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Module Two Income Assignment Guidelines and Rubric
ACC 330 Module Two Income Assignment Guidelines and Rubric
Overview
Research is a big part of being a tax practitioner. Researching income and adjustments to income is critical for arriving at the adjusted gross income (AGI). Using Internal Revenue Service (IRS) resources, professional publications, and articles that are written by practitioners will inform your decisions. There isn’t always a clear answer, so relying on primary sources and applying the Internal Revenue Code (IRC) will provide you with the confidence to support the tax position you will recommend. You will need to form an opinion of the tax position based on your research and justify your interpretation of the tax code.
Scenario
You are a junior accountant at a medium-sized CPA firm. Your department has flagged several cases that require a review of gross income. The research you perform will assist you in determining if the item under review needs to be reported as income and, if so, how. Your manager would like you to document your interpretation of the Internal Revenue Code (IRC) and requirements to report (or not report) on the three cases under review.
Directions
Open the Module Two Income List found in the Supporting Materials section and select three cases to research. Use the Module Two Income Assignment Template found in the What to Submit section and enter the names of the selected cases by copy and pasting the title into the template row labelled Case Selected. Then, complete the table for each of the three cases you’ve selected. Do this for each case to demonstrate your application of the research process using the Tax Research Guide found in the Supporting Materials section to perform your research. Be sure to cite your sources as shown in the example, specifically the IRC location, and interpret your understanding of the IRC language.
Based on your research, you will gauge your opinion of the tax position for each case and the confidence level followed by your interpretation of the IRC. You’ll also make suggestions or requests for further information, as needed.
Specifically, you must address the following rubric criteria for each of the three cases you choose to research:
- Identify the research topic using specific words to describe the intent. Include the following:
- Identify a primary source using the IRC section number that applies to the case research topic. Include the following:
- Identify a secondary source using the section of an IRS publication that clarifies the issue. Include one or more of the following:
- Identify a supplemental source that describes the topic in plain language. Include one or more of the following:
- State an opinion on whether income is taxable or nontaxable that is supported by research.
- Select a confidence level in the research. Choose high, medium, or low.
- Interpret the confidence level by connecting the research to the determination of taxability, making specific points. Include the following:
What to Submit
You will submit a completed Module Two Income Assignment template.
Supporting Materials
The following resources support your work on the project:
Videos: IRS VideosResource: Module Two Income ListResource: Tax Research GuideResearch Resources:
- Office of the Law Revision Council (OLRC): United States Code
- Tax Code, Regulations and Official Guidance
- IRS.gov
- IRS Prior Year Forms and Instructions
