ACC 330 Module 6 Tax Planning Case Study

Question Content AreaKrista is a CPA who helps her clients minimize their overall tax liability. What function is she performing? a. Tax evasion b. Tax planning c. Tax deferral d. Tax preparation

1.Explain the intake process to completing a tax return. using the form 13614-c, w2's, form 1099-R, Form SSA-1099, form 1099-c, Form W-2G, Form 1098-T Just explain for to process this thing all together.

Which of the following may be relied on and cited as authority for a tax position taken on a client's return? A. A section from the Form 1120 instructions B. Revenue Ruling C. A section from the CCH Master Tax Guide

Mf1. One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to:   Select Add Forms and Schedules and choose the Income tab, and then check the box for other income.   Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income.   Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen.   Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.

Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your taxresearch utilizing Checkpoint for each of the exercises. 1) Give the title and brief description (no more than two sentences) of each of thefollowing Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231 2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt. 3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s opinion? 4) Find the court decision located at 1 AFTR2d 1158.a.…

Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…

Select all that apply Which of the following apply to taxation? (Check all that apply.) Tax planning General accountant Collection and enforcement Management consulting

Back ....... covers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income. OA. Section 10 OB. Section 8 OC. Section 1 OD. Section 11 Previous page Type here to search 道 a

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tax return preparers should report expenses using correct tax categories because?

Tax credits reduce your Group of answer choices adjusted gross income. tax liability. taxable income. tax withholding. tax refund.

On page 2, number 16, how do I find the total for tax?

Select the best answer. An example of investment income that would be subject to the net investment income tax is: O A. Rental and royalty income O B. Tax-exempt interest O C. Wages O D. Self-employment income Submit Answers