The expenses and receipts for income

Assignment Help Humanities
Reference no: EM13320629

Tax Preparation Scenario Summary You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan. She would like you to complete the work within a week. As you review the documentation you note that some of the expenses and receipts for income are questionable and you would need more information in order to completely and accurately complete the forms she has requested. When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given. Your Role/Assignment You role in this scenario is to decide on what you will do, what you can do and how to proceed.

Do you complete the financials and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, then her business will not be able to continue and she will have to lay off her 5 employees and close her doors. What obligation do you have to help her and how can you help her? citing applicable IRS codes and accounting rules for your decision.. Key Players John / Owner: John wants to help the new client, as he knows that she needs the loan and he would like to have her continue as his client. He feels that she can add significant income to his business. But he wonders why her previous provider is not completing the work. Sue / Client: Sue has a small business that manufactures household knick knacks. She employees 5 people on a full time basis and have been in business for 3 years. She wants to expand and needs the $300,000 loan in order to do so. She has had an accountant in the past, but the accountant left her 6 months past and she has been trying to do the accounting work on her own.

Reference no: EM13320629

Previous Q& A

  List a few of the issues and considerations businesses

List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements.

  Find the emf induced in the inner solenoid

One solenoid is centered inside another. The outer one has a length of 53.0cm and contains 6600 coils, Find the emf induced in the inner solenoid

  What type of taxpayers are considered

Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense.

  Determine the probability of getting a positive test result

A certain disease is found in one person in 5000. If a person does have the disease, the test will show a positive result 93% of the time. If a person does not have the disease, the test in 1 out of 500 cases will give a false positive result..

  What is the magnittude of the resultant force

Two forces F1 and F2, act at a point. F1 has a magnitude of 9.20N and is directed at an angle of 61.0 degrees above the negative x axis in the second quadrant. What is the magnittude of the resultant force

  What is the probability of students

In a survey of 900 college students , 405 out of 900 students has credit card or 45% of the student owned a credit card.

  Find the current after one time constant has elapsed

A 12.6 V battery is in a circuit with a 30.0 mH inductor and a 0.150 resistor, as in Active Figure 20.27. The switch is closed at t = 0. Find the current after one time constant has elapsed

  Determine the change in the charge on one of the plates

A 2.0-nF parallel plate capacitor with a sheet of mylar (k = 3.1) filling the space between the plates is connected to a 90 V battery. Determine the change in the charge on one of the plates

  Hires an administrative assistant

Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock.

  Find the translational speed at the top

A bowling ball encounters a 0.760-m vertical rise on the way back to the ball rack, as the drawing illustrates. Find the translational speed at the top

Reviews

Write a Review

 

Similar Q& A

  What is the unit sales price

Jetson Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year as shown here. During a planning session for year 2012 activities.

  How does this affect one role as a counselor

Addiction distorts the image of God in human beings and adversely impacts sanctification in a believer. He also mentioned that some believers can struggle with addictions. Discuss why you agree or disagree with his statements

  What financial ratios

What financial ratios would you use to measure the ability of a company to pay its liabilities? What would each of the ratios that you identified tell you? Be specific.

  Compare between two cities dubai-united arab emirates

Compare between two cities ( Dubai-United Arab Emirates) & (shenchen- China). how both cities developed and improved economically. details and information about both cities,background. 10 pages essay with resources

  Broad knowledge of the history of islam

Demonstrate a broad knowledge of the history of Islam and explain of the basic doctrines of the Islamic religion,

  Design a disaster recovery plan that addresses these

Design a disaster recovery plan that addresses these potential hazards. Assume that you are the emergency operations manager for a town that has a (1) nuclear power plant and

  Identify points in countee cullens poem heritage

Identify points in Countee Cullens poem Heritage or another poem of the Harlem Renaissance in which you see evidence of the notion of double-consciousness. Explain whether this notion is relevant to experiences of contemporary audiences.

  I need a personal statement for college admission

I need a personal statement for college admission. My major is radiology . you have to write why did I select radiography as a major. you have to write three thing in the statement

  What happened to the cash accounts of each entity

Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.

  What are the most important communication barriers

What are the most important communication barriers that affect your chosen area of diversity and how is this group affected by discrimination, prejudice, stereotypes, or ethnocentrism?

  What is the primary purpose of perimeter security

What is the primary purpose of perimeter security? Of the three types of perimeter security, physical, psychological, and technological, which do you feel is most important? Why

  What is the amount of their adjusted gross income

Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $1,900.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd