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You will submit IRS draft tax forms, analyzing all of the critical elements in III. Appendix, sections A, B, and C. Based on your research, the tax forms and schedules will support your recommendation to the client. This assignment will be submitted as completed tax forms.

If you are using the IRS forms (from the IRS website),

“print” the tax form as a PDF

once you complete the form with numbers.  That should save the numbers on the form.  Do not “save” the form because that does not save the numbers you have added.

The numbers are in the final project attachment and the  milestone four attachment is the work that needs o be done

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TAX 650 Milestone Four Guidelines and Rubric In this milestone , you will submit drafts of completed tax forms for the client described in the final project . You will use t hese forms to support your client recommendations in the final project. Specifical ly, the following critical elements must be addressed: A. Prepare the appropriate page of Form 1040 and include the sale of the client’s land on the appropriate tax schedule and form for t he recommended business entity. B. Prepare the appropriate schedule s to r eflect taxable income based on your calculations and the disposition of asset. Be certain to complete each tax schedule accurately and completely. Guidelines for Submission: This assignment will be submitted as completed tax forms, which are provided to you in your textbook resource CD or on the IRS website. Instructor Feedback : This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more in formation, review these instructions . Critical Elements Proficient (100 %) Needs Improvement (75% ) Not Evident (0% ) Value Form 1040 Prepares the appropriate page of Form 1040 accura tely and completely, including the sale of the client’s land Prepares the appropriate page of Form 1040 on the appropriate tax form, but details are either incomplete or inaccurate Does not complete the appropriate page of Form 1040 and does not include th e sale of the client’s land on the ap propriate tax form and schedule 50 Form 1040 Schedule s Prepares the appropriate schedule s accurately and completely, reflecting taxable income based on calculatio ns and the disposition of asset Prepares the appropriat e schedule s reflecting taxable income but detai ls are incomplete or inaccurate Does not prepare the schedule s reflecting taxable income 50 Earned Total 100%
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TAX 650 Final Project Guidelines and Rubric Overview The final project for this course is the creation of a memorandum with appendix (7–10 pages). As an associate working in a privately held enterprise or working with privately held clients, it is impera tive to be able to advise clients on the tax implications of their financial investments. The ability to model the tax consequences of transactions and do cost benefit analysis is crucia l. For your final project , you will model the role of an associate w orking in a private consulting firm. You will demonstrate your ability to advise clients on whether they should operate as a sole proprietor , a partnership , an S corporation , or a C corporation . Additionally, using your tax research skills and understandin g of federal income taxation, you will have the opportunity to evaluate tax consequences from sales and distributions for their compliance with the Internal Revenue Code and Treasury regulations. The project is divided in to four milestones , which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three , F ive, Seven , and Eight . The final product will be submitted in Module Nine. In this assignmen t, you will demonstrate your mastery of the following course outcomes:  Recommend an appropriate business tax entity based on the analysis of a tax situation for achieving favorable economic impact on the client ’s taxable income  Utilize appropriate tax fo rms and schedules that compute taxable income on individual tax returns and reflect versatility of thought, resulting in the best economic solution for the individual taxpayer  Apply accrual and cash basis accounting best practices and moral reasoning in de termining when business transactions may be reported for income tax purposes  Assess the economic impact on taxable income for the business tax entity in relation to Internal Revenue Code and Treasury regulations and the optimum desired outcomes for the cli ent  Evaluate the tax consequences that result from sales or distributions of property for their compliance with IRS Circular 230, Internal Revenue Code , and the American Institute for Certified Public Accountants and for advising the client Prompt You are currently working at a mid -sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car busi ness that will be located at 210 Ocean V iew Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob’s personal wealth including investments in land, stocks, and bonds is about $14,000,000. He reported a n interest income of $20,000 and dividend income of $6,000 last year. The $14,000,000 includes land worth $9,000,000 that Bob bought in 1966 for $450,000. Bob has hired your firm for professional advice regarding whether he should operate as a sole propr ietor , a partnership , an S corporation , or a C corporation . He is also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single . Prepare a memorandum to the client, recommending a type of business enti ty, including an appendix of supporting IRS tax schedules and forms. Specifically , the following critical elements must be addressed: I. Memorandum A. Recommend a type of business entity for the client to consider based on your tax research. Consider justifyin g your recommendation using the code and regulations that relate to the business entity. B. Differentiate between accrual accounting and cash basis . Based on the type of business and the client’s accounting system, what is the imp act when revenue is recogniz ed? C. Based on the decision of accrual vs. cash basis, describe when revenue would be recognized on the sale of inventory, and how the accrual rep orting differs from cash basis. D. Determine the economic impact on the client’s financial situation. Based on your decision, determine the potential tax liability, keeping in mind approp riate Internal Revenue Code and Treasury regulations. E. Identify the tax consequences on the sale or exchange of the land consistent with capital gain rules. Consider the selling expense, broker’s fees, clos ing costs, appraisals, and surveys and the cor rect schedule form to complete. F. Justify whether or not the client should choose a business entity that has limited liability protection . Be sure to include possible future liability issues based on the potenti al economic impact and approp riate Internal Revenue Code and Treasury regulations. G. Describe the tax effect on the recommended business entity and the impact it will have on the client’s personal tax return. Consider addressing how the business entity affects the completion of t he 1040 tax form . II. Conclusion A. Evaluate the economic impact on the client’s personal returns based on the recommended entity. Justify why the client would not choose the other business entities by informing the client of the differences. B. Justify your recom mendation regarding the client’s daughter having an ownership interest . Provide details supporting the recommendation taking into consideration the jargon an d mechanics of the transaction. C. Summarize, using moral reasoning, cash or accrual basis accounting systems in relation to the selected business entity. Consider how the accounting system impacts revenue recognition, consistent with Internal Revenue Code and Treasury regulations. D. Describe the after tax effects on the client’s cash flow based on the sale of the land that is needed to provide the funds necessary to start the business. Consider including capital gains tax rules. E. Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and Internal Revenue Code and Treasury regulations. Consid er the type of business and the tax effect whether it is salary, dividends , or c ash withdrawal. III. Appendix Based on your recommendation to the client regarding proprietorship, taxable income, and sale of land, complete the appropria te tax schedules and for ms described below. A. Prepare the appropriate page of Form 1040 and include the sale of the client’s land on the appropriate tax schedule and form for the recommended business entity. Be certain to complete each tax schedule and form accurately and complete ly. B. Prepare the appropriate schedule and tax form s to reflect taxable income based on your calculations and the disposition of asset. Be certain to complete each tax schedule and form accurately and completely. C. Illustrate how creative problem solving and versatility of thought impact professional advice that you intended to result in the best economic solutions for the client. Consider providing real -world e xamples to support your claims. Milestones Milestone One : Gross Income and Capital Gains In Module Three , you will submit a draft of the gross income and capital gains , analyzing the following critical elements : I. Memorandum , section E , and II. Conclusion , sections D and E. You must compute the property disposition capital gain and taxation of gross in come. In completing this assignment, consider the tax effect of salary dividends or cash withdrawal in accordance with Internal Revenue Code and Treasury regulations. This assignment will be submitted as a Word document. This milestone is graded with the Milestone One Rubric. Milestone Two : Revenue Recognition and Accounting Methods In Module F ive , you will submit a draft of the revenue recognition and accounting methods , summarizing the following critical elemen ts: I. Memorandum , sections B, C , and D , and II. Conclusion, sec tion C. You will determine revenue recognition and the economic impact of the client ’s financial situation. Based on your decision, determine the potential tax liability, keeping in mind appropriate Internal Revenue Code and Treasury regulations. This assignment will be submitt ed as a Word document. This milestone is graded with the Milestone Two Rubric. Milestone Three : Choice of Business Entity In Module Seven , you will submit a draft of the choice of business entity , analyzing the following critical elements : I. Memorandum, sections A, F, and G, and II. Conclusion , section s A and B. The short paper will communicate tax aspects of business entities to the client. This assignment will be submitted as a Word document. This milestone is graded with the Milestone Three Rubric. Mi lestone Four : Tax Forms In Module Eight , you will submit IRS draft tax forms , analyzing all of the critical elements in III. Appendix, sections A, B, and C . Based on your research, the tax forms and schedules will support your recommendation to the client. This assignment will be submitted as completed tax forms , which are provided to you in your textbook resource CD or on the IRS website. This milestone is graded with the Milestone Four Rubric. Final Submission : Memorandum With Appendix In Module Nine , you will submit a memorandum with an appendix to the client and all IRS tax forms and schedules necessary to support your advice . It should be a complete, polished artifact containing all of the critical elements of the final product . It should reflect the incorporation of feedback gained throughout the course. This submission is graded with the F inal Product Rubric. Deliverables Milestone Deliverable Module Due Grading One Gross Income and Capital Gains Three Graded separately; Milestone One Rubric Two Revenue Recognition and Accounting Methods F ive Graded separately; Milestone Two R ubric Three Choice of Business Entity Seven Graded separately; Milestone Three Rubric Four Tax Forms Eight Graded separately; Milestone Four Rubric F inal Submission: Memo randum With Appendix Nine Graded separately; F inal Product Rubric F inal Product Rubric Guidelines for Submission: Your memorandum must be 7 to 10 pages in length (plus a cover page and references) and must be written in APA format. Use double spacing, 12 -point Times New Roman font, and one -inch margins. Your memorandum must include an appendix containing electronic versions of the appropriate IRS tax schedules and forms. Include at least three references cited in APA format. Instructor Feedback : This ac tivity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more informati on, review these instructions . Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Memo: Business Entity Meets “Profi ci ent” cri teri a a nd deta i l s a re j us ti fi ed us i ng a ppropri a te Interna l Revenue Code a nd Trea s ury regul a ti ons rel eva nt to recommended bus i nes s enti ty (100%) Recommends a type of bus i nes s enti ty for the cl i ent to cons i de r tha t i s ba s ed on ta x res ea rch (90%) Recommends a type of bus i nes s enti ty but ei ther the ci ted Interna l Revenue Code a nd Trea s ury regul a ti ons a re i na ccura t e or deta i l s a re curs ory (70%) Does not reco mmend a type of bus i nes s enti ty (0%) 6.4 Memo: Accrual Accounting vs. Cash Basis Meets “Profi ci ent” cri teri a a nd provi des a ful l des cri pti on of whi ch enti ti es requi re a ccrua l a nd when i t i s opti on al (100%) Di fferenti a tes between a ccrua l a ccounti ng a nd ca s h ba s i s a nd i dent i fi es the i mpa ct of the revenue (90%) Di fferenti a tes between a ccrua l a ccounti ng a nd ca s h ba s i s a nd i denti fi es the i mpa ct of the revenue, but the deta i l s a re i na ccura te or curs ory (70%) Does not di fferenti a te between a ccrua l a ccounti ng a nd ca s h ba s i s or does not i de nti fy the i mpa ct of the revenue (0%) 6.4 Memo: Revenue Recognized on the Sale Meets “Profi ci ent” cri teri a a nd des cri bes the i ns ta l lment method of reporti ng revenue (100%) Des cri bes when revenue woul d be recogni zed a nd how the reporti ng di ffers for a ccrua l a ccounti ng vs . ca s h ba s i s (90%) Des cri bes when revenue woul d be recogni zed a nd how the reporti ng di ffers but deta i l s a re i na ccura t e or curs ory (70%) Does not des cri be when revenue woul d be recogni z ed or how the reporti ng di ffer s (0%) 6.4 Memo: Economic Impact Meets “Profi ci ent” cri teri a a nd a ddres s es pa yrol l ta x i s sues a nd s el f -empl oyment ta x (100%) Determi nes the economi c i mpa ct on the cl i ent’s fi na nci a l s i tua ti on a nd potenti a l ta x l i a bi lity, a nd determi na ti ons a re cons i s ten t wi th Interna l Revenue Code a nd Trea s ury regul a ti ons (90%) Determi nes the economi c i mpa ct on the fi na nci a l s itua ti on a nd potenti a l ta x l i a bi lity but ei ther the referenced Interna l Revenue Code a nd Trea s ury regul a ti ons a re i n a ccurate or deta i l s a re curs ory (70%) Does not determi ne the economi c i mpa ct on the fi na nci a l s itua t ion a nd potenti a l ta x l i a bility (0%) 6.4 Memo: Tax Consequences Meets “Profi ci ent” cri teri a a nd comprehens i vel y a ddres s es a l l expens es i ncl udi ng how bes t to report on the s chedul e (100%) I denti fi es the ta x cons equences on the s a l e or excha nge of the l a nd cons i s tent wi th ca pi ta l ga i ns rul es (90%) I denti fi es ta x cons equences but deta i l s a re ei ther i ncons i stent wi th ca pi ta l ga i ns rul es or curs ory (70%) Doe s not i denti fy ta x cons equences (0%) 6.4 Memo: Limited Liability Protection Meets “Profi ci ent” cri teri a a nd i ncl udes i nforma ti on a bo ut l i mi ted l i a bi lity compa ni es (100%) Jus ti fi es whether or not the cl i ent s houl d choos e a bus i nes s enti ty tha t ha s l i mi ted l i a bility protecti on a nd i ncl udes pos s i ble future l i a bil ity i ss ues cons is ten t wi th Interna l Revenue Code a nd Trea s ury regul a ti ons (90%) Jus ti fi es whether or not to choos e a bus i nes s enti ty tha t ha s l i mi ted l i a bility protecti on but does not i ncl ude pos s i ble future l i a bil ity i ss ues, pos s ible future l i a bil ity i ss ues a re not cons i s tent wi th Interna l Revenue Code a nd Trea s ury reg ul a ti ons , or deta i l s a r e ei ther i na ccura te or curs ory (70%) Does not j us ti fy whether or not to choos e a bus i nes s enti ty tha t ha s l i mi ted l i a bility protecti on (0%) 6.4 Memo: Tax Effect Meets “Profi ci ent” cri teri a a nd a ddres s es the cl i ent’s a fter ta x fl ow (100%) Des cri bes the ta x effect on the recommended bus i nes s enti ty a nd the i mpa ct on the cl i ent ’s pers ona l ta x return (90%) Des cri bes the ta x effect on the recommended bus i nes s enti ty a nd the i mpa ct on the cl i ent’s pers ona l ta x return, but de ta i l s a re i r rel eva nt or curs ory (70%) Does not des cri be the ta x effect on the recommended bus i nes s enti ty a nd the i mpa ct on t he cl i ent’s pers ona l ta x return (0%) 6.4 Conclusion: Economic Impact: Personal Returns Meets “Profi ci ent” cri teri a a nd s hows keen i ns i ght i nt o the a dva nta ges a nd di s a dva nta ges of choos i ng a ppropri a te bus i nes s enti ti es (100%) Eva l ua tes the economi c i mpa ct on the cl i ent’s pers ona l returns ba s ed on the recommended enti ty a nd j us ti fi es res pons e by i ncl udi ng i nfor ma ti on a bout the other enti ti es (90 %) Eva l ua tes the economi c i mpa ct of cl i ent’s pers ona l returns but does not provi de j us ti fi cati on or deta i l s l a ck rel eva nce or a re curs ory (70%) Does not eva l ua te the economi c i mpa ct of cl i ent’s pers ona l returns (0%) 6.4 Conclusion: Ownership Interest Me ets “Profi ci ent” cri teri a a nd us es a ppropri a te voi ce for the a udi ence (100%) Jus ti fi es recommenda ti on rega rdi ng the cl i ent’s da ughter ha vi ng a n owners hi p i nteres t us i ng deta i l s s upporti ng the recommenda ti on (90%) Jus ti fi es recommenda ti on rega rdi ng cl i ent’s da ughter ha vi ng a n owners hi p i nteres t but deta i l s ei ther l a ck rel eva nce or a re curs ory (70%) Does not j us ti fy the recommenda ti on rega rdi ng cl i ent’s da u ghter ha vi ng owners hi p i nteres t (0%) 6.4 Conclusion: Cash or Accrual Basis Accounting System Meets “Pr ofi ci ent” cri teri a a nd i denti fi es the i mpa ct on revenue recogni ti on cons i s ten t wi th Interna l Revenue Code a nd Trea s ury regul a ti ons (100%) Summa ri zes , us i ng mora l rea s oni ng, ca s h or a ccrua l ba s is a ccounti ng s ys tems i n rel a ti on to the s el ected bus i nes s enti ty cons i s tent wi th a ppr opri a te Interna l Revenue Code a nd Trea s ury regul a ti ons (90%) Summa ri zes ca s h or a ccrua l ba s i s a ccounting s ys tems i n rel a ti on to the s el ected bus i ness enti ty, but deta i l s ei ther l a ck mora l rea s oni ng or a re curs ory (70%) Does not s umma ri ze ca s h or a ccrua l ba sis a ccounti ng s ys tem s i n rel a ti on to the s el ec ted bus i nes s enti ty (0%) 6.4 Conclusion: Tax Effects on Cash Flow Meets “Profi ci ent” cri teri a a nd ci tes ca pi ta l ga i ns ta x rul es rel a ti ng to ga i ns a nd l os s es (100%) Des cri bes the a fter ta x effects on the cl i ent’s ca s h fl ow ba s ed on the s a l e of the l a nd tha t is needed to s ta rt the bus i nes s (90%) Des cri bes the a fter ta x effects on the cl i ent’s ca s h fl ow tha t a re needed to s ta rt the bus i nes s but deta i l s a re ei ther i na ccura te or curs ory (70%) Does not des cri be the a fter ta x effects on the cl i ent’s ca s h fl ow tha t a re needed to s ta rt the bus i nes s (0%) 6.4 Conclusion: Salary or Cash Distribution Meets “Profi ci ent” cri teri a a nd i ncl udes the ta x effect on s a l a ry , di vi dends , or ca s h wi thdra wa l (100%) Expl a i ns whether or not the cl i ent a nd hi s chi l d s houl d ta ke a s a l a ry or ca s h di stributi on a ccordi ng to ta x purpos es a nd Interna l Revenue Code a nd Trea s ury regul a ti ons (90%) Expl a i ns whether or not the cl i ent a nd hi s chi l d s houl d ta ke a s a l a ry or ca s h di stributi on but deta i l s a re curs ory or not cons i s tent wi th ta x p urpos es a nd Interna l Revenue code a nd Trea s ury regul a ti ons (70%) Does not expl a i n whether or not the cl i ent a nd hi s chi l d s houl d ta k e a s a l a ry or ca s h di stributi on (0%) 6.4 Appendix: Form 1040 Prepa res the a ppropri a te pa ge of Form 1040 a ccura tel y a nd compl etel y, i ncl uding th e s a l e of the cl i ent’s l a nd on the a pp ropri a te ta x form a nd s chedul e (100%) Prepa res the a ppropri a te pa ge of Form 1040 on the a ppropri a te ta x form a nd s chedul e, but deta i l s a re ei ther i ncompl ete or i na ccura te (70%) Does not compl ete the a ppropri a te pa ge o f Form 1040 a nd does not i ncl ude the s a l e of the cl i ent’s l a nd on the ap propri a te ta x form a nd s chedul e (0%) 6.4 Appendix: Schedule and Tax Form Prepa res the a ppropri a te s chedul e a nd ta x form a ccura tel y a nd compl etel y, refl ecti ng ta xa bl e i ncome ba s ed on ca l cul ati o ns a nd the di s pos i tion of a s s et (100%) Prepa res the a ppropri a te s chedul e a nd ta x form refl ecti ng ta xa bl e i ncome but deta i l s a re i ncompl ete or i na ccura te (70%) Does not prepa re the a ppropri a te ta x form refl ecti ng ta xa bl e i ncome (0%) 6.4 Appendi x: Professional Advice Meets “Profi ci ent” a nd provi des rea l -worl d exa mpl es to s upport cl a i ms (100%) I l l us trates how crea ti ve probl em s ol vi ng a nd vers a ti l ity of thought i mpa cts profes s i ona l a dvi ce i ntended to res ul t i n the bes t eco nomi c s ol uti ons for the cl i ent (90%) I l l us trates how crea ti ve probl em s ol vi ng a nd vers a ti l ity of thought i mpa cts profes s i ona l a dvi ce i ntended to res ul t i n the bes t economi c s ol uti ons for the cl i ent but de ta i l s a re i rrel eva nt or curs ory (70%) Does not i l l ustra te how crea ti ve probl em s ol vi ng a nd vers a ti l ity of thought i mpa cts profes s i ona l a dvi ce i ntended to res ul t i n the bes t e conomi c s ol uti on for the cl i ent (0%) 6.4 Articulation of Response Submi s s i on i s free of errors rel a ted to ci ta ti ons , gra mma r, s pel l i ng, s ynta x, a nd orga ni za t i on a nd i s pres ented i n a profe s s i ona l a nd ea s y -to-rea d forma t (100%) Submi s s i on ha s no ma j or errors rel a ted to ci ta ti ons , gra mma r, spel l i ng, s ynta x, or orga ni za ti on (90%) Submi s s i on ha s ma j or errors rel a ted to ci ta ti ons , gra mma r, s pel l i ng, s ynta x, or orga ni za ti on tha t nega ti vel y i mpa ct rea da bi l ity a nd a rti cula tion of ma i n i dea s (70%) Submi s s i on ha s criti cal errors rel a ted to ci ta ti ons , gra mma r, s pel l i ng, s ynta x, or orga ni za ti on tha t prevent unders ta ndi ng of i dea s (0%) 4 Earned Total 100%

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