Tax Return Project Part 2 of 2.

Tax Return Project Part 2 of 2.

Project 2 Tax Return for ACCT 540

Instructions of part 2

 

Procedures and requirements for Part 2 of the two-part Tax Return Project are as follows:

Use the financial statements (if any) and other information (if any) of the taxpayer(s) provided in the fact sheet(s) you received for Part 1 of this project to complete the tax return on behalf of the taxpayer(s).

Arrange forms and schedules according to the assembling order* below.

Write one paragraph (not to exceed five sentences, doubled-spaced) discussing, specifically and succinctly, one schedule on the tax return (1) why is it needed and (2) does it benefit the taxpayer(s) and what YOU (Use first person of ‘I’ and ‘me’) have learned from preparing this tax return. Include only your name and ACCT540 as the title of this paragraph. Business writing style and correct grammar are required to earn the full 20 points assigned to the writing part of the project. The writing will be the last page of the project.

Scan both the complete tax return and the writing (the last page of the file) as ONE pdf file.

Submit the pdf (not Word or any other format) file to Dropbox under Week 15 on or before the due time/date.

A correct and complete tax return is worth 60 points and the writing is worth 20 points for a total maximum of 80 points.

*Assembling order of the Return (http://www.irs.gov/pub/irs-pdf/i1120.pdf)

To ensure that the corporation’s tax return is correctly processed, attach all schedules and forms [, if any,] after page 5 of Form 1120 in the following order.

Schedule N (Form 1120).

Schedule D (Form 1120).

Schedule O (Form 1120).

Form 4626.

Form 8050.

Form 1125-A.

Form 4136.

Form 8941.

Form 3800.

Additional schedules in alphabetical order.

Additional forms in numerical order.

Supporting statements and attachments.

Complete every applicable entry space on Form 1120. Do not enter “See

Attached” or “Available Upon Request” instead of completing the entry spaces. If more space is needed on the forms or schedules, attach separate sheets using the same size and format as the printed forms.

If there are supporting statements and attachments, arrange them in the same order as the schedules or forms they support and attach them last. Show the totals on the printed forms. Enter the corporation’s name and EIN on each supporting statement or attachment.

 

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