TAX 655 Milestone Three Guidelines and Rubric You will submit a draft of your tax planning proposal and strategic plan recommendation regarding the client’s estate.
TAX 655 Milestone Three Guidelines and Rubric You will submit a draft of your tax planning proposal and strategic plan recommendation regarding the client’s estate. You must also address the tax effects of selling the business prior to the death of the founder. This assignment will address Section I, Parts F through J of the final critical elements of the final project. Specifically, the following critical elements must be addressed: I. Memorandum F. Create a detailed tax planning proposal explaining how the client’s family can experience tax savings should the client pass away. Cite relevant governing rules and regulations. G. Illustrate a strategic plan that addresses the need for a will in handling the estate. Detail what happens to the business, land, and investments consistent with tax codes and regulations. Consider extending the plan to address the client’s estate tax, trust, and charitable contributions while minimizing estate tax. H. Recommend estate planning strategies consistent with tax codes and regulations for the purpose of reducing the taxable estate. Be sure to include gifting property to heirs in your response. I. Illustrate the best course of action if the client decides to leave the business in three years. Provide some advice to him should he decide to gift the business to his daughter or transfer the assets or common stock to her, depending on the business entity you have selected. J. Illustrate the best course of action if the client wishes to sell the business. Consider the tax consequences with regard to capital gains and losses, ordinary income issues, and selling an existing operating business. 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 Memo: Tax Planning Proposal Creates a tax planning proposal explaining how the family can experience tax savings should the client pass away Creates a tax planning proposal but details are inaccurate or irrelevant Does not create a tax planning proposal 18 Memo: Strategic Plan Illustrates a strategic plan that addresses the need for a will in handling the estate, which includes the business, land, and investments, consistent with governing code and regulations Illustrates a strategic plan that addresses the need for a will, but details lack coverage of business, land, or investments or are not consistent with governing code and regulations Does not illustrate a strategic plan that addresses the need for a will 18 Memo: Estate Planning Strategies Recommends estate planning strategies consistent with governing code and regulations, including gifting property to heirs Recommends estate planning strategies but details are inaccurate or cursory Does not recommend estate planning strategies 18 Memo: Gift or Transfer the Assets Illustrates the best course of action the client should take including advice on gifting or transferring assets if he leaves the business in three years Illustrates a course of action the client should take if he leaves the business in three years but details are either inaccurate or irrelevant Does not illustrate the best course of action the client should take if he leaves the business in three years 18 Memo: Sell the Business Illustrates the best course of action if the client wishes to sell the business and includes tax consequences when selling an existing operating business Illustrates a course of action if the client wishes to sell the business, but details are inaccurate or cursory Does not illustrate a course of action if the client wishes to sell the business 18 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 Total 100%
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