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ASU Accounting Advanced Tax Business Legal Structure Task

ASU Accounting Advanced Tax Business Legal Structure Task

Davy Jones, a new tax client, walks into your office and informs you that he owns a charter fishing business. Jones is curious about the different legal structures (business forms) that are available for his business, including the sole proprietorship, partnership, S corporations, and C corporations.  

Prepare a memorandum for Jones providing an overview of these 4 business forms.   
Provide an explanation of the advantages and disadvantages of each business form, including a discussion on how the IRS collects income tax from each.   
In your discussion on taxation, include the form names and numbers used for each business in reporting income to the Internal Revenue Service.

and than this next part has two parts.
You are preparing a guide for the tax preparers working in your Colorado Springs tax preparation office. You want to give them an easy to use guide they can refer to when completing business taxes.

Prepare a chart that includes the following business entities: 

Sole Proprietorship  
Partnership  
S Corporation  
C Corporation

The chart should include the following information for each business entity:

Tax forms and schedules used to report income to the IRS  
The deadline the tax forms must be filed by for different entity  
The address the paper return must be mailed to for the State of Colorado  
The IRS publication for information on Federal income tax for that business entity

The chart should be of sufficient length to include all required information.
Part 2
Prepare a memo for the tax preparers in your office detailing the certification requirements and annual requirements for maintaining certification (continuing education) for tax preparers.

In this memo, discuss the importance of certification for the tax office’s customers.
not specified

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