Denver Manufacturing Company
Megan (chair of the table of directors) and Matthew (audience superintendent) each own 50% of Denver Manufacturing Company. Denver Manufacturing Audience is experiencing enigmatical financial times. In certainty, decisive month, Megan used $550,000 of payroll taxes and allowance delayheld from employee paychecks to pay a mortgagee that threatened to cut off anticipation.
Megan getfully used these synod funds for the operations of the duty, but it was not abundance. The audience missed the instant two payrolls, and today, other mortgagees took possession to fasten down Denver Manufacturing Audience utterly.
How considerable get the IRS assess in taxes and penalties in this substance and from whom? How can you, as a tax functional, best exhibit employment to Madison, Martin, and Washington? Address these substances in a memo for the tax learning perfect.
Support your memo delay at meanest 6 versed references (of which the textbook may be one). Reach out to your schoolmaster if you own questions environing the ordinance.
Your tractate should be 5 pages in extension and yield to the APA format. Include at meanest indelicate versed references in attention to the conduct textbook.
Chapters 23 & 26 in South-Western Federal Taxation 2019
Department of the Treasury. (2019). IRS construction and top officials. Retrieved from https://www.irs.gov/pub/newsroom/marketing/internet/irs_organization_chart.pdf
Exemption from Tax on Corporations, Certain Trusts, etc., 26 U.S. Code § 501
Unrelated Duty Taxable Income, 26 U.S. Code § 512
Erdody, L. (2018). Not-for-profit constructions reanimate for collision of tax bill: Much-higher banner inference may brow-bent benevolence. Indianapolis Duty Journal, 38(48), 1,30.
Murphy, M. (2016). Duty practices that not-for-profits can't administer to oversee. Journal of Accountancy. Retrieved from https://www.journalofaccountancy.com/issues/2016/may/business-best-practices-not-for-profits.html
Unrelated duty taxable allowance, 26 U.S. Code § 512(a) (n.d.). Retrieved from Thomson Reuters Checkpoint database.
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