Scenario You are a staff accountant preparing your first Form 1120 for your first client, SageGreen Computer Corporation. Your manager plans to review your prepared tax form each step of the way, starting with page one. This is standard firm policy for the tax manager or partner to review and sign off on clients' tax returns prepared by the tax staff accountants. For your first deadline, you need to complete page one of the current tax year Form 1120. After you complete page one of the tax form, prepare to explain your thought process and your future considerations for the schedules on this form. This milestone will help you with Project One as you finalize your Form 1120 and explain your work of preparing the form. Directions Complete both Part One and Part Two. For this milestone, begin to prepare your tax form by using the current version of Form 1120 found on the IRS website (irs.gov). Using the financial information given below, under supporting details, fill in page one of Form 1120. Then, prepare a short email to your manager to have them review your first page. In your email, explain to your manager your plans as you continue to complete the form. Specifically, you must address the following rubric criteria: Part One: Tax Form: Preparation of Page One of Form 1120 Complete the header section to include company information, with no errors. Consider the following as you fill out this section of the form: Significance of the information Significance of the company's total assets Complete section one, Income, with no errors. Consider the following in your work: Net income per books location on tax return Cost of goods sold expense inclusion here Complete section two, Deductions, with no errors. Consider the following in your work: Think about the separation of compensation of officers from salaries and wages Expenses that are listed separately from "Other Deductions" Complete section three, Payments, with no errors. Consider the following in your work: Examples of tax credits available to corporations Causes of an estimated tax penalty

Scenario You are a staff accountant preparing your first Form 1120 for your first client, SageGreen Computer Corporation. Your manager plans to review your prepared tax form each step of the way, starting with page one. This is standard firm policy for the tax manager or partner to review and sign off on clients' tax returns prepared by the tax staff accountants. For your first deadline, you need to complete page one of the current tax year Form 1120. After you complete page one of the tax form, prepare to explain your thought process and your future considerations for the schedules on this form. This milestone will help you with Project One as you finalize your Form 1120 and explain your work of preparing the form. Directions Complete both Part One and Part Two. For this milestone, begin to prepare your tax form by using the current version of Form 1120 found on the IRS website (irs.gov). Using the financial information given below, under supporting details, fill in page one of Form 1120. Then, prepare a short email to your manager to have them review your first page. In your email, explain to your manager your plans as you continue to complete the form. Specifically, you must address the following rubric criteria: Part One: Tax Form: Preparation of Page One of Form 1120 Complete the header section to include company information, with no errors. Consider the following as you fill out this section of the form: Significance of the information Significance of the company's total assets Complete section one, Income, with no errors. Consider the following in your work: Net income per books location on tax return Cost of goods sold expense inclusion here Complete section two, Deductions, with no errors. Consider the following in your work: Think about the separation of compensation of officers from salaries and wages Expenses that are listed separately from "Other Deductions" Complete section three, Payments, with no errors. Consider the following in your work: Examples of tax credits available to corporations Causes of an estimated tax penalty

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 6RP

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