Reference no: EM13755631
Tax Issues/Ethics Letter Assume a relative asks for your tax advice (after all, you told them to "just ask!"), or assume you are responding to a client as you write a letter on one of the following cases. For each case, identify the tax issues, which issues may be ethical issues, what advice you would give the taxpayer, and measure the tax cost/savings of your advice (assume a marginal tax rate of 15%). Realize that they are looking to you for an answer, so your letter should provide an answer of what they should do with the reasoning of why and the support for your reasoning
Case 3. In March, Jim, a firefighter, was injured in the line of duty. The injury was a result of interference from a shop owner. He incurred medical
expenses of $14,800 related to the injuries. The shop owner’s insurance company offered, and Jim accepted, $34,800 and acknowledged that the $20,000 above medical costs was to avoid court proceedings and a potentially higher punitive damage awards. Jim prepared and filed his income tax return for the year and included the medical expenses but did not include the insurance settlement since it came after the tax return was filed. What is the ethical issue in this case? What advice would you give Jim? What are the tax costs of his options?
Grading of Letter The letter must be in a business format, and use proper grammar, punctuation and spelling.
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