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Saturday, January 17, 2015

Due diligence for preparing 1040s for 2014

What's new for due diligence for 2014 individual tax returns?  Virtual currency, Affordable Care Act, FBAR, Airbnb rentals, for sure.  Also, the typical charitable contributions, mortgage interest and 1099-K review.  The biggest new item for 2014 will the new line asking if the individual had health coverage for the year.

I've got a short article that includes a suggestion for getting information from a client to complete the health coverage line (line 61 on the 1040; also on 1040A and 1040EZ).  See the 1/15/15 issue of the AICPA Tax Insider - here.

Anything I missed?  What about tax law complexity of even more lines on the tax return?

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