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

Managing the Business Risk of Fraud: A Practical Guide Review the following guide from the AICPA. Page 6 of the guide describes the five principles for any type of organization to proactively establis

Managing the Business Risk of Fraud: A Practical Guide Review the following guide from the AICPA. Page 6 of the guide describes the five principles for any type of organization to proactively establish an internal environment to effectively manage an organization’s fraud risks. Managing the Business Risk of Fraud: A

Wirecard’s Billion-Dollar Accounting Fraud Read the transcripts Download transcripts or listen to the podcast titled “Behind the Scenes of Wirecard’s Billion-Dollar Accounting Fraud” (See transcript b

Wirecard’s Billion-Dollar Accounting Fraud Read the transcripts Download transcripts or listen to the podcast titled “Behind the Scenes of Wirecard’s Billion-Dollar Accounting Fraud” Evaluate the actions and ethical breach of the Wirecard’s leadership. Describe how the tone at the top contributed to this fraudulent activity. Describe how various stakeholders (employees, stockholders, and

This course contains a Course Project, which will be due at the end of Week 7. There is a template for the project: Link to Course Project TemplateLinks to an external site.Open this document with Rea

This course contains a Course Project, which will be due at the end of Week 7. There is a template for the project: Link to Course Project TemplateLinks to an external site.Open this document with ReadSpeaker docReader Links to an external site. The key information and instructions related to the project

Balanced Scorecard Find an article that discusses how a company used the Balanced Scorecard for strategic performance measurement. Summarize and provide an analysis of the article. Submission Instru

Balanced Scorecard Find an article that discusses how a company used the Balanced Scorecard for strategic performance measurement. Summarize and provide an analysis of the article. Submission Instructions: Your paper is to be clear and concise and students will lose points for improper grammar, punctuation, and misspelling. The paper is

Choose a topic you found to be difficult or hard to understand. Research this topic and present your findings. Include a summary of the topic, why you found the topic to be difficult, and what you l

Choose a topic you found to be difficult or hard to understand. Research this topic and present your findings. Include a summary of the topic, why you found the topic to be difficult, and what you learned after conducting the research. TOPIC: Create and use data flow diagrams and flowcharts

Complete Problems 4 and 6 4) What are three types of blockchain? What are major differences among these block chains? 6) Recently, more than 20 percent of companies surveyed indicated they were testi

Complete Problems 4 and 6 4) What are three types of blockchain? What are major differences among these block chains? 6) Recently, more than 20 percent of companies surveyed indicated they were testing or considering artificial intelligence applications in their business, but only 4 percent were actively using AI. Why

Learning Accounting Discuss why students should learn about accounting when they are planning a career in marketing. Submission Instructions: Your initial post should be at least 200 words, format

Learning Accounting Discuss why students should learn about accounting when they are planning a career in marketing. Submission Instructions: Your initial post should be at least 200 words, formatted and cited in current APA style with support from at least 2 academic sources. Your initial post is worth 8 points. You should

Case Study: A Small Matter of Trimming Read the Case Study: A Small Matter of TrimmingLinks to an external site.(See Below – please copy and past website) https://uwaterloo.ca/centre-for-accounting-et

Case Study: A Small Matter of Trimming Read the Case Study: A Small Matter of TrimmingLinks to an external site.(See Below – please copy and past website) https://uwaterloo.ca/centre-for-accounting-ethics/resources/ethics-teaching-cases/small-matter-trimming Cheating occurs in different forms. In the case study, Tracy and Denise need to provide a recommendation on a stocking fee for large

Case Study: A Small Matter of Trimming Read the Case Study: A Small Matter of TrimmingLinks to an external site.. (see below) Cheating occurs in different forms. In the case study, Tracy and Denise ne

Case Study: A Small Matter of Trimming Read the Case Study: A Small Matter of TrimmingLinks to an external site.. (see below) Cheating occurs in different forms. In the case study, Tracy and Denise need to provide a recommendation on a stocking fee for large and small Breweries. Describe the ethical

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://uwaterloo.ca/centre-for-accounting-ethics/sites/default/files/uploads/files/atlas_cold_storage_case.pdf Case Study: Atlas Cold Storage Inc

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://uwaterloo.ca/centre-for-accounting-ethics/sites/default/files/uploads/files/atlas_cold_storage_case.pdf Case Study: Atlas Cold Storage Inc. Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in several questionable activities with the company’s financial statements. What might have been the ethical decision that

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://uwaterloo.ca/centre-for-accounting-ethics/sites/default/files/uploads/files/atlas_cold_storage_case.pdf Case Study: Atlas Cold Storage Inc.

Case Study: Atlas Cold Storage Inc. -ATTCHMENT HAS BEEN EMAILED OVER – will not let me attach here Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many lev

Case Study: Atlas Cold Storage Inc. -ATTCHMENT HAS BEEN EMAILED OVER – will not let me attach here Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in several questionable activities with the

Case Study: Atlas Cold Storage Inc. – I have tried adding the attachement can email over asap, it will not let me attach Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Chea

Case Study: Atlas Cold Storage Inc. – I have tried adding the attachement can email over asap, it will not let me attach Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in

Case Study: Atlas Cold Storage Inc. Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in

Case Study: Atlas Cold Storage Inc. Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in several questionable activities with the company’s financial statements. What might have been the ethical decision that Ernst

Case Study: Atlas Cold Storage Inc. Review the Case Study: Atlas Cold Storage IncLinks to an external site.. Cheating occurs at many levels within a firm. In the case study, the president engaged in

Case Study: Public Practice-Nobody Follows the Rule Read the Case Study: Public practice — nobody follows the ruleLinks to an external site.. Every accounting firm has its approach to ethical situatio

Case Study: Public Practice-Nobody Follows the Rule Read the Case Study: Public practice — nobody follows the ruleLinks to an external site.. Every accounting firm has its approach to ethical situations with clients and employees. Dave Gordon, FCA, Senior Partner was to advise the incumbent auditor on the financial situation at

Case Study: The Ethical Dilemma at Northlake Review the Case Study: The Ethical Dilemma at NorthlakeLinks to an external site. For this Critical Thinking Assignment, please respond to the case study i

Case Study: The Ethical Dilemma at Northlake Review the Case Study: The Ethical Dilemma at NorthlakeLinks to an external site. For this Critical Thinking Assignment, please respond to the case study in a PowerPoint Presentation. Describe how virtue ethics and egoism ethical theories might be used in this scenario. What problems

Toyota – Lean Manufacturing/Just-in-Time (JIT) Conduct research through academic writings and analyze the use of Lean Manufacturing/JIT within Toyota.Critique Lean Manufacturing/JIT as a management

Toyota – Lean Manufacturing/Just-in-Time (JIT) Conduct research through academic writings and analyze the use of Lean Manufacturing/JIT within Toyota. Critique Lean Manufacturing/JIT as a management theory by analyzing its application and use, both in theory and practice. What are its strengths and weaknesses? Evaluate the efficacy of Lean Manufacturing/JIT within