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Items You May Want to Discuss with Your Tax Preparer

By Charles M. Meadows, Jr. and Anthony P. Daddino, P.C. on March 25, 2019
  1. Does the taxpayer have investments in cryptocurrency which resulted in taxable transactions in 2018 or reportable accounts requiring a “yes” answer to having a foreign account because of the situs of the exchange?
  2. Did the taxpayer make taxable gifts in 2018 or for transfers for value, should he/she file zero-gift tax returns to start the statute of limitations running on the ability of the IRS to challenge the valuation of the gifts?
  3. Is the taxpayer required to make disclosures on his/her tax return because of  certain investments outside the United States made in 2018?
  4. Should the taxpayer consider additional wealth succession planning because of the increased transfer tax exemptions relating to gifts, estates and generation-skipping transfers and the possibility that those may be changed in the future?
  5. Were there any transfers of stock in S Corporations in 2018 which created the need for inadvertant termination relief?  Does the taxpayer qualify for automatic relief from the IRS?
  6. Did the taxpayer’s marital status change in 2018?  Are there any innocent spouse issues?
  7. Is the taxpayer’s business structured in a way to maximize the 20% qualified business income deduction under new Code Section 199?   Did the taxpayer pay sufficient wages to avoid statutory caps on the deduction?
  8. Should the taxpayer opt-out of the new partnership audit rules whereby the IRS collects deficient taxes directly from the partnership, and if so, has a proper election on the partnership tax return been made.

Tax preparation time is a good time to discuss your financial situation with your Tax Advisor.