ACC 330 Project One Milestone Two Milestone Tax Organizer

CLIENT ID: ______________

Instructions: Complete only applicable areas of the form. Leave other areas blank.

PERSONAL INFORMATION (Please review all information for changes and/or corrections.)

Description	Taxpayer	Spouse
Full Name:	Kiara Richards	Michael Richards
Preferred Pronoun:	She/Her	He/Him
Age:	35	38
Occupation:	Teacher	Installer: ACC 330 Project One Milestone Two Milestone Tax Organizer
Citizen/U.S. Resident Status:	U.S Citizen	U.S. Citizen
Marital Status:	Married	Married

CONTACT INFORMATION (Please verify information and change if necessary.)

Description	Information
Mailing or Street Address:	45510 north Lane road Gatlinburg, TN 37738

DEPENDENT INFORMATION (Please include all information for new dependents.)

Full Name	SSN (if new)	Age	Relationship
Lori Richards	*–2227	10	Daughter
Michaela Richards	*–2225	8	Daughter
Ives Richards	*–2226	6	Son

TAX YEAR RETURN QUESTIONS (For any question answered “Yes,” please include support.)

Personal Information:	Yes	No
Did your marital status change?		X
Can you or your spouse be claimed as a dependent by someone else?		X
Dependents:
Were there any changes in dependents from the prior year?		X
Did you or your spouse pay for childcare while either of you worked?	X
Do you have any children under age 18 with unearned income greater than $1,100?		X
Do you have any children aged 18 or older (or students aged 19-23) who did not provide more than half of their cost of support with unearned income greater than $1,100?		X
Education:
Did you or your spouse pay any student loan interest?		X
Did you, your spouse, or your dependents incur any post-secondary education expenses, such as tuition?	X
Gifts:
Did you or your spouse make any gifts (including birthday, holiday, anniversary, graduation, etc.) with a total value in excess of $15,000 to an individual?
Did you or your spouse make any gifts of difficult-to-value assets (such as non-publicly traded stock) to any person regardless of value?
Retirement or Severance:
Did you or your spouse contribute to a Roth IRA, convert an existing IRA into a Roth IRA, or roll any other distributions into a Roth IRA?
Did you or your spouse turn age 70 ½ and have money in an IRA or other retirement account without taking any distribution?
Personal Residence:
Did your address change? If yes, please provide the new address.
Did you or your spouse take out a home equity loan? If yes, please provide the purpose.
Did you or your spouse have an outstanding home equity loan at year-end? If so, provide the principal balance and interest rate at the beginning and end of the year.
Are you claiming a deduction for mortgage interest paid to a financial institution and someone else received the Form 1098?
Did you sell your home? If yes, provide all closing documents and forms.
Miscellaneous:
Were you or your spouse notified by the Internal Revenue Service or other taxing authority of any changes in prior year returns?
Did you or your spouse sell, acquire, or exchange any virtual currencies? If so, please provide information regarding these activities.
Did you, your spouse or your dependents receive an identity protection PIN from the IRS? If so, please include this information.

WAGES, SALARIES & TIPS (Please include all W-2 forms.)

Employer Name	Wages	Federal Withheld	State Withheld
Employer 1	$121,005	$10,232	–
Employer 2	$12,161	–	–

SOCIAL SECURITY BENEFITS (Please include all 1099s.)

	Gross Benefits Received	Federal Withheld	State Withheld	Medicare Premiums	Medicare Part D – Drug Cov.
Taxpayer	$0	$0	$0	$0	$0
Spouse

INCOME FROM RETIREMENT (Please include all 1099s.)

Payer Name	Distribution Amount	Federal Withheld	State Withheld	State
	$	$	$

STATE AND LOCAL TAX REFUNDS (Please include all 1099s.)

Source (State or City)	Tax Year	Refund Amount
		$

PASSTHROUGH INCOME (Please include all K-1s.)

Entity Name	Rcvd	Entity Name	Rcvd

OTHER SOURCES OF INCOME (Please include all 1099s or supporting documentation.)

Payer Name and/or Nature & Source (List any other items and amounts below)	Amount	Federal Withheld	State Withheld	State
Unemployment Income (Form 1099-G)	$	$	$
Alimony Received
Jury Duty Pay
Gambling Income (Form W-2G)
Cancellation of Debt (1099-C)
Other (Describe):

INTEREST INCOME (Please include all 1099s.)

Payer Name	Interest Income	U.S. Bond Interest	Tax-Exempt Interest
	$	$	$

DIVIDEND INCOME (Please include all 1099s.)

Payer Name	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions
	$	$	$

CAPITAL GAINS & LOSSES (Please include all 1099s.)

Property Description	Date Acquired	Date Sold	Gross Sales Price	Cost Basis
			$	$

PROFIT OR LOSS FROM BUSINESS – SCHEDULE C (Please include all 1099s.)

Name of Business:
Principal Product or Service:
Tax ID:
Business Income (List Below):	Amount
Gross Receipts or Sales	$
Other (Describe):
Cost of Goods Sold (List Below):	Amount
Cost of Labor	$
Purchases and Materials
Other (Describe):
Business Expenses (List Below):	Amount
Advertising
Auto Expenses
Actual Expenses
Standard Mileage
(Business Miles x Mileage Rate)
Commissions and Fees
Contract Labor
Employee Benefit Programs
Insurance (Other than Health)
Interest Expense
Legal and Professional Services
Office Expenses
Pension and Profit-Sharing Plans
Rent or Lease of Machinery and Equipment
Rent or Lease of Real Estate
Repairs and Maintenance
Supplies
Taxes and Licenses
Travel (Hotel, Airfare, Parking, Etc.)
Meals
Utilities
Wages (Please include W-2s)
Dues and Subscriptions
Other (Describe):

ITEMIZED DEDUCTIONS (SCHEDULE A)

Medical Expenses	Taxpayer/Joint	Spouse
Prescription Medicines and Drugs	$	$
Health Insurance Premiums Paid
Long-Term Care Insurance Premiums Paid
Insurance Reimbursements Paid to You
Medical Miles ( ____________________ x $____)
Lodging
Doctors, Dentists, Etc.
Hospitals
Lab Fees
Eyeglasses and Contacts
Other (Describe):
Taxes Paid	Taxpayer/Joint	Spouse
Real Estate Taxes	$	$
General Sales Tax Paid on Specified Items
Other (Describe):
Mortgage & Investment Interest Paid (List Institution Paid)	Taxpayer/Joint	Spouse
	$	$
Cash Contributions (List Organization Paid)	Taxpayer/Joint	Spouse
	$	$
Noncash Contributions (List Organization & Description)	Taxpayer/Joint	Spouse
	$	$

STUDENT LOAN INTEREST EXPENSE (Please include Form 1098-E)

Payee Name	Amount
	$

RETIREMENT CONTRIBUTIONS (Please include all supporting documentation.)

Payee Name	Traditional	Roth	SEP/SIMPLE
	$	$	$

CHILD AND DEPENDENT CARE EXPENSES (Please include all supporting documentation.)

Provider Name	Provider Address	SSN or EIN	Amount Paid
			$

OTHER POTENTIALLY DEDUCTIBLE ITEMS (Please include all supporting documentation.)

Nature and Source	Taxpayer/Joint	Spouse
Educator Expenses	$	$
Health Savings Account Contributions (Include form 1099-SA)
Alimony Paid (List Recipient & SSN)
Gambling Losses
Tuition Expenses (Include Form 1098-T)
§529 Plan Contributions to M.A.C.S. & M.P.A.C.T.
Prior Year Tax Preparation Fees
Other (Describe):

FEDERAL TAX PAYMENTS

Detail	Amount Paid	Date Paid
Prior Year Overpayment Applied	$
1st Quarter Estimate (Due 4/15)
2nd Quarter Estimate (Due 6/15)
3rd Quarter Estimate (Due 9/15)
4th Quarter Estimate (Due 1/15)
Extension Payment (Due 4/15)
Other (Describe):

TAX PLANNING INFORMATION FOR NEXT TAX YEAR

Do you expect any of the following to occur NEXT YEAR? (If yes, explain below)	Yes	No
A change in marital status	X
A change in dependents	X
A substantial change in income	X
A substantial change in withholding	X
A substantial change in deductions	X

 

OTHER ITEMS OF SIGNIFICANCE

Please include any other information that might be of significance.

 I (we) have submitted this information for the sole purpose of preparing my (our) tax return(s). Each item can be substantiated by receipts, canceled checks or other documents. This information is true, correct, and complete to the best of my (our) knowledge.

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ACC 330 Project One Milestone Two Guidelines and Rubric

Overview

Tax organizers are used to help perform due diligence and provide an opportunity for tax planning. They assist in organizing the information provided by the client and provide insight into possible tax planning opportunities. Sometimes they are prepared by the tax firm with prior year information that is later confirmed by the client (such as confirming if there are any changes to address, telephone number(s), dependents, or bigger items such as income or deductions). For first-year clients, the tax firm can fill out a tax organizer with the information they obtain from the client, or they can request the client fill in a blank tax organizer with any relevant information.

Directions

Review the six profiles provided in Client Tax Profiles A Descriptions found in the Supporting Materials section. Choose three client profiles to compare using the Project One Milestone Two template found in the What to Submit section. Once you have compared these profiles you will select one of them and complete the Tax Organizer template also located in the What to Submit section below.

Use the Tax Organizer to document the information you have from your selected client to prepare their tax return. In this assignment, you are using the Tax Organizer to organize the information from your client profile to prepare for the tax returns you will complete in Project One. You will not be given feedback on this assignment related to that project; however, this will be a helpful way for you to gather your knowledge of the client’s situation and to plan and prepare the client’s tax return.

Note: Once the Tax Organizer has been completed, you will need to return to the Project One Milestone Two template to complete the Tax Planning Considerations, item #6.

Specifically, you must address the following rubric criteria:

1. Compare three tax positions using the table provided.
2. Summarize the features of each of the three tax positions.
3. Identify your chosen client’s tax position.
4. Explain the characteristics of the client profile you selected to use in the Tax Organizer.
5. Complete the Tax Organizer for the chosen tax position.
   1. Use only the information provided in the client profile.
6. Explain tax planning opportunities based on the completed tax organizer.
   1. List several bulleted points to consider.

What to Submit

Submit two documents for this assignment:

• Project One Milestone Two Template should be a 2-page Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Any sources should be cited according to APA style
• Project One Milestone Two Tax Organizer template with appropriate areas of the form filled in.