For your first tax return preparation project, you will prepare a 2018 Form 1040 and supporting schedules for a married couple with several children using the source documents and PBC information received from your “client”.
PBC information represents personal records that are needed to complete your individual income tax return (e.g. bank statements, family details).
Tax Return #1 PBC Information – provided by client.docxPreview the document
Case Information
You are the tax accountant for the Brits family. Your tax manager has given you the Brits’ pertinent personal information and relevant source documents and you are now ready to prepare their 2018 individual income tax return.
Your tax manager has informed you that the list of Tax Forms you have been provided is fully relevant and complete (i.e. you will need every file provided within the Tax Forms section, and you will not need to prepare any tax form not included within the Tax Forms section).
Note: Tax accounting is a team sport, and in practice, tax return preparers receive guidance and support from their managers and peers. If you find yourself spinning your wheels or simply unsure if you’re on the right track, you will be able to proactively request guidance and support from your instructor and fellow classmates using the Open Forum discussion for this Midterm Project. Your instructor may also use the Open Forum to periodically suggest helpful tips and tricks, so you should read through the open forum discussion posts as you prepare the Brits’ tax return.
DIRECTIONS
Download the tax forms, schedules and credit limit worksheets that have been provided to you in the “Tax Forms” section above and save them to your hard drive.
Using the “PBC Information” and “Source Documents” files provided above, complete the Brits’ 2018 Form 1040 with all applicable supporting forms/schedules.
You may wish to reference the following page found in your Course Information Module for additional tax form guidance: Getting to Know Your Tax Forms
Save your completed tax forms, schedules and credit limit worksheets to your hard drive and then submit all of your saved documents into the applicable assignment area.