Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

Accounting

Prompt You are a tax advisor and your client, Nora, owns and operates C-C Bakery. She encounters three different tax scenarios on which she requests your advice. You are to research the relevant tax c

Prompt

You are a tax advisor and your client, Nora, owns and operates C-C Bakery. She encounters three different tax scenarios on which she requests your advice. You are to research the relevant tax code and make recommendations to her in the form of a memorandum for each situation. The IRS questions some of the deductions she has taken based on your advice. You must review the Final Project IRS Notice document and respond appropriately to the IRS, citing guidance that you have researched when giving this advice.

Bonus Depreciation and Extra Deduction
1. Identify sources for evaluating the appropriate tax situation.
2. Document research performed to determine if bonus depreciation applies to tax year and specific assets. Describe your results.
3. Apply research to specific assets and determine amount of deduction.
4. Document findings and advice in a memorandum to the client. Include supporting details.
Charitable Giving
1. Identify sources for evaluating the appropriate tax situation.
2. Document research performed to determine if charitable giving applies to tax year and specific limitations. Describe your results.
3. Apply research to individual or business tax years and determine amount of deduction.
4. Document findings and advice in a memorandum to the client. Include supporting details.
Home Office Deduction
1. Identify sources for evaluating the appropriate tax situation.
2. Document research performed to determine if home office deduction applies to tax year. Describe your results.
3. Apply research to specific fact patterns and determine amount of deduction.
4. Document findings and advice in a memorandum to the client. Include supporting details.
Responding to an IRS Notice
1. Review the notice to see which tax issues were adjusted. Summarize your review.
2. Document research performed to determine the laws that were referenced pertaining to these sets of facts. Describe your results.
3. Determine the outcome and report your advice to the client.
4. Formulate a response letter to the IRS.

Letter received from IRS:

C-C Bakery

1234 Bakery Road

Jacksonville, Florida 32256

We Have Questions About Your Filed Return As a result of your recent filing, we have questions regarding your filed corporate and individual return. Please review the following and respond accordingly.

Bonus Depreciation

Upon reviewing the Form 4562 detail, we noticed that you purchased and depreciated an oven, bakery display, connected refrigerator and freezer, commercial mixer, and improvements to the air conditioner and roofing. Please explain why bonus depreciation was taken on some of these assets and why you believe they qualify for an additional deduction? Please explain the classification of each asset, why each asset was classified the way it was, and provide any additional information to support the depreciation expense as a whole.

Charitable Deductions

Upon reviewing your Individual Form 1040 and Corporate Form 1120, we see that some charitable donations were taken. How did you or your tax advisor verify that the Boys and Girls Club qualified as a 501(c)3? In our recent conversation, we understood that tax advice was given regarding deducting this on a corporate return or individual return. Please explain what tax advice was given to you.

Home Office Deduction

We see that you have taken a home office deduction on your individual return. Please provide evidence and support that qualifies you to take deductions regarding your prorated expenses associated with the square footage of your home. Please list out details regarding the specific deductions taken, why they were taken, and under what code section. Do you have an office at your bakery? Do you meet clients at your office? Did you verify any of these questions when claiming the deduction? Please list any further information gathered that supports this deduction.

We have asked you to provide further support on the previous matters. Please respond within 30 days, so that we can further review the information and make any adjustments, if needed. If you believe we need further information to understand the deductions, please provide. If you would like your tax adviser(s) to represent you, please also provide a signed power of attorney (Form 2848) with this response. __________________________________________________________________________________________________

IRS Agent Assigned – Celine Mila

IRS Agent ID – 7749403809

Contact Number 904-555-7564

________________________________

Share This Post

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Corporation: Walmart In this discussion, please reflect on changes in accounting principles and error corrections. How can you determine the difference between error correction and fraud? Add an exa

Corporation: Walmart In this discussion, please reflect on changes in accounting principles and error corrections. How can you determine the difference between error correction and fraud? Add an example from a public corporation. Include a copy of the corporation’s disclosure note and explain the effect the change or error correction

Company: Tesla In this discussion, find a cash flow statement for a large public corporation and analyze the statement. Share a copy of the statement and its disclosures. Explain why the cash flow st

Company: Tesla In this discussion, find a cash flow statement for a large public corporation and analyze the statement. Share a copy of the statement and its disclosures. Explain why the cash flow statement is required and useful. Consider using AI (Copilot or Chatgpt.com) to help with the analysis. Minimum:

Explain the difference between an error correction and a change in accounting principles and how each is accounted for. Scenario: Ray Solutions decided to make the following changes in its accounting

Explain the difference between an error correction and a change in accounting principles and how each is accounted for. Scenario: Ray Solutions decided to make the following changes in its accounting policies on January 1, 2016: Changed from the cash to the accrual basis of accounting for recognizing revenue on

In this discussion, please reflect on this weeks’ topics on changes in accounting principle, changes in reporting entity, and error correction. Explain how each of these are reported. Provide an examp

Differentiate between the three types of accounting changes. Apply retrospective and prospective approaches to accounting changes. Analyze the process of identifying and correcting accounting errors. In this discussion, please reflect on this weeks’ topics on changes in accounting principle, changes in reporting entity, and error correction. Explain how each of

Topic: Calculate basic and diluted earnings per share (EPS). In this discussion, please reflect on this weeks’ topics. Choose a topic you find to be difficult or hard to understand. Research this topi

Topic: Calculate basic and diluted earnings per share (EPS). In this discussion, please reflect on this weeks’ topics. Choose a topic you find to be difficult or hard to understand. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Include a summary of the topic,

Review the scenario and watch this week’s videos before you complete the activity below. This scenario can also be found in the “Problems – Series A” section 8-19A of Ch. 8, “Performance Evaluation” o

Review the scenario and watch this week’s videos before you complete the activity below. This scenario can also be found in the “Problems – Series A” section 8-19A of Ch. 8, “Performance Evaluation” of Fundamentals of Managerial Accounting Concepts. Scenario: The Redmond Management Association held its annual public relations luncheon in April Year 2.

Topic: Interpret income tax disclosures in financial statements In this discussion, please reflect on the previous weeks’ topics. Choose a topic you find to be difficult or hard to understand. Researc

Topic: Interpret income tax disclosures in financial statements In this discussion, please reflect on the previous weeks’ topics. Choose a topic you find to be difficult or hard to understand. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Include a summary of the topic,

In this discussion, please research pension plans and post-retirement benefits for several public corporations. Find one with a defined benefit plan and one with a defined contribution plan. Interpret

In this discussion, please research pension plans and post-retirement benefits for several public corporations. Find one with a defined benefit plan and one with a defined contribution plan. Interpret the notes disclosing the plans, reviewing the notes and explaining the post-retirement benefits that the corporations offer. This discussion supports CO-3 by

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. There are two ways for companies t

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. There are two ways for companies to borrow money. They can sign a note to borrow money from a bank or they can issue

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Please complete the following:

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Please complete the following: An entrepreneur is someone who has a passion and desire to organize and operate their own business. Using a business plan, an

Company: Samsung In this discussion, research income tax disclosures for a public corporation and access the impact of the tax differences on the income statement. Research this topic using AI (Copil

Company: Samsung In this discussion, research income tax disclosures for a public corporation and access the impact of the tax differences on the income statement. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Include a summary of the topic, and what you learned after

KEONIA- UP TO 12/5/2025- *** IMPORTANT: PLEASE MAKE SURE THAT ALL WORK IS AUTHENTIC- DO NOT USE AI/ PLAGERISE AS THE ASSIGNMENT WILL BE RUN THROUGH TURN IT IN!!!!!* **** THIS ASSIGNMENT HAS 4

KEONIA- UP TO 12/5/2025- ***** IMPORTANT: PLEASE MAKE SURE THAT ALL WORK IS AUTHENTIC- DO NOT USE AI/ PLAGERISE AS THE ASSIGNMENT WILL BE RUN THROUGH TURN IT IN!!!!!***** ****** THIS ASSIGNMENT HAS 4 PARTS / PLEASE LABEL EACH PART SEPARATELY WITH REFERENCES WHEN COMPLETED****** **** FISCAL ACCOUNTABILITY **** PART

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, ple

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, please complete the following: A virtual business is any kind of business that is run via the Internet. With no physical location

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Payroll has many different parts.

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Payroll has many different parts. Not only is the employee paying taxes, but the employer is also paying additional payroll taxes. Watch the following

Company: Tesla In this discussion, please reflect on this weeks’ topics of corporate bonds and long-term debt. Choose a public corporation and evaluate the bond disclosure notes included with the fin

Company: Tesla In this discussion, please reflect on this weeks’ topics of corporate bonds and long-term debt. Choose a public corporation and evaluate the bond disclosure notes included with the financial statements. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Minimum 250 words At

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, ple

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, please complete the following: When multiple employee personalities come into one business unit, there is a possibility of conflict happening.

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Internal controls are an important

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Internal controls are an important part of business operations. Internal controls are used to protect assets. Both companies and individuals use internal controls. Companies

Module 1 – SLPFinancial ReportingAssignment OverviewTraditional and Triple Bottom Line Reporting For managers in all departments, analyzing Traditional and Triple Bottom Line Reporting is important fo

Module 1 – SLPFinancial ReportingAssignment OverviewTraditional and Triple Bottom Line Reporting For managers in all departments, analyzing Traditional and Triple Bottom Line Reporting is important for making informed decisions that balance financial performance with social and environmental responsibility. It helps managers align strategies with sustainability goals, drive innovation, and support