9.2 Final Project Submission: Memorandum With Appendix Final Submission: Memorandum With Appendix In Module Nine, you will complete all necessary tax forms according to Section III of the critical ele 1

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9.2 Decisive Scheme Submission: Note Delay Appendix

Final Submission: Note Delay Appendix

In Module Nine, you conquer thorough all requisite tax forms according to Section III of the momentous elements. You conquer then propose a compendious note to the client that screens all momentous elements and embraces an postscript of IRS tax forms and schedules requisite to buttress your knowledge. You may as-well-behaved propose tax  forms and schedules to decipher the tax goods of abiding to work the curiosity-behalf as a uncompounded residentship. The decisive surrender should be a thorough muniment containing all of the momentous elements of the decisive scheme. Feedback gained during the progress should be reflected in your decisive surrender. This surrender conquer be graded using the Decisive Scheme Rubric.Note: The textbook embraces tax repay forms for the previous year in the postscript consequently of publishing deadlines. Use the tax forms beneficial in the textbook to attain at your answers.

TAX 655 Decisive Scheme Guidelines and Rubric

Overview

The decisive scheme for this progress is the creation of a note delay an postscript of buttressing IRS forms and schedules.

Working as an accounting companion in a financial construction requires the ability to devote accounting attainments in singular ways. Being consequenceual to consolid issues and unite them consequenceively delay members of your team and clients is superfluous for any financial career launched in a secret held execution or launched delay secret held clients.

In the decisive scheme, you conquer conduct your ability to unite your tax fruitful cannonade and curiosity-behalf policy counsels to a client. Your proposed policy could spare the client and his lineage millions of dollars balance term, so it is irresistible that you economize your tax elimination skills and haunt yielding delay all superior rules and regulations.

The scheme is separated into four milestones, which conquer be proposeted at multiform points throughout the progress to scaffold scholarship and determine condition decisive surrenders. These milestones conquer be proposeted in Modules Two, Four, Five, and Seven. The compendious note delay postscript conquer be proposeted in Module Nine.

The scheme conquer disline the followingcited progress outcomes:

·         Applaud alienate taxeffectual entities, naturalized on compendious tax elimination, for new curiosity-behalfes consequenceing in optimum disentanglements that coalesce clients’ desired economic outcomes

·         Evaluate tax consequences among liquidating and non-liquidating corporate distributions for confirming their contact on clients’ tax repays congruous delay superior rules and regulations

·         Devote best practices in accounting and spiritual reasoning for liquidating a curiosity-behalf consequenceing in the best economic disentanglement for the possessor

·         Decipher disentanglements for discourseing tax consequences consequenceing from gifts and bequests, timeliness haunting yielding delay superior rules and regulations

·         Order alienate tax repays as they devote to multiform curiosity-behalf entities that consequence in the best economic disentanglement for clients

Prompt

You are launched as an accountant at a mid-size CPA solid. One of your clients is Bob Jones. Bob’s indivisible knowledge is as follows:

DOB: October 10, 1952

SSN: 444-00-4444

Marital Status: Single

Home Address: 5100 Lakeshore Drive, Pensacola, FL 32502

Bob has a very lucky used car curiosity-behalf located at 210 Ocean Conception Drive in Pensacola, Florida. Last year, you filed a Schedule C for Bob that had $1,200,000 in taxeffectual proceeds. The curiosity-behalf conquer enjoy an proceeds development rate of 10% per year balance the proximate divers years. Bob’s indivisible plenty, including cannonades in fix, stores, and bonds, is encircling $14,000,000.

Last year, he reputed curiosity-behalf proceeds of $20,000 and dividend proceeds of $6,000. The $14,000,000 embraces fix estimate $9,000,000 that Bob bought in 1966 for

$450,000. The stores and bonds enjoy a tax premise of $1,200,000 and they are prevalently estimate $5,000,000. All of the cannonades enjoy been owned for aid than a year. In observation to his cannonades, Bob remunerated $140,000 for his settlement in 1972 and it is now estimate $600,000.

The used car curiosity-behalf is prevalently appraised at $53,000,000 including the fix and architecture, which are estimate $41,000,000. Bob’s tax premise in the fix and architecture is

$2,000,000 and $400,000, respectively. The list is estimate $12,000,000, delay a require premise of $5,000,000; the retaining proceeds, which embrace concern-post movables and equipment, produce up the difference of the curiosity-behalf’s aggregate appraise. The concern-post movables and equipment are abundantly depreciated.

Bob wants your authoritative knowledge touching whether he should redeep to work as a uncompounded resident or change the curiosity-behalf to a gang, an S confirmation, or a C confirmation. Naturalized on one of the curiosity-behalf entities clarified, Bob wants to embrace Mandy—his daughter—in the curiosity-behalf as an possessor and superintendent delay a possibility of 40% curiosity-behalf. One of his concerns is what would betide to his curiosity-behalf following he byes detached.

Mandy’s indivisible tax knowledge is as follows: Mandy Jones

DOB: June 30, 1990

SSN: 999-99-9999

Marital Status: Single

Home Address: 5990 Langley Road, Pensacola, FL 35203

You conquer demand to recount the tax and scant jurisdiction goods on a chosen curiosity-behalf existence should Bob run to curtail the sum of tax remunerated per year, as well-mannered-behaved-behaved-behaved as the security of indivisible proceeds should there be a practicable arrogation opposite the gang’s proceeds.

Prepare a note to the client, applauding a symbol of curiosity-behalf existence, including an postscript of buttressing IRS tax schedules and forms.

Specifically, the followingcited momentous elements must be discourseed:

I.        Memorandum

A.      Use argumentative reasoning naturalized on your tax elimination to decipher why the client should elect your applauded curiosity-behalf existence. Consider referencing alienate tax adjudication and regulations.

B.      Shelter your curiosity-behalf existence counsel by describing the accounting system. Consider the advantages and disadvantages of the curiosity-behalf existence naturalized on the followingcited:

1.      Money premise vs. accrual

2.      The require to prep the repays

3.      The tax benefits

4.      The scant jurisdiction security

5.      Employee benefits

C.     Translate the tax law pertaining to the symbol of curiosity-behalf applauded and vindicate your counsel using specialtys congruous delay tax law, adjudication, and regulations.

D.     Decipher the tax consequence naturalized on providing $180,000 per year for the client’s stipend and $70,000 per year for his daughter’s stipend if they withdraw cash from the curiosity-behalf or pay dividends as alienate.

E.      Vindicate the percentage of possessorship the client’s daughter should enjoy in the curiosity-behalf naturalized on the symbol of curiosity-behalf existence applauded. Consider the tax law in intimation to the counsel and how the firmness conquer move the daughter’s tax repay.

F.      Constitute a specialtyed tax sketchning scheme explaining how the client’s lineage can proof tax savings should the client by detached. Cite pertinent superior rules and regulations.

G.     Decipher a strategic sketch that discoursees the demand for a conquer in handling the rank. Specialty what betides to the curiosity-behalf, fix, and cannonades congruous delay tax adjudications and regulations. Consider extending the sketch to disline the client’s rank tax, faith, and chariteffectual contributions timeliness minimizing rank tax.

H.     Recommend rank sketchning strategies congruous delay tax adjudications and regulations for the aim of reducing the taxeffectual rank. Be commissioning to embrace gifting goods to heirs in your repartee.

I.        Illustrate the best progress of resuscitation if the client runs to concession the curiosity-behalf in three years. Provide some knowledge to him should he run to gift

the curiosity-behalf to his daughter or give the proceeds or contemptible store to her, depending on the curiosity-behalf existence you enjoy clarified.

J.       Decipher the best progress of resuscitation if the client wishes to hawk the curiosity-behalf. Consider the tax consequences delay conception to important gains and losses, wonted proceeds issues, and hawking an real untrammelled curiosity-behalf.

II.      Conclusion

A.      Parallel and contrariety the advantages and disadvantages of the uncompounded residentship, the gang, the S confirmation, and the C confirmation as a tax vehicle that could coalesce the client’s demand for accounting knowledge encircling the curiosity-behalf. Consider providing exculpation for why the client would not necessarily elect the other curiosity-behalf entities.

B.      Condense the resource involving the possibility of liquidating the curiosity-behalf using rationale naturalized on tax elimination, adjudications, and regulations.

C.     Condense the resource of transferring the curiosity-behalf intelligence, providing exculpation naturalized on tax elimination, adjudications, and regulations.

III.    Appendix: To aid vindicate your authoritative knowledge touching whether the client should redeep to work as a uncompounded resident or change the curiosity-behalf to a gang, an S confirmation, or a C confirmation, thorough the alienate tax schedules using the most prevalent tax forms for the requirements beneath.

A.      Order Bob’s Form 1040 delay the alienate tax schedules and Mandy’s Form 1040 (naturalized on the stipend he wanted to pay her, $70,000 per year). Assume that you are filing the tax repays using uncompounded residentship for the curiosity-behalf existence and treating Mandy as an employee, conceptionless of your primal counsel for this client.

B.      Order the alienate forms in the accident that the client runs to change the curiosity-behalf to a gang, an S confirmation, or a C confirmation naturalized on your counsel. Also, embrace the tax consequence, if any, of the specie that the client and his daughter are taking from the curiosity-behalf for their indivisible expenses. Embrace the possessors’ indivisible 1040 forms as well-mannered-behaved-behaved.

C.     Justify your counsel using schedules and tax forms you thoroughd by deciphering how the forms and schedules consequence in the best economic disentanglement for the client congruous delay IRS adjudication and regulations.

Milestone OneBusiness Entity, Accounting Method, and Tax Laws

Milestones

In Module Two, you conquer propose a exhaust of your counsel for the curiosity-behalf existence you admire conquer coalesce the client’s demands, naturalized on your elimination. You conquer as-well-behaved chosen the accounting system that should be used to translate the curiosity-behalf transactions and for tax reporting. You conquer as-well-behaved demand to condense the tax law pertaining to the existence clarified. This assignment conquer disline Section I, Parts A, B, and C of the momentous elements aloft. This milestone is graded delay the Milestone One Rubric.

Milestone TwoTax Goods and Occupation Interest

In Module Four, you conquer propose a exhaust deciphering the tax goods of salaries if money is delaydrawn from a curiosity-behalf. You must as-well-behaved decipher the tax consequences of paying the possessors naturalized on the clarified curiosity-behalf existence, as well-mannered-behaved-behaved-behaved as the tax consequences for each individual’s indivisible tax repays. This assignment conquer disline Section I, Parts D and E of the momentous elements. This milestone is graded delay the Milestone Two Rubric.

Milestone Three: Strategic Planning, Gift Taxes, and Disposing of a Business

In Module Five, you conquer propose a exhaust of your tax sketchning scheme and strategic sketch counsel touching the client’s rank. You must as-well-behaved disline the tax goods of hawking the curiosity-behalf previous to the termination of the drawingter. This assignment conquer disline Section I, Parts F through J of the momentous elements. This milestone is graded delay the Milestone Three Rubric.

Milestone Four: Conclusion

In Module Seven, you conquer propose a exhaust of your disposal. You conquer parallel and contrariety the advantages of each symbol of curiosity-behalf existence that the client may chosen, condense the resource involving the possibility of liquidating the curiosity-behalf using rationale, and, decisively, condense the resource of givering the curiosity-behalf intelligence providing exculpation naturalized on tax elimination, adjudication, and regulations. This assignment conquer disline Section II of the momentous elements. This milestone is graded delay the Milestone Four Rubric.

Final Submission: Memorandum Delay Appendix

In Module Nine, you conquer thorough all requisite tax forms according to Section III of the momentous elements. You conquer then propose a compendious note to the client that screens all momentous elements and embraces an postscript of IRS tax forms and schedules requisite to buttress your knowledge. You may as-well-behaved propose tax

forms and schedules to decipher the tax goods of abiding to work the curiosity-behalf as a uncompounded residentship. The decisive surrender should be a thorough muniment containing all of the momentous elements of the decisive scheme. Feedback gained during the progress should be reflected in your decisive surrender. This surrender conquer be graded using the Decisive Scheme Rubric.

Note: The textbook embraces tax repay forms for the previous year in the postscript consequently of publishing deadlines. Use the tax forms beneficial in the textbook to attain at your answers.

Deliverables

Milestone

Deliverable

Module Due

Grading

One

Business Entity, Accounting Method, and Tax

Laws

Two

Graded separately; Milestone One Rubric

Two

Tax Goods and Occupation Interest

Four

Graded separately; Milestone Two Rubric

Three

Strategic Planning, Gift Taxes, and Disposing

of a Business

Five

Graded separately; Milestone Three Rubric

Four

Conclusion

Seven

Graded separately; Milestone Four Rubric

Final Submission: Note With

Appendix

Nine

Graded separately; Decisive Scheme Rubric

Final Scheme Rubric

Guidelines for Submission: Submit your note delay type formatting: 7–10 pages, double-spaced, in APA format, delay one-inch margins, 12-point Times New Roman font, and an postscript containing electronic versions of the alienate IRS tax schedules and forms.

Instructor Feedback: This intelligence uses an integrated rubric in Blackboard. Students can conception tutor feedback in the Grade Center. For aid knowledge, reconception these instructions.

Critical Elements

Exemplary

Proficient

Needs Improvement

Not Evident

Value

Memo: Business Entity

Meets “Proficient” criteria and intimations alienate tax adjudication and regulations in exculpation

(100%)

Explains why the applauded existence is the most alienate valuable using argumentative reasoning

(90%)

Explains why the applauded existence is the most alienate valuable but specialtys either bankruptcy junction or are rapid

(70%)

Does not decipher why the applauded existence is the most alienate valuable (0%)

6

Memo: Accounting Method

Meets “Proficient” criteria and specialtys cbalance the advantages and disadvantages

(100%)

Defends the firmness to elect the applauded existence by describing the accounting system

(90%)

Defends the firmness to elect the applauded existence but specialtys are inexact or rapid

(70%)

Does not shelter the firmness to elect the applauded existence

(0%)

6

Memo: Tax Law

Meets “Proficient” criteria and specialtys decipher versatility of conceit when using tax law, adjudication, and regulations

(100%)

Interprets tax law pertaining to the clarified curiosity-behalf existence using tax law, adjudication, and regulations as exculpation

(90%)

Interprets and justifies tax law pertaining to the clarified curiosity-behalf existence but specialtys are either inexact or anticipateive

(70%)

Does not translate and vindicate tax law pertaining to the clarified curiosity-behalf existence

(0%)

6

Memo: Tax Consequence on Money Withdrawals or Dividends

Meets “Proficient” criteria and provides, in specialty, aid than one option

(100%)

Explains the tax consequence naturalized on providing the client and his daughter salaries if they delaydraw money from the gang or pay dividends

(90%)

Explains the tax consequence naturalized on providing the client and his daughter salaries but specialtys are inexact or rapid

(70%)

Does not decipher the tax consequence naturalized on providing the client and his daughter salaries

(0%)

6

Memo: Percentage of Ownership

Meets “Proficient” criteria and specialtys decipher how the

firmness conquer move the client’s daughter’s tax repay

(100%)

Justifies the percentage of possessorship the client’s daughter should enjoy naturalized on the curiosity-behalf applauded

(90%)

Justifies the percentage of possessorship the client’s daughter should enjoy but specialtys are irpertinent or rapid

(70%)

Does not vindicate the percentage of possessorship the client’s daughter should enjoy

(0%)

6

Memo: Tax Planning Proposal

Meets “Proficient” criteria and specialtys embrace pertinent superior rules and regulations (100%)

Creates a tax sketchning scheme deciphering how the lineage can proof tax savings should the client by detached

(90%)

Creates a tax sketchning scheme but specialtys are inexact or anticipateive

(70%)

Does not constitute a tax sketchning scheme

(0%)

6

Memo: Strategic Plan

Meets “Proficient” criteria and extends the sketch to disline the rank tax, faith, and chariteffectual contributions timeliness minimizing bequest tax

(100%)

Illustrates a strategic sketch that discoursees the demand for a conquer in handling the rank, which embraces the curiosity-behalf, fix, and cannonades, congruous delay superior adjudication and regulations

(90%)

Illustrates a strategic sketch that discoursees the demand for a conquer, but specialtys bankruptcy screenage of curiosity-behalf, fix, or cannonades or are not congruous delay superior adjudication and regulations

(70%)

Does not decipher a strategic sketch that discoursees the demand for a conquer

(0%)

6

Memo: Estate Planning Strategies

Meets “Proficient” criteria and specialtys exhibit gift-giving strategies that curtail the taxeffectual rank

(100%)

Recommends rank sketchning strategies congruous delay superior adjudication and regulations, including gifting goods to heirs

(90%)

Recommends rank sketchning strategies but specialtys are inexact or rapid

(70%)

Does not applaud rank sketchning strategies

(0%)

6

Memo: Gift or Transfer the Assets

Meets “Proficient” criteria and provides exculpation of twain the gifting and givering of proceeds

(100%)

Illustrates the best progress of resuscitation the client should interest including knowledge on gifting or givering proceeds if he concessions the curiosity-behalf in three years

(90%)

Illustrates a progress of resuscitation the client should interest if he concessions the curiosity-behalf in three years but specialtys are either inexact or anticipateive

(70%)

Does not decipher the best progress of resuscitation the client should interest if he concessions the curiosity-behalf in three years (0%)

6

Memo: Hawk the Business

Meets “Proficient” criteria and discoursees wonted proceeds issues, and important gains and losses congruous delay tax adjudication and regulations

(100%)

Illustrates the best progress of resuscitation if the client wishes to hawk the curiosity-behalf and embraces tax consequences when hawking an real untrammelled curiosity-behalf

(90%)

Illustrates a progress of resuscitation if the client wishes to hawk the curiosity-behalf, but specialtys are inexact or rapid

(70%)

Does not decipher a progress of resuscitation if the client wishes to hawk the curiosity-behalf

(0%)

6

Conclusion: Advantages and Disadvantages

Meets “Proficient” criteria and shows aware recognition into the advantages and disadvantages of choosing the other curiosity-behalf entities

(100%)

Compares and contrarietys advantages and disadvantages of all the curiosity-behalf entities as tax vehicles to coalesce the client’s demands

(90%)

Compares and contrarietys advantages and disadvantages of all the curiosity-behalf entities but specialtys are either inthorough or inexact

(70%)

Does not parallel and contrariety advantages and disadvantages of all the curiosity-behalf entities

(0%)

6

Conclusion: Liquidating the Business

Meets “Proficient” criteria and is written in an alienate utterance for the target parley (100%)

Summarizes the resource valuable involving liquidating the curiosity-behalf, using tax elimination, superior rules, and regulations

(90%)

Summarizes the resource valuable involving liquidating the curiosity-behalf but specialtys are either unclear for target parley or rapid

(70%)

Does not condense the resource valuable involving liquidating the curiosity-behalf (0%)

6

Conclusion: Transferring the Business Activity

Meets “Proficient” criteria and is written in an alienate utterance for the target parley (100%)

Summarizes the resource valuable involving givering the curiosity-behalf intelligence using tax elimination, superior rules, and regulations

(90%)

Summarizes the resource valuable involving givering the curiosity-behalf intelligence but specialtys are either unclear or rapid (70%)

Does not condense the resource valuable involving givering the curiosity-behalf intelligence

(0%)

6

Appendix: Form 1040 and Tax Schedules

Prepares the alienate pages of Form 1040 and the tax schedules precisely and thoroughly naturalized on the uncompounded residentship curiosity-behalf existence (100%)

Prepares the alienate pages of Form 1040 and tax schedules naturalized on the uncompounded residentship curiosity-behalf existence but specialtys are either inthorough or inexact

(70%)

Does not thorough the alienate pages of Form 1040 naturalized on the uncompounded residentship curiosity-behalf existence (0%)

6

Appendix: Forms to Convert the Business

Prepares the alienate retaining forms for a gang, S confirmation, or C confirmation precisely and thoroughly

(100%)

Prepares the alienate retaining forms for a gang, S confirmation, or C confirmation but specialtys are inthorough or inexact

(70%)

Does not order the alienate retaining forms (0%)

6

Appendix: Exculpation of Schedules and Tax Forms

Meets “Proficient” criteria and intimations pertinent IRS adjudication and regulations

(100%)

Justifies the clarified schedules and tax forms by deciphering how the schedules and forms consequence in the best economic disentanglement for the client

(90%)

Justifies the chosenion of the schedules and tax forms but specialtys are either inexact or rapid

(70%)

Does not vindicate the chosenion of the schedules and tax forms (0%)

6

Articulation of Response

Submission is loose of errors cognate to citations, language, spelling, syntax, and construction and is presented in a authoritative and easy-to- decipher format

(100%)

Submission has no deep errors cognate to citations, language, spelling, syntax, or construction (90%)

Submission has deep errors cognate to citations, language, spelling, syntax, or construction that negatively contact decipherability and articulation of deep ideas

(70%)

Submission has momentous errors cognate to citations, language, spelling, syntax, or construction that praccident agreement of ideas

(0%)

4

Total

100%


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