tax research 2

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Assignment 1: Tax Research

Due Week 4 and worth 140 points

You are an accountant preparing tax returns for your client. After filing for taxes, the Internal Revenue Service (IRS) has selected your client for an audit. The IRS disputed two items deducted in the tax returns filed by your client: travel expenses and entertainment expenses. After talking with your client, you are sure that your client is correct, and that the IRS’s position is not. You must provide a defense for the client that requires you to research the issues in order to render an educated opinion on a course of action for your client. Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.

Part 1:

Write a two to three (2-3) page paper in which you:

  1. Prepare a defensible strategy for your client by using the six (6) steps in the tax research process.
  2. Explain the tax laws that support your client’s claims for deducting the travel and entertainment expenses.
  3. Create a fact-based argument that you plan to propose to the client as a defense of his / her position with the IRS.
  4. Identify one circumstance that the IRS could use to discredit your client’s position.
  5. Prepare a response to the IRS counter argument you identified above. Provide a rationale for how you arrived at the response.
  6. Cite at least one (1) reference from the IRS website or related official publications to support your argument. Note: Wikipedia and similar websites do not qualify as quality academic sources. You have access to Strayer University’s Online Library at https://research.strayer.edu and iCampus University Library Research page at https://icampus.strayer.edu/library/research.

Part 2:

Write a one to two (1-2) page letter in which you:

  1. Create a letter on behalf of the client that outlines the key arguments in support of their position. Base the letter on the fact-based research you performed in Part 1.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Conduct basic tax research and tax planning on individual federal taxation issues
  • Determine how to minimize individual income tax within specific risk and legal parameters
  • Analyze deductions for and from adjusted gross income

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

 
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