ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing home. Prepare a memo of 700-1,050 words for the senior partner.
You decide week 6 The stock should not be purchase by Mr. Jones. Mr. Jones acquiring the assets, liabilities and also would inherit the contractual obligations of the selling corporation, would, be the results of the purchase. In lay terms, he has bought the existing Smithon Corporation and he is responsible of ensuring daily operations run efficiently but the tax aspect of acquisition he is responsible for existing and any future tax liabilities that the selling corporation had. It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock. Since the tax identity of Smithon corporation would have not ceased, it is not
Jane Smith tax issues: Issue a) What are the different tax consequences between paying down the mortgage (debt) and assuming a new mortgage (debt) for federal income tax purposes? Jane questioned whether they should take the $300,000 fee and use it to pay off their house, so that they could purchase a bigger house. She is asking if they should pay off the current house first and purchase a new one; or, buy a new house first and then sell the old house. Applicable Law & Analysis: The tax savings from the mortgage interest is only based upon the additional amount that the itemized deductions exceed the standard deduction. (Military.com, 2012).
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
c. After purchasing a personal residence, Paul probably will no longer claim the standard deduction on the income tax return. Due to mortgage interest and property tax deductions he will itemize his deductions on Schedule A. 5. For wage earners, the tax system requires employers to withhold for taxes a specified portion of an employee’s wages. Persons with income form other than wages have to make quarterly payments to the IRS for estimated taxes due for the year.
401(K) has become ineffective because of the corruption of big business, the misunderstanding of and as a result a mishandling of the 401(K) accounts, and its correlating dependency on the market’s success. Making profit is important to people. Most of all, improving the bottom line is the primary objective for major companies. “For Robert Shively, learned that his employer, Occidental Petroleum Corporation, or also-known-as Oxy Pete,” wanted to forgo the guaranteed-employer pension plans for the less demanding 401(K) system where it is based on contributions from employee’s pay rather than from the employer’s profit. This forces the employee to save without any effort but, due to this, workers began to neglect the social security and entirely dropped the use of the original pension plan.
After thinking about the information you submitted to me about your taxes, there were several issues which I observed. Firstly, I would like to talk about John Smith's issues: 1(a) I think the $300,000 received by John Smith as fees from jury award is taxable for federal tax income purposes. Because as the IRC Sec 104(a)(2) law: any winnings in a personal injury lawsuit that cover the treatment of physical injuries are not taxable except for attorney fees which are taxable. Taxability also depends upon the place of residence of the taxpayer. (1) In Codman Vs. Commissioner, held that attorney fees paid to the attorney not to be included in the gross income of the claimant in favour of whom the personal injury lawsuit is settled.
A rollover to a Roth IRA makes for a strong estate and retirement planning tool. How do I participate in a Roth 401k? 1. The Roth 401k works the same as traditional 401k accounts, except now your employer will provide a form on which you can designate some or all of your 401k contributions to go into a Roth 401k account. 2.
Although the unpaid taxes for 2000 and 2001 were also substantial, the government suggests that the jury may have given St. Pierre the benefit of the doubt as to her understanding of her obligations prior to 2002. By the time she signed her 2002 return, a tax audit was underway and St. Pierre had told IRS auditors that she understood her obligation to report company income. 2. See United States v. Chesson, 933 F.2d 298, 305 (5th Cir.1991)(“[W]here a defendant attributes underpayment of taxes to his accountant's failure to discover and rectify improper expenses, the question of willfulness is not removed from jury consideration.”); accord United States v. Olbres, 61 F.3d 967, 970-71 (1st Cir.1995). 3.
Depending on the results of the evaluation, __ Auditing should guarantee that Apollo Shoes, Incorporated has adequate internal control over financial statements. __ Auditing Firm’s has observed financial statements by anglicizing the validity of the supporting documents. The disclosures notes attached to the financial statements have given __ Auditing a comprehensive assessment of the manager’s decision making process. The important assessment of the financial statement was to evaluate Apollo Shoes, Inc. financial strength and whether the organization badly stated any financial reports to the shareholders or consumers. The evaluation of the organization usefulness of the internal control, and provides very important information of the organizations achievement habits in the economy.