Solution-What steps need to be taken to ensure income is

What steps need to be taken to ensure income is reasonably

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Reference no: EM132787807

Problem 1: A taxpayer brings in a 1099NEC for $7,000 and states that they made an additional $10,000 in income, but do not have any documentation. What steps need to be taken to ensure income is reasonably accurate?

a. Ask the client how the amount was determined. Document both the question and the answer

b. Have taxpayer complete the Income Information Worksheet or other Reconstruction of Income

c. None, the taxpayer's statement is sufficient

d. Both a and b

Problem 2: True or False- If a taxpayer brings in a logbook that adequately shows all income that is being claimed on the Schedule C, the preparer must make a copy of the full logbook.

a. True b. False

Problem 3: True or False- All interview questions and answers must be documented in Fusion on the DD2 form.

a. True b. False

Reference no: EM132787807

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What steps need to be taken to ensure income is reasonably

Reference no: EM132787807

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