I’m working on a accounting project and need an explanation to help me study.
The following Course Outcome is assessed in this assignment:
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AC507-1: Determine the impact of special accounting methods on the Federal Income Taxation of Corporations.
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A Tax Practice provides an avenue for accountants and legal professionals to deliver tax services to their clients, hone their tax skills, and grow their tax professional ventures. Tax practitioners enjoy a lucrative but challenging niche. The typical representatives of tax clients who practice before the Internal Revenue Service (IRS) include Attorneys, IRS Enrolled Agents (EAs), and Certified Public Accountants (CPAs). These professionals have unlimited representation rights before the IRS. However, other professionals too can practice before the IRS.
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In Unit 2, your tax practice firm will complete a Tax Plan to provide tax services for your client, Timpanogos, Inc. Complete and submit the following deliverables in one Word document:
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- In one page, using information from the IRS website and other accounting professional associations, provide an overview of forming a tax practice, including the legal and logistic requirements, and the rights and responsibilities of a tax practitioner qualified to practice before the IRS.
- You have been approached by Timpanogos, Inc. to prepare the companys tax returns and provide other agreed-upon tax services. In one page, introduce your Tax Practice and each member of your practice to your new client, Timpanogos, Inc. Each member of your tax practice will possess a credential that allows him or her to practice before the IRS.
- Using a table, list all participating members and indicate the task(s) each completed.
- List all participating members and their titles (e.g., Manager) on the title page of your paper. submit a copy of the tax practice deliverable
uRemember to organize your work using proper headings and APA style, and provide a minimum of three credible outside references, including at least one from the IRS website. Sources of credible references include the IRS, accounting firms, professional accounting associations, peer-reviewed articles, and other federal and state government websites.
