Being able to write professional to different audlences is an important skll and one of the most requested skills by employers. Be clear and professional in your writing. Don't use slang or be too casual in explaining, especially to the client. You will write 2 emalls: one to your manager, Mr. Johnson, that explains how you are responding to a tax question from a client, and one answering the client. The email to your manager should be written in a professional tone for someone with tax knowledge. The client letter should also be professional, but in easy to understand language. Your client, Mr, and Mrs. lones, have asked you about being able to deduct investment interest during 2022. They took out a loan to purchase a commercial lot that they will hold for investment and plan on selling in a few years. The inferest paid on the loan in 2022 is $5,000. They have heard that the new tax law has changed some of the rules about itemized deductions, but they don't know the details. They have never deducted investment interest before and don't know if there is some kind of limit on what they can deduct. Also they want to know if they will lose the deduction if they can't deduct the interest this year. They plan on having about $26,000 in itemized deductions NOT counting the $,000 interest deduction. They will have $2500 in investment income this year. 2022 MFJ standard deduction is $25,900 In the email to your manager: total 25 points avallable List the Internal Revenue code section that applies to investment interest carryforward 5 points Use this format to show the codesection: Section (subsection) Explain to your manager if this contribution will be deducted on the client's return in 2022 and any future years if applicable 20 points - Be sure to discuss the limit on deducting investment interest expense and explain what would happen if they could not itemize next year (2023). In the email to your client: total of 25 points available DO NOT QUOTE THE CODE SECTION Explain, in easy to understand terms, how their investment interest deduction is calculated and if any can be deducted for 2022 and any future years if applicable. Be sure to give the deduction amount in dollars. - Be sure to discuss the limit on deducting investment interest expense and explain what would happen if they could not itemize next year (2023). Being able to write professional to different audlences is an important skll and one of the most requested skills by employers. Be clear and professional in your writing. Don't use slang or be too casual in explaining, especially to the client. You will write 2 emalls: one to your manager, Mr. Johnson, that explains how you are responding to a tax question from a client, and one answering the client. The email to your manager should be written in a professional tone for someone with tax knowledge. The client letter should also be professional, but in easy to understand language. Your client, Mr, and Mrs. lones, have asked you about being able to deduct investment interest during 2022. They took out a loan to purchase a commercial lot that they will hold for investment and plan on selling in a few years. The inferest paid on the loan in 2022 is $5,000. They have heard that the new tax law has changed some of the rules about itemized deductions, but they don't know the details. They have never deducted investment interest before and don't know if there is some kind of limit on what they can deduct. Also they want to know if they will lose the deduction if they can't deduct the interest this year. They plan on having about $26,000 in itemized deductions NOT counting the $,000 interest deduction. They will have $2500 in investment income this year. 2022 MFJ standard deduction is $25,900 In the email to your manager: total 25 points avallable List the Internal Revenue code section that applies to investment interest carryforward 5 points Use this format to show the codesection: Section (subsection) Explain to your manager if this contribution will be deducted on the client's return in 2022 and any future years if applicable 20 points - Be sure to discuss the limit on deducting investment interest expense and explain what would happen if they could not itemize next year (2023). In the email to your client: total of 25 points available DO NOT QUOTE THE CODE SECTION Explain, in easy to understand terms, how their investment interest deduction is calculated and if any can be deducted for 2022 and any future years if applicable. Be sure to give the deduction amount in dollars. - Be sure to discuss the limit on deducting investment interest expense and explain what would happen if they could not itemize next year (2023)
