Required: Prepare the federal tax return for Julie using the following information. There is no state return as Florida is one of the nine states that does not have state income tax. Julie B. Fairway (SSN 375-27-2298, Date of Birth 3/7/1993) resides at 540 Titanium Drive, Orlando, FL 32801. Julie's daytime telephone number is 407-555-4334 and her home/evening telephone number is the same as her daytime number. Julie is unmarried and has no children. Julie does want to take advantage of the presidential election campaign checkoff. Julie teaches golf lessons at a country club under a business called Julie's Pure Swings (JPS). She operates this business as a sole proprietorship on the accrual basis of accounting. Julie's trusty accountant, Brian, has produced the following accounting information for JPS: This year JPS billed clients for $86,700 and collected $61,000 in cash for golf lessons completed during the year. In addition, JPS collected an additional $14,500 in cash for lessons that will commence after year-end. Julie hopes to collect about half of the outstanding billings next year but the rest will likely be written off. Besides providing private golf lessons, JPS also contracted with the country club to staff the driving range. This year, JPS billed the country club $27,200 for the service. The club paid $17,000 of the amount but disputed the remainder. By year-end, the dispute had not been resolved, and while Julie believes she is entitled to the money, she has still not collected the remaining $10,200. Note: JPS uses the accrual method of accounting which recognizes income when it meets the All-Events Test for Income. JPS does not want to make the deferral method election. JPS has accrued the following expenses (explained below): Advertising in the clubhouse) $13,150 Pro Golf Teachers Membership Fees 860 Supplies (golf tees, balls, etc.) 4,720 Club rental 6,800 Malpractice insurance 2,400 Accounting fees 8,820 The expenditures were all paid for this calendar year with several exceptions. First, Julie initiated her golfer's malpractice insurance on June 1 of this year. The $2,400 insurance bill covers the last six months of this calendar year and the first six months of next year. At year-end, Julie had only paid $600, but she has assured the insurance agent she would pay the remaining $1,800 early next year. Second, the amount paid for club rental ($100 per week) represents rental charges for the last 6 weeks of the previous year, the 52 weeks in this calendar year, and the first 10 weeks of next year. Julie has also mentioned that JPS only pays for supplies that are used at the club. Although JPS could buy the supplies for half the cost elsewhere, Julie likes to throw some business to the golf pro shop because it is operated by her brother. Note: JPS is required to follow both the all-events and economic performance requirements for deducting accrued business expenses. JPS does not elect to account for the insurance as a recurring item. Other information: Check box to apply the American Rescue Plan Provisions. Denise wants to defer SE taxes so check box to apply the latest Schedule SE and H deferral rules. Denise's accountant calculated her self-employment income from 3/27/20 through 12/31/20 to be $75,000. Your name as Preparer should be print on Form 1040 Allow discussion with IRS Denise made four quarterly estimated tax payments of $5,000 each ($20,000 total) on the four quarterly due dates. Required: Prepare the federal tax return for Julie using the following information. There is no state return as Florida is one of the nine states that does not have state income tax. Julie B. Fairway (SSN 375-27-2298, Date of Birth 3/7/1993) resides at 540 Titanium Drive, Orlando, FL 32801. Julie's daytime telephone number is 407-555-4334 and her home/evening telephone number is the same as her daytime number. Julie is unmarried and has no children. Julie does want to take advantage of the presidential election campaign checkoff. Julie teaches golf lessons at a country club under a business called Julie's Pure Swings (JPS). She operates this business as a sole proprietorship on the accrual basis of accounting. Julie's trusty accountant, Brian, has produced the following accounting information for JPS: This year JPS billed clients for $86,700 and collected $61,000 in cash for golf lessons completed during the year. In addition, JPS collected an additional $14,500 in cash for lessons that will commence after year-end. Julie hopes to collect about half of the outstanding billings next year but the rest will likely be written off. Besides providing private golf lessons, JPS also contracted with the country club to staff the driving range. This year, JPS billed the country club $27,200 for the service. The club paid $17,000 of the amount but disputed the remainder. By year-end, the dispute had not been resolved, and while Julie believes she is entitled to the money, she has still not collected the remaining $10,200. Note: JPS uses the accrual method of accounting which recognizes income when it meets the All-Events Test for Income. JPS does not want to make the deferral method election. JPS has accrued the following expenses (explained below): Advertising in the clubhouse) $13,150 Pro Golf Teachers Membership Fees 860 Supplies (golf tees, balls, etc.) 4,720 Club rental 6,800 Malpractice insurance 2,400 Accounting fees 8,820 The expenditures were all paid for this calendar year with several exceptions. First, Julie initiated her golfer's malpractice insurance on June 1 of this year. The $2,400 insurance bill covers the last six months of this calendar year and the first six months of next year. At year-end, Julie had only paid $600, but she has assured the insurance agent she would pay the remaining $1,800 early next year. Second, the amount paid for club rental ($100 per week) represents rental charges for the last 6 weeks of the previous year, the 52 weeks in this calendar year, and the first 10 weeks of next year. Julie has also mentioned that JPS only pays for supplies that are used at the club. Although JPS could buy the supplies for half the cost elsewhere, Julie likes to throw some business to the golf pro shop because it is operated by her brother. Note: JPS is required to follow both the all-events and economic performance requirements for deducting accrued business expenses. JPS does not elect to account for the insurance as a recurring item. Other information: Check box to apply the American Rescue Plan Provisions. Denise wants to defer SE taxes so check box to apply the latest Schedule SE and H deferral rules. Denise's accountant calculated her self-employment income from 3/27/20 through 12/31/20 to be $75,000. Your name as Preparer should be print on Form 1040 Allow discussion with IRS Denise made four quarterly estimated tax payments of $5,000 each ($20,000 total) on the four quarterly due dates