Tax655 final project | Accounting homework help

TAX 655 Terminal Design Guidelines and Rubric Overconception The terminal design for this process is the creation of a register behind a timeliness an sequel of fooded IRS forms and schedules. Agoing as an accounting partner in a financial form requires the power to direct accounting conversance in uncombined ways. Being conducive to authenticate issues and touch them chattelsively behind a timeliness members of your team and clients is ascititious for any financial walk agoing in a secret held operation or agoing behind a timeliness secret held clients. In the terminal design, you conciliate manifest your power to touch your tax prolific siege and calling diplomacy instructions to a client. Your designed diplomacy could obviate the client and his lineage millions of dollars balance date, so it is compulsory that you economize your tax lore skills and obey ductility behind a timeliness all controlling rules and regulations. The design is separated into disgusting milestones, which conciliate be surrenderted at manifold points throughout the process to scaffold literature and secure sort terminal patiences. These milestones conciliate be surrenderted in Modules Two, Four, Five, and Seven. The generic register behind a timeliness sequel conciliate be surrenderted in Module Nine. The design conciliate harangue the forthcoming process outcomes:  Commend embezzle taxconducive entities, grounded on generic tax lore, for new callinges fruiting in optimum disconnections that engage clients’ desired economic outcomes  Evaluate tax consequences between liquidating and non-liquidating municipal distributions for authenticateing their collision on clients’ tax allowance consonant behind a timeliness controlling rules and regulations  Direct best practices in accounting and ethical rationalistic for liquidating a calling fruiting in the best economic disconnection for the occupier  Embody disconnections for harangueing tax consequences fruiting from presents and possessions, timeliness obeying ductility behind a timeliness controlling rules and regulations  Make-ready embezzle tax allowance as they direct to manifold calling entities that fruit in the best economic disconnection for clients Prompt You are agoing as an accountant at a mid-size CPA established. One of your clients is Bob Jones. Bob’s peculiar direction is as follows: DOB: October 10, 1952 SSN: 444-00-4444 Marital Status: Single Abode Address: 5100 Lakeshore Drive, Pensacola, FL 32502 Bob has a very happy used car calling located at 210 Ocean Conception Drive in Pensacola, Florida. Last year, you filed a Schedule C for Bob that had $1,200,000 in taxconducive allowance. The calling conciliate enjoy an allowance enlargement rate of 10% per year balance the contiguous various years. Bob’s peculiar affluence, including sieges in place, funds, and bonds, is environing $14,000,000. Last year, he reported cause allowance of $20,000 and dividend allowance of $6,000. The $14,000,000 conceives place price $9,000,000 that Bob bought in 1966 for $450,000. The funds and bonds enjoy a tax premise of $1,200,000 and they are vulgarly price $5,000,000. All of the sieges enjoy been owned for past than a year. In adduction to his sieges, Bob hired $140,000 for his abode in 1972 and it is now price $600,000. The used car calling is vulgarly appraised at $53,000,000 including the place and edifice, which are price $41,000,000. Bob’s tax premise in the place and edifice is $2,000,000 and $400,000, respectively. The schedule is price $12,000,000, behind a timeliness a require premise of $5,000,000; the retaining attribute, which conceive employment wares and equipment, shape up the residue of the calling’s completion appraise. The employment wares and equipment are easily depreciated. Bob wants your negotiative direction concerning whether he should abide to bear-chattels as a uncombined occupier or alter the calling to a posse, an S fortification, or a C fortification. Grounded on one of the calling entities chosened, Bob wants to conceive Mandy—his daughter—in the calling as an occupier and superintendent behind a timeliness a possibility of 40% cause. One of his concerns is what would occur to his calling behind he ignoringes far. Mandy’s peculiar tax direction is as follows: Mandy Jones DOB: June 30, 1990 SSN: 999-99-9999 Marital Status: Single Abode Address: 5990 Langley Road, Pensacola, FL 35203 You conciliate want to embody the tax and poor lipower chattelss on a chosened calling existence should Bob run to subjugate the equality of tax hired per year, as polite as the guard of peculiar attribute should there be a potential arrogation counter the posse’s attribute. Make-ready a register to the client, commending a mark of calling existence, including an sequel of fooded IRS tax schedules and forms. Specifically, the forthcoming hazardous elements must be harangueed: I. Register A. Use argumentative rationalistic grounded on your tax lore to elucidate why the client should pick-out your commended calling existence. Consider referencing embezzle tax edict and regulations. B. Stroke your calling existence instruction by describing the accounting process. Consider the advantages and disadvantages of the calling existence grounded on the forthcoming: 1. Money premise vs. accrual 2. The require to prep the allowance 3. The tax benefits 4. The poor lipower guard 5. Employee benefits C. Elucidate the tax law pertaining to the mark of calling commended and vindicate your instruction using components consonant behind a timeliness tax law, edict, and regulations. D. Elucidate the tax chattels grounded on providing $180,000 per year for the client’s stipend and $70,000 per year for his daughter’s stipend if they behind a timelinessdraw money from the calling or pay dividends as embezzle. E. Vindicate the percentage of occupiership the client’s daughter should enjoy in the calling grounded on the mark of calling existence commended. Consider the tax law in relation to the instruction and how the falsification conciliate desire the daughter’s tax come-back. F. Form a specific tax guilening offer elucidateing how the client’s lineage can trial tax savings should the client ignoring far. Cite expend controlling rules and regulations. G. Embody a strategic guile that haranguees the want for a conciliate in handling the condition. Component what occurs to the calling, place, and sieges consonant behind a timeliness tax edicts and regulations. Consider extending the guile to harangue the client’s condition tax, confidence, and charitconducive contributions timeliness minimizing condition tax. H. Commend condition guilening strategies consonant behind a timeliness tax edicts and regulations for the point of reducing the taxconducive condition. Be confidenceing to conceive presenting attribute to heirs in your counter-argument. I. Embody the best process of force if the client runs to permission the calling in three years. Provide some direction to him should he run to present the calling to his daughter or exchange the attribute or despicable fund to her, depending on the calling existence you enjoy chosened. J. Embody the best process of force if the client wishes to dispose-of the calling. Consider the tax consequences behind a timeliness deem to chief gains and losses, inferior allowance issues, and dispose-ofing an solid unoccupied calling. II. Falsification A. Parallel and opposition the advantages and disadvantages of the uncombined occupiership, the posse, the S fortification, and the C fortification as a tax mien that could engage the client’s want for accounting direction environing the calling. Consider providing plea for why the client would not necessarily pick-out the other calling entities. B. Digest the opinion involving the possibility of liquidating the calling using rationale grounded on tax lore, edicts, and regulations. C. Digest the opinion of exchangering the calling air, providing plea grounded on tax lore, edicts, and regulations. III. Appendix: To exalt vindicate your negotiative direction concerning whether the client should abide to bear-chattels as a uncombined occupier or alter the calling to a posse, an S fortification, or a C fortification, accomplished the embezzle tax schedules using the most vulgar tax forms for the requirements beneath. A. Make-ready Bob’s Form 1040 behind a timeliness the embezzle tax schedules and Mandy’s Form 1040 (grounded on the stipend he wanted to pay her, $70,000 per year). Assume that you are filing the tax allowance using uncombined occupiership for the calling existence and treating Mandy as an employee, deemless of your judicious instruction for this client. B. Make-ready the embezzle forms in the circumstance that the client runs to alter the calling to a posse, an S fortification, or a C fortification grounded on your instruction. Also, conceive the tax chattels, if any, of the money that the client and his daughter are commencement from the calling for their peculiar expenses. Conceive the occupiers’ peculiar 1040 forms as polite. C. Vindicate your instruction using schedules and tax forms you accomplishedd by elucidateing how the forms and schedules fruit in the best economic disconnection for the client consonant behind a timeliness IRS edict and regulations. Milestones Milestone One: Calling Entity, Accounting Method, and Tax Laws In Module Two, you conciliate surrender a exhaust of your instruction for the calling existence you deem conciliate engage the client’s wants, grounded on your lore. You conciliate to-boot chosen the accounting process that should be used to elucidate the calling transactions and for tax reporting. You conciliate to-boot want to digest the tax law pertaining to the existence chosened. This provision conciliate harangue Section I, Parts A, B, and C of the hazardous elements aloft. This milestone is graded behind a timeliness the Milestone One Rubric. Milestone Two: Tax Goods and Tenure Cause In Module Four, you conciliate surrender a exhaust elucidateing the tax chattelss of salaries if money is behind a timelinessdrawn from a calling. You must to-boot elucidate the tax consequences of paying the occupiers grounded on the chosened calling existence, as polite as the tax consequences for each individual’s peculiar tax allowance. This provision conciliate harangue Section I, Parts D and E of the hazardous elements. This milestone is graded behind a timeliness the Milestone Two Rubric. Milestone Three: Strategic Planning, Present Taxes, and Disposing of a Calling In Module Five, you conciliate surrender a exhaust of your tax guilening offer and strategic guile instruction concerning the client’s condition. You must to-boot harangue the tax chattelss of dispose-ofing the calling foregoing to the failure of the author. This provision conciliate harangue Section I, Parts F through J of the hazardous elements. This milestone is graded behind a timeliness the Milestone Three Rubric. Milestone Four: Falsification In Module Seven, you conciliate surrender a exhaust of your falsification. You conciliate parallel and opposition the advantages of each mark of calling existence that the client may chosen, digest the opinion involving the possibility of liquidating the calling using rationale, and, terminally, digest the opinion of exchangering the calling air providing plea grounded on tax lore, edict, and regulations. This provision conciliate harangue Section II of the hazardous elements. This milestone is graded behind a timeliness the Milestone Disgusting Rubric. Terminal Submission: Register Behind a timeliness Sequel In Module Nine, you conciliate accomplished all compulsory tax forms according to Section III of the hazardous elements. You conciliate then surrender a generic register to the client that shelters all hazardous elements and conceives an sequel of IRS tax forms and schedules compulsory to food your direction. You may to-boot surrender tax forms and schedules to embody the tax chattelss of persistent to bear-chattels the calling as a uncombined occupiership. The terminal patience should be a accomplished muniment containing all of the hazardous elements of the terminal design. Feedback gained during the process should be reflected in your terminal patience. This patience conciliate be graded using the Terminal Design Rubric. Note: The textbook conceives tax come-back forms for the foregoing year in the sequel accordingly of publishing deadlines. Use the tax forms availconducive in the textbook to place at your answers. Deliverables Milestone Deliverconducive Module Due Grading One Calling Entity, Accounting Method, and Tax Laws Two Graded separately; Milestone One Rubric Two Tax Goods and Tenure Cause Disgusting Graded separately; Milestone Two Rubric Three Strategic Planning, Present Taxes, and Disposing of a Calling Five Graded separately; Milestone Three Rubric Disgusting Falsification Seven Graded separately; Milestone Disgusting Rubric Terminal Submission: Register Behind a timeliness Sequel Nine Graded separately; Terminal Design Rubric Terminal Design Rubric Guidelines for Submission: Surrender your register behind a timeliness type formatting: 7–10 pages, double-spaced, in APA format, behind a timeliness one-inch margins, 12-point Times New Roman font, and an sequel containing electronic versions of the embezzle IRS tax schedules and forms. Schoolmistress Feedback: This air uses an integrated rubric in Blackboard. Students can conception schoolmistress feedback in the Grade Center. For past direction, reconception these instructions. Hazardous Elements Exemplary Proficient Needs Improvement Not Evident Appraise Memo: Calling Existence Meets “Proficient” criteria and relations embezzle tax edict and regulations in plea (100%) Explains why the commended existence is the most embezzle precious using argumentative rationalistic (90%) Explains why the commended existence is the most embezzle precious but components either stagnation association or are superficial (70%) Does not elucidate why the commended existence is the most embezzle precious (0%) 6 Memo: Accounting Process Meets “Proficient” criteria and components cbalance the advantages and disadvantages (100%) Defends the falsification to pick-out the commended existence by describing the accounting process (90%) Defends the falsification to pick-out the commended existence but components are faulty or superficial (70%) Does not stroke the falsification to pick-out the commended existence (0%) 6 Memo: Tax Law Meets “Proficient” criteria and components embody versatility of cogitation when using tax law, edict, and regulations (100%) Interprets tax law pertaining to the chosened calling existence using tax law, edict, and regulations as plea (90%) Interprets and justifies tax law pertaining to the chosened calling existence but components are either faulty or irexpend (70%) Does not elucidate and vindicate tax law pertaining to the chosened calling existence (0%) 6 Memo: Tax Chattels on Money Withdrawals or Dividends Meets “Proficient” criteria and provides, in component, past than one non-interference (100%) Explains the tax chattels grounded on providing the client and his daughter salaries if they behind a timelinessdraw money from the posse or pay dividends (90%) Explains the tax chattels grounded on providing the client and his daughter salaries but components are faulty or superficial (70%) Does not elucidate the tax chattels grounded on providing the client and his daughter salaries (0%) 6 Memo: Percentage of Tenure Meets “Proficient” criteria and components elucidate how the falsification conciliate desire the client’s daughter’s tax come-back (100%) Justifies the percentage of occupiership the client’s daughter should enjoy grounded on the calling commended (90%) Justifies the percentage of occupiership the client’s daughter should enjoy but components are irexpend or superficial (70%) Does not vindicate the percentage of occupiership the client’s daughter should enjoy (0%) 6 Memo: Tax Planning Offer Meets “Proficient” criteria and components conceive expend controlling rules and regulations (100%) Creates a tax guilening offer elucidateing how the lineage can trial tax savings should the client ignoring far (90%) Creates a tax guilening offer but components are faulty or irexpend (70%) Does not form a tax guilening offer (0%) 6 Memo: Strategic Guile Meets “Proficient” criteria and extends the guile to harangue the condition tax, confidence, and charitconducive contributions timeliness minimizing possession tax (100%) Illustrates a strategic guile that haranguees the want for a conciliate in handling the condition, which conceives the calling, place, and sieges, consonant behind a timeliness controlling edict and regulations (90%) Illustrates a strategic guile that haranguees the want for a conciliate, but components stagnation shelterage of calling, place, or sieges or are not consonant behind a timeliness controlling edict and regulations (70%) Does not embody a strategic guile that haranguees the want for a conciliate (0%) 6 Memo: Condition Planning Strategies Meets “Proficient” criteria and components embody present-giving strategies that subjugate the taxconducive condition (100%) Recommends condition guilening strategies consonant behind a timeliness controlling edict and regulations, including presenting attribute to heirs (90%) Recommends condition guilening strategies but components are faulty or superficial (70%) Does not commend condition guilening strategies (0%) 6 Memo: Present or Exchange the Attribute Meets “Proficient” criteria and provides plea of twain the presenting and exchangering of attribute (100%) Illustrates the best process of force the client should procure including direction on presenting or exchangering attribute if he permissions the calling in three years (90%) Illustrates a process of force the client should procure if he permissions the calling in three years but components are either faulty or irexpend (70%) Does not embody the best process of force the client should procure if he permissions the calling in three years (0%) 6 Memo: Dispose-of the Calling Meets “Proficient” criteria and haranguees inferior allowance issues, and chief gains and losses consonant behind a timeliness tax edict and regulations (100%) Illustrates the best process of force if the client wishes to dispose-of the calling and conceives tax consequences when dispose-ofing an solid unoccupied calling (90%) Illustrates a process of force if the client wishes to dispose-of the calling, but components are faulty or superficial (70%) Does not embody a process of force if the client wishes to dispose-of the calling (0%) 6 Conclusion: Advantages and Disadvantages Meets “Proficient” criteria and shows discriminating instinct into the advantages and disadvantages of choosing the other calling entities (100%) Compares and oppositions advantages and disadvantages of all the calling entities as tax miens to engage the client’s wants (90%) Compares and oppositions advantages and disadvantages of all the calling entities but components are either inaccomplished or faulty (70%) Does not parallel and opposition advantages and disadvantages of all the calling entities (0%) 6 Conclusion: Liquidating the Calling Meets “Proficient” criteria and is written in an embezzle expression for the target assembly (100%) Summarizes the opinion precious involving liquidating the calling, using tax lore, controlling rules, and regulations (90%) Summarizes the opinion precious involving liquidating the calling but components are either unclear for target assembly or superficial (70%) Does not digest the opinion precious involving liquidating the calling (0%) 6 Conclusion: Transferring the Calling Air Meets “Proficient” criteria and is written in an embezzle expression for the target assembly (100%) Summarizes the opinion precious involving exchangering the calling air using tax lore, controlling rules, and regulations (90%) Summarizes the opinion precious involving exchangering the calling air but components are either unclear or superficial (70%) Does not digest the opinion precious involving exchangering the calling air (0%) 6 Appendix: Form 1040 and Tax Schedules Prepares the embezzle pages of Form 1040 and the tax schedules correspondently and accomplishedly grounded on the uncombined occupiership calling existence (100%) Prepares the embezzle pages of Form 1040 and tax schedules grounded on the uncombined occupiership calling existence but components are either inaccomplished or faulty (70%) Does not accomplished the embezzle pages of Form 1040 grounded on the uncombined occupiership calling existence (0%) 6 Appendix: Forms to Alter the Calling Prepares the embezzle retaining forms for a posse, S fortification, or C fortification correspondently and accomplishedly (100%) Prepares the embezzle retaining forms for a posse, S fortification, or C fortification but components are inaccomplished or faulty (70%) Does not make-ready the embezzle retaining forms (0%) 6 Appendix: Plea of Schedules and Tax Forms Meets “Proficient” criteria and relations expend IRS edict and regulations (100%) Justifies the chosened schedules and tax forms by elucidateing how the schedules and forms fruit in the best economic disconnection for the client (90%) Justifies the chosenion of the schedules and tax forms but components are either faulty or superficial (70%) Does not vindicate the chosenion of the schedules and tax forms (0%) 6 Flexure of Counter-argument Patience is loose of errors cognate to citations, rhetoric, spelling, syntax, and form and is presented in a negotiative and easy-toread format (100%) Patience has no senior errors cognate to citations, rhetoric, spelling, syntax, or form (90%) Patience has senior errors cognate to citations, rhetoric, spelling, syntax, or form that negatively collision readpower and flexure of ocean ideas (70%) Patience has hazardous errors cognate to citations, rhetoric, spelling, syntax, or form that prcircumstance brains of ideas (0%) 4 Completion 100%

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