R.C. § 61. Further, Treas. Reg. § 1.1-1(b) provides, general, all citizens of the United States, wherever resident, and all resident alien individuals are liable to the income taxes imposed by the Code whether the income is received from sources within or without the United States. I.R.C. sections 861 and 911. b) He needs to claim his profit or else he isn’t claiming all of his gross income he is making. 2. Research the Internal Revenue Service (IRS) requirements for tax preparers and write one to two paragraphs that explain your responsibilities as a tax preparer and the potential problems you would encounter if you did not properly understand the tax code or inform your client of his obligations with respect to the preparation of his tax return.
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jamie.peterson It�s Cash, Who Will Know - 1....

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