Submit a draft explaining the tax effects of salaries if cash is withdrawn from a business. You must also explain the tax consequences of paying the owners based on the selected business entity, as well as the tax consequences for each individual’s personal tax returns. This assignment will address Section I, Parts D and E of the final project’s critical elements. Memorandum D. Explain the tax effect based on providing $180,000 per year for the client’s salary and $70,000 per year for his daughter’s salary if they withdraw cash from the business or pay dividends as appropriate. E. Justify the percentage of ownership the client’s daughter should have in the business based on the type of business entity recommended.Consider the tax law in reference to the recommendation and how the decision will affect the daughter’s tax return.
Submit a draft explaining the tax effects of salaries if cash is withdrawn from a business. You must also explain
the tax consequences of paying the owners based on the selected business entity, as well as the tax consequences for each individual’s personal tax returns. This assignment will address Section I, Parts D and E of the final project’s critical elements.
Memorandum
D. Explain the tax effect based on providing $180,000 per year for the client’s salary and $70,000 per year for his daughter’s salary if they withdraw cash from the business or pay dividends as appropriate.
E. Justify the percentage of ownership the client’s daughter should have in the business based on the type of business entity recommended.Consider the tax law in reference to the recommendation and how the decision will affect the daughter’s tax return.
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