Indiana University Bloomington Individual Income Tax Return Discussion

I need help with a Accounting question. All explanations and answers will be used to help me learn.

Prepare a brief (1-2 page) executive summary from you, their tax accountants, for the taxpayers that addresses the following:

  • Discuss any expenses they incurred during the year for which they did not get a tax benefit.
  • List any carryovers they have that will extend to 2020.
  • State whether or not they have an underpayment penalty for 2019. The taxpayers’ AGI in 2018 was $305,000 and their total tax liability was $45,227.
  • Discuss the reason the taxpayers do or do not owe “other taxes” including self-employment tax, net investment income tax, and the additional Medicare tax.