Advanced Tax

It is December, and tax season is just around the corner. You expect a large clientele this tax season, and you will be filing tax returns for a variety of business entities. You decide to get your office ready by having a copy of all of the various tax forms on hand along with relevant publications. 

In addition, you read a recent article that the Internal Revenue Service (IRS) is implementing new rules for paid preparers. You decide to research the new requirements and prepare a memorandum for future reference.

Part 1

Deliverable Length: 250–300 words

Use this  Web site to determine the form(s) required to file income taxes for the following business entities:

  • Sole proprietorship 
  • Partnership 
  • Corporation 
  • S Corporation 

Download the current form and instructions (you will refer to these in later assignments).

Use the instructions for each form to prepare a tax guide that you will use during tax season. The tax guide should have the following information for each business entity:

  • Tax form or schedule used to report the profit or loss from a business 
  • When the tax form must be filed 
  • Where the tax form must be filed based on the state 
  • An IRS publication that will provide supplemental federal income tax information about the business entity 

Part 2

Deliverable Length: 250–300 words

Use the following Web site to prepare a memo for your file regarding the new regulations for paid preparers for future reference:

Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Answers

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