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Advising the individual taxpayer

SEE 1 Chapter 22 · IRS outline 5A1, 5A2, 5A3, 5A4, 5A5, 5A6, 5A11, 5A12

An enrolled agent doesn't just fill in forms; clients ask 'what should I do?' This chapter is the advice desk: what Daniel must report when customers pay in cash, how Hank should sell his business and his coin collection, how the Okafors should save for college, whether Rose should give her house now or leave it in her will, how to take money out of retirement accounts, what a divorce does to taxes, and when to time income and deductions. Every answer uses rules from earlier chapters, joined up.

In this chapter

1. Reporting obligations: 1099s, barter and cash
2. Planning property sales: homes, stock, businesses and collectibles
3. Education planning: 529 plans, Coverdells and credits
4. Estate planning: gifts, trusts, insurance and long-term care
5. Retirement planning: annuities, withdrawals and Social Security
6. Marriage and divorce
7. Timing and character planning

This chapter has 7 lessons and 68 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Reporting duties
• planning property sales
• education planning and 529 plans
• estate and retirement planning
• marriage and divorce
• timing and character planning

Chapter 21: Payments, penalties, amended returns and spouse relief · Chapter 23: Estate tax and Form 706