taxiation accounting

he ability to locate current and relevant facts in order to support a tax question position is one of the most valuable skills a tax preparer can possess. During this course, you will develop a tax research project, based upon specific tax service situations and issues. This project will provide you with an opportunity to improve your tax research and presentation skills, thus helping to prepare you for effective tax planning and preparation.

For this activity, select ONE of the following two scenarios.

Scenario 1: Business Vehicle Deductions

Your client, a physician, recently purchased a yacht on which he flies a pennant with a medical emblem on it. He recently informed you that he purchased the yacht and displays the pennant to advertise his occupation and thus attract new patients. He has asked you if he can deduct, as ordinary and necessary business expenses, the costs of maintaining the yacht. In your project, explain the steps you must take to find the answer.

Scenario 2: Charitable Contributions Limits and Substantiation

An individual tax client has filled out his tax information questionnaire to provide information for preparing his tax return. The IRS has never audited his returns. The client reports that he made over 100 relatively small cash contributions, totaling $24,785, to charitable organizations. Over recent years, his charitable contributions have totaled about $15,000 per year. For the previous year, his AGI was roughly $350,000, about a 10% increase from the year before. Determine whether or not you can accept, at face value, the client’s information concerning his charitable contributions. Next, assume the IRS has audited the client’s tax return from two years ago and denied 75% of that year’s charitable contribution deduction, because the deduction was not substantiated. Also, assume that the client indicated, from the previous year, that he contributed $25,000, instead of $24,785. How do these changes affect your earlier decision?

Then, provide an annotated bibliography for your selection. The annotated bibliography must identify at least three different resources (not including your course textbook) and be properly formatted using APA guidelines.

An annotated bibliography provides you the opportunity to evaluate those sources you plan to use for your final research project. This bibliography contains the following two components:

  • References (sources)
  • A brief written evaluation and summary of each source. This short paragraph evaluates and summarizes your sources. When evaluating and selecting your references, consider the following questions: Are the author’s sources credible for your topic? Is the information in the article useful? Why or why not? How are you going to use the information in the article to increase the effectiveness of your paper?

HINT: Be specific in how you plan to use the information and what information you plan to use.

Follow the link to review: University of Maryland University College. (Producer). (2012). How to write an annotated bibliography (Links to an external site.)Links to an external site. [Video, 5:34 mins]. Retrieved from http://www.umuc.edu/library/libhow/bibliography_tu…

Refer to the following labs for information about evaluating sources and creating your annotated bibliography:

Additionally, here is a SAMPLE (Links to an external site.)Links to an external site. annotated bibliography, formatted following APA guidelines.

Your submission should include a 100–200 word annotation for each of your resources. Include a title page, use 12-point, Times New Roman font, and double space. Use APA style formatting when citing any sources to support your claims.

Solution:

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