Tax Return Project 2 Guidelines

Tax Return Project 2 Guidelines - GROUP PROJECT 2 - TAX...

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GROUP PROJECT 2 - TAX RETURN PROBLEM The following is a comprehensive tax return problem for the 2009 tax year. This problem is similar to ones used in various tax training programs by multinational public accounting firms, and it consists of three parts. The first part is a short synopsis of information that the return preparer would have gathered in an analysis of the client's prior tax returns and the tax files. The second part is a narrative letter from the client explaining some aspects of the return. The third part consists of a summary of the documentation which normally would accompany the tax return (such as W-2's, 1099's, 1096's, canceled checks, etc.). The assignment is to prepare the client's federal income tax return for this year. In order to fully benefit from a return problem, it is necessary to become acquainted with the various forms and schedules. You may obtain tax return forms and instructions from the IRS [ ], the library, or the internet. In the normal course of preparing a tax return, questions arise that may require additional information. In this hypothetical case, additional information can be collected from the client by asking questions during scheduled class time only (I will not be responding to e-mail questions regarding this tax return problem), so plan your time and work on this project wisely! The reason for this is to make sure every group benefits from answers to various questions that might arise. However, the client believes that his materials contain sufficient information to complete the return. If the problem appears ambiguous or if it appears necessary to make assumptions regarding the facts, state each assumption explicitly in a separate cover letter to the client along with the circumstances which necessitated each assumption. Care should be taken to compute the tax correctly and not let the client's misconceptions of the tax law cloud professional judgment. The return is due by the beginning of your scheduled class on December 2, 2010 [NOTE – the syllabus say November 30, but I am going to move it to the third so that you have time to meet with your group after Thanksgiving if necessary]. Late assignments will lose points. The problem must be completed as a group assignment. One grade is assigned to each group solution, and this is the grade earned by each member of the group. The grade is based upon effort and achievement in the interpretation of the facts, application of the law and presentation of the solution. Before handing in the project please check the following:
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Tax Return Project 2 Guidelines - GROUP PROJECT 2 - TAX...

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