Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

TAX 650 Milestone Three Guidelines and Rubric

TAX 650 Milestone Three Guidelines and Rubric In this short paper, you will recommend a type of business entity for the client described in the final project. In explaining your recommendation, discuss liability issues, tax effects, and the economic impact on the client’s personal returns. Justify your recommendation regarding whether the client’s daughter should have an ownership interest in the new company with details related to the transaction. Specifically, the following critical elements must be addressed: A. Recommend a type of business entity for the client to consider based on your tax research. Consider justifying your recommendation using the code and regulations that relate to the business entity. B. Justify whether or not the client should choose a business entity that has limited liability protection. Be sure to include possible future liability issues based on the potential economic impact and appropriate IRS code and regulations. C. Describe the tax effect on the recommended business entity and the impact it will have on the client’s personal tax return. Consider addressing how the business entity affects the completion of the 1040 tax form. D. Evaluate the economic impact on the client’s personal returns based on the recommended entity. Justify why the client would not choose the other business entities by informing the client of the differences. E. Justify your recommendation regarding the client’s daughter having an ownership interest. Provide details supporting the recommendation taking into consideration the jargon and mechanics of the transaction. Guidelines for Submission: Your paper must be submitted as a 2–3-page Microsoft Word document with double spacing, 12-point Times New Roman font, oneinch margins, and at least three sources cited in APA format. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Business Entity Recommends a type of business entity for the client to consider that is based on tax research Recommends a type of business entity but either the cited IRS code and regulations are inaccurate or details are cursory Does not recommend a type of business entity 20 Limited Liability Protection Justifies whether or not the client should choose a business entity that has limited liability protection and includes possible future liability issues consistent with IRS code and regulations Justifies whether or not to choose a business entity that has limited liability protection but does not include possible future liability issues, possible future liability issues are not consistent with IRS code and regulations, or details are either inaccurate or cursory Does not justify whether or not to choose a business entity that has limited liability protection 20 Tax Effect Describes the tax effect on the recommended business entity and the impact on the client’s personal tax return Describes the tax effect on the recommended business entity and the impact on the client’s personal tax return, but details are irrelevant or cursory Does not describe the tax effect on the recommended business entity and the impact on the client’s personal tax return 20 Economic Impact: Personal Returns Evaluates the economic impact on the client’s personal returns based on the recommended entity and justifies response by including information about the other entities Evaluates the economic impact of client’s personal returns but does not provide justification or details lack relevance or are cursory Does not evaluate the economic impact of client’s personal returns 15 Ownership Interest Justifies recommendation regarding the client’s daughter having an ownership interest using details supporting the recommendation Justifies recommendation regarding client’s daughter having an ownership interest but details either lack relevance or are cursory Does not justify the recommendation regarding client’s daughter having ownership interest 15 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Earned Total 100%

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"