C12-Chp-01-1C-Research-Memos-2012

C12-Chp-01-1C-Research-Memos-2012 - conclusions that are...

Info iconThis preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1, Part C. Tax Research. Memos. Edited December 27, 2009 By Howard Godfrey, Ph.D., CPA Copyright 2008. Howard Godfrey C10-Chp-01-1C-Research-Memos-2010
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
How to Write Memos
Background image of page 2
Please review the sample tax memo for Luck Dude, Inc. which will be provided by instructor
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Common Memo Mistakes 1. Failure to obtain a thorough understanding of the facts of the case.
Background image of page 4
Common Memo Mistakes 2. Failure to clearly identify the tax issues and show how those issues are related to the client’s situation and objective.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Common Memo Mistakes 2. Cont’d. Example: If a proposed property exchange will result in a gain, the client probably needs a tax-free or tax deferred arrangement. If it will result in a loss, avoid the tax-free or tax deferred transaction and claim the loss.
Background image of page 6
Common Memo Mistakes 3. Failure to conduct adequate tax research and identify the law applicable to the tax issues faced by the client.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Common Memo Mistakes 4. Failure to apply the tax law to the client’s situation and provide
Background image of page 8
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 10
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 12
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 14
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: conclusions that are accurate and helpful. Common Memo Mistakes 5. Failure to show in the memo that the conclusions are based on the tax law that has been identified. Common Memo Mistakes 6. Failure to include dollar amounts in the conclusion (income to be reported, etc.) when the facts of the memo provide an adequate basis for the computations. Common Memo Mistakes 7. Providing advice that is simply defective and dangerous. Common Memo Mistakes 8. Using faulty terminology: IRS Code, Court issued regulations, Congress issued regulations. Common Memo Mistakes 9. Failure to go beyond simply providing bad news. i.e. the plan wont work. Provide suggestions on possible alternative approaches that should be considered because they may give better tax results. Common Memo Mistakes 10. Failure to proof the memo, resulting in: Misspelled words, Poor sentence structure, (including sentences that are too long), Grammar mistakes....
View Full Document

This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

Page1 / 14

C12-Chp-01-1C-Research-Memos-2012 - conclusions that are...

This preview shows document pages 1 - 14. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online