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It is important to close the loop with your clients by providing them with a professional letter addressing the tax return results along
with the planning portion of the tax return. You will also be addressing any final questions they may have at this time. Remember that many clients will not
consider some of these changes on their own. Tax practitioners add tremendous value to their role by helping the client think and plan ahead. Also, consider the following scenario to assist you in responding to your clients.
Your clients have requested additional information on how they may reduce their tax liability. They are interested in knowing a little more about the tax savings they could earn by contributing to a retirement account. Consider the discussion surrounding retirement planning throughout your chapter reading. Your clients also inform you that they will be selling their house this year. It is their principal residence, and they have never rented it out. Your clients wish to understand what effect this might have on their tax liability. Lastly, your client Freida informs you that she might be receiving a Form K1 in the coming years from a family business. She is not sure when she will receive the K1 form and worries that an estimate of the figures might be all she can obtain from the family’s accountant, as the accountant is always so busy. Be sure to address the use of estimates in preparing an individual tax return. Responding to the clients’ scenario will support the development of your responses to the critical elements below.
In your letter to the clients, address all of the critical elements listed below.
I. Explain the factors that determine an individual’s tax burden.
II. Discuss the treatment of potential gain or loss from the sale of a principal residence.
III. Recommend potential and ethical tax planning opportunities for reducing an individual’s tax liability.
IV. Explain the legal and ethical implications in relation to improper or erroneous tax filings
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