The tax code is often difficult to interpret and apply to client situations. We recently had a situation where conflicting information on a client’s Schedule K-1 led to differences of opinion as to taxation related to the Affordable Care Act (the Net Investment Income Tax). Our tax research, with a little help from the tax preparer of the K-1, led us directly to an interpretation, in English, related to the client’s situation.
The investment in research materials is essential part of our practice, providing us with current knowledge of matters, enhancing our discussion with clients.
Someone told me along time ago while describing the accounting profession that “It an’t just beans”.
He was right!
-Keith Boyer, Certified Public Accountant