cases analysis

Overview

The role of a tax preparer is to become well-versed in tax theories and tax laws. It takes time to familiarize yourself with the extensive documentation found in the two primary VITA tax resources: IRS Publication 4012 and IRS Publication 4491. It takes practice and exposure to a variety of taxpayer scenarios. Some scenarios contain instances of unique income opportunities such as stocks/bonds/cryptocurrency, retirement, tips, expenses related to self-employment income, or life events such as a health savings accounts, first-time homebuyer, or student loans. Each unique circumstance will challenge you to dig deeper into your resource to find the best ways to reduce the taxpayer’s tax liability.

Directions

This assignment will prepare you for the Advanced Test by allowing you to critically preview the scenarios provided and to plan your strategy to answer the questions associated with each scenario. Begin by opening Form 6744 and review scenarios 1–6 in the Advanced Course Scenarios section. Select two scenarios for this assignment. This will give you a head start on completing the Advanced Test that you will complete in Module Five. You will analyze the individual scenarios and evaluate the questions posed for each scenario. Then you will explain how you would use your resources (IRS Publications) to find solutions to the questions. Completing the answer sheet is optional for this module, but it will be due in Module Five.

Important: At least one of the scenarios selected for this assignment should contain a unique circumstance, such as income opportunities, stocks/bonds/cryptocurrency, retirement, tips, expenses related to self-employment income, or life events such as a health savings accounts, first-time homebuyer, or student loans.

Specifically, you must address the following rubric criteria:

1. Summarize Taxpayer Scenario A
   1. Identify the scenario you selected by number.
   2. Explain what is unique about this taxpayer.
   3. Specify any unique circumstances, if applicable.
2. Analyze Taxpayer Scenario A
   1. What information is unclear or missing if any?
   2. Which answers can you find by reading the scenario?
   3. Which questions will require research?
   4. Where will you look for the answers in Publication 4012? (Name the tab and title of section.)
3. Summarize Taxpayer Scenario B
   1. Identify the scenario you selected by number.
   2. Explain what is unique about this taxpayer?
   3. Specify any unique circumstances if applicable.
4. Analyze Taxpayer Scenario B
   1. What information is unclear or missing if any?
   2. Which answers can you find by reading the scenario?
   3. Which questions will require research?
   4. Where will you look for the answers in Publication 4012? (Name the tab and title of section.)
5. Explain research approach in each taxpayer circumstance.
   1. Show how you approach a problem by explaining your thought process.
   2. Explain each step of the process and how it will vary depending on the taxpayer’s circumstances.

What to Submit

Submit your short paper using the numbered sections above as section headers. Produce a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Follow APA guidelines.

Supporting Materials

The following resources support your work on the assignment:

Test Document: Form 6744 VITA/TCE Volunteer Assistor’s Test/Retest
This is the VITA testing document. Read the Test Instructions section and review Certification Tests flowchart. It contains all the VITA Advanced Test information. It should be used to preview the scenarios and to answer the questions on the answer sheet provided.

Guide: IRS Publication 4491 VITA/TCE Training Guide
Tax theory, tax laws, filing status, answers to rules of tax law may be found in this guide. It is used by VITA volunteers as a primary reference. Refer to this document to find answers and solutions to taxpayer issues.

Guide: IRS Publication 4012 VITA/TCE Volunteer Resource Guide
VITA volunteer standards of conduct, intake procedures, interview practices, quality review, consequences of actions that are outside of the scope of a volunteer, and answers questions specific to working as a VITA volunteer with VITA qualified taxpayers may be found in this guide. It is used by VITA volunteers as a primary reference. Refer to this document to find answers and solutions to taxpayer issues.

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