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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