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What steps need to be taken to ensure income is reasonably

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Reference no: EM132744411

Problem 1: A taxpayer brings in a 1099NEC for $7,000 and states that they made an additional $10,000 in income, but do not have any documentation. What steps need to be taken to ensure income is reasonably accurate?

a. Ask the client how the amount was determined. Document both the question and the answer

b. Have taxpayer complete the Income Information Worksheet or other Reconstruction of Income

c. None, the taxpayer's statement is sufficient

d. Both a and b

Reference no: EM132744411

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