Corporate Tax Returns

Option #1: Corporate Tax Returns

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Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience.

Key Components:

  1. Use the financial data, below, to complete form 1120.
  2. Complete the below Student Template that has the respective tax forms and schedules required to complete the return. Complete all the parts of your respective business tax return for which there is information.
  3. In the space at the bottom of the Student Template:
    • Show your income tax calculations
    • Prepare a write-up on:
      1. The purpose of questions on Form 1120 Schedule K with the exception of line 1. (You may select a sub-grouping of these questions to complete your milestone.)
      2. Some challenges (identify three to five), both anticipated and unexpected, you faced when completing the corporate tax return.
      3. Solutions you can provide to those challenges.
  4. Tax per books has to be calculated:
    • In case of Form 1120, and you’re preparing Sch. M1 and M2, the federal tax per books is not given to you in the template. Use the income statement income of $71,534 and the federal corporate tax rates to determine the federal tax per books. This is what the tax would be if the IRS used the company’s income statement to determine taxable income.

Requirements:

  • Submit 1) your tax return template, 2) Income tax calculations, and 3) your write-up about the tax return questions to the drop box identified for that submission.
  • Format your submission according to the CSU-Global Guide to Writing and APA Requirements. Note: the Submission box does not accept fillable pdf’s. Use the File–>Print–>Print to PDF, to save the pdf as this will allow all information to come through.
  • Review the grading rubric in the module folder to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.