For this assignment complete and submit completed Tasks 1 and 2 in a single document. OptionsThe instructor will assign each student team one of the following options:Option 1: Problem C:11-61 in the textbook.This is a Collaborative Learning Community (CLC) assignment
For this assignment complete and submit completed Tasks 1 and 2 in a single document. OptionsThe instructor will assign each student team one of the following options:Option 1: Problem C:11-61 in the textbook.This is a Collaborative Learning Community (CLC) assignment. The purpose of this assignment is to apply the content knowledge you have learned throughout this course. You will be assigned one of the following options by the instructor. You will work in teams of two (teams of three only permitted when there is an odd number of students in the course). For this assignment complete and submit completed Tasks 1 and 2 in a single document. Topic 7 Tax Return TutorialThe first step in preparing a tax return is to determine what type of return you are preparing. The four main types of returns are: individual (Form 1040), corporation (Form 1120), S corporation (Form 1120-S), and partnership (Form 1065). This tutorial is for an S corporation tax return (Form 1120S), but similar step would apply for a partnership return. Step 1: Refer to the assignment details in the digital classroom to determine which tax form you need. Download the entity tax return forms from the Internal Revenue Service website (www.irs.gov). The instructor will assign each student team one of the following options:Option 1: Problem C:11-61 in the textbook.
See uploaded files for financial statements – Table 11-2, Table 11-3 & Table 11-4
TasksStudents will complete both tasks for the option assigned:Task 1: Prepare an S corporation tax return utilizing the option provided by the instructor.Task 2: Complete an individual income tax return with the assumption that one of the shareholders from the entity return is your client. Reference either “Topic 7 Tax Return Problem Data Set A, Problem C:11-61” (Option 1) as applicable to the option provided by the instructor and used for the completion of Task 1, in order to properly prepare the individual tax return.General RequirementsRefer to the resource, “Tax Rate Schedules and Other Items,” located in the Class Resources.Utilize one of the following resources, “Topic 7 Entity Tax Return: Figures C:11-61” (Option 1)
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