Fiu book advance refund

Compete all the necessary tax returns and schedules for the Lopez family as indicated, including an assumptions/position document.

You can either work independently or in a group.

Assumptions/Position Document

Be sure to include with your submission a word document in which you list any assumptions or decisions you made along the way toward completing the return. Examples of this would include: standard or itemized, regular MACRS, bonus or 179,. tax-exempt items excluded, etc. You should explain the decision taken including computations as needed.Individual Tax Return Problem Due Date: Wednesday, April 15 at 11:59 pm Purpose: The purpose of this is not merely to learn how to fill-in forms but to enable you to meet the following goals: • Calculate individual income tax. • Identify and calculate business deductions and losses. • Apply the elements of taxation of property transactions, including basis, cost recovery, gains and losses and non-recognition transactions. Task: In order to successfully complete this assignment, you must. • Prepare the 2019federal income tax returns, including all required forms and schedules, as needed for all members of the Lopez family. • Throughout the return you will see instances where a line on the 1040, indicates to attach either a schedule or a specific form if required. You should review the information and instructions to determine and if required include it as part of a completed return. You can ignore the requirement to attach a W-2. • When the form contains the phrase (attach schedule), without identifying a specific form or schedule, this indicates that the amount on the form needs to be further detailed but there is no specific form on which to do so. In these cases, you should prepare a schedule that does so, such as in the following example: Professional Fees Auto expenses Miscellaneous Total, Form 1040, Schedule A, line 11 • $1,200 300 120 $1,620 Be sure to attach a list of any positions or conclusions that you made in the preparation of the return. These will assist in the grading of the return and would be part of the expectations at a firm to be included in the client file. Assume that the return is being filed on time. 1 Criteria for Success: In order to earn maximum credit for this assignment be sure to review the grading rubric. Dimension/Task Fair Quality (30 pt.) Average Quality (40 pts.) Excellent (45 pts.) Your return meets ANY of these criteria: -Key items requiring Business Income – 20% special tax treatment were not identified. -Business income is materially incorrect Your return meets ANY of these criteria: -A key item requiring special tax treatment was not identified. -A key item was incorrectly computed. Your return includes ALL of the following criteria: -Key items requiring special tax treatment were all identified. -Business income is correct. Your return meets ANY of these criteria: Adjusted Gross -Key items requiring Income -20% special tax treatment were not identified. -AGI is materially incorrect Your return meets ANY of these criteria: -A key item requiring special tax treatment was not identified.