Books, Taxes & More LLC: Case Study

Forming a business entity requires a great deal of knowledge before any decision is made. There are advantages and disadvantages to each entity and without proper understanding of what they are, individuals could make costly errors and forfeit crucial perks that would be in the businesses best interest. In the situation in New State, Alex, Bill, Carl, and Devon have inherited their father’s operating organic farm and seek advice, in regards to which form of business organization would best fit their particular criteria. They have emphasized their immediate concerns, wants and needs from a business standpoint, but also stress their strong faith to uphold and operate in accordance with the Christian worldview. Their criteria is as follows, (1) create an entity which averts formalities or complexities, (2) develop a structure allowing cousin Xavier to handle the day-to-day, (3) minimize taxes on the entity, (4) avoid any personal liability, (4) keep business in the family only, (5) remain in accordance with the Christian worldview, (which will be the final topic in this discussion). After reviewing all criteria, it will be advised that forming a limited liability company (LLC) and electing for an S corporation status would be of best interest for the family. Discussed below, is the strengths and weaknesses of each form of business organization as it applies to their unique situation, to help better understand why an LLC/S corporation, is the best form of

Thank you for coming to our offices and allowing us to review and discus your concerns regarding your tax questions. I have been assigned to reply to your questions and I have listed my recommendations below. After you both have reviewed these recommendations, please contact me so we can go over any additional questions you may have.

1. For the Tax year 2004, is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2001-10?

Tax Law Books- IRS agents must have prior experience with the various tax laws. However, a tax book will be used extensively due to the vast amount of laws. Books will also be used to support claims of fraudulent behavior.

Will prepare the tax returns based on information and documentation provided by Client. If needed, bookkeeping services are available at our current published rate.

The Attorney General’s Department of Corporation Records maintains the charters and annual reports for corporations that are licensed to operate within the state (Schneider, 2012). The Tax Administration and Collection Department collects income, property, and sales taxes from individuals and companies.

The services that were offered in the accounting firm consisted of tax return preparations, basic accounting services, and bookkeeping services. Consulting services were available to assist the community with people developing budgets for personal and businesses purposes.

Peggy's Bookkeeping & Tax Service is a tax preparation firm that is located in Mesquite, Texas. They are serving the greater Dallas area. Peggy's Bookkeeping & Tax Service is the reliable bookkeeping and tax service firm. They will provide their clients with assistance such as help with their IRS issues, payroll assistance, help with business or real estate accounting, and auditing the books. Peggy's Bookkeeping & Tax Service is a Better Business Bureau accredited

[LO 2] {Research} Jerry is a self-employed rock star and this year he expended $1,000 on special “flashy” clothes and outfits. Jerry would like to deduct the cost of these clothes as work-related because the clothes are not acceptable to Jerry’s sense of fashion. Under what circumstances can Jerry deduct the cost of these work clothes?

Assist in gathering data and analyzing information for preparation and completion of annual federal and state income and franchise tax returns including quarterly federal and state estimated payments as well as extensions

The sole proprietorship structure is individually owned and operated. The sole proprietorship structure is the least regulated and is the

It is fair to assume that “Bill” (our working name of the widower) has a steady job and therefore steady income (no welfare). This is because otherwise he wouldn’t need insurance, he is already in deep trouble! Bill has two kids that in the next 10 years are both going to (likely) go to College. For that reason, the risk of (his) life loss and the kid’s exposure to financial hardship, life insurance products would be my only focus, i.e. I assume that auto and property insurance are already in place.

KPMG was one of the biggest accounting firms in the 90’s that with a lucrative end, would serve wealthy companies using forged revenues in order to avoid taxes. The accountants that worked for the firm were expected to meet certain quotas. Consequently, instead of trying to run an honest business they were trying to maximize the sales using all kinds of dishonest marketing approaches. KPMG employees used foreign banks as well as bogus law firm statements to preserve a legitimate business running. This accounting firm manipulated financial data of clients, costing the internal revenue service over 2.5 billion in lost tax revenue

Is the most common business type, where the business is operated and owned by a single individual. In this type of business, the sole proprietor provides capital, does not share profit or loss and runs the business alone. As such, the business and the owner are indistinguishable for tax and legal purposes (Dlabay, 2011). To differentiate this business from other business types, a sole proprietorship is discussed under the following characteristics.

What is the Trading Standards Institute (TSI) - TSI is an organization help businesses understand new costumer right act. Is not profit professional body, it gives advice and information about healthy costumer ???