A410 Tax Return 3 Fall 2021 Essay

A410 Tax Return 3 Fall 2021 Essay

Assignment ID Number	AFFGEHU83939HD
Type of Document	Essay
Writing Format	APA/MLA/Harvard
Academic Level	Masters/University
References/Sources	4 References

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A410 Tax Return 3 Fall 2021 Essay

JKD Corporation (EIN 78-2041013), an S corporation, is a small knitting store managed on an accrual basis. Its address is 567 Skein Street, Anchorage, AK 99501. The company was incorporated on January 2, 1999, and elected S corporation status on the same day. The business code is 5949. Jesse Purl and her sister, Kylie Fairisle, each own 35% of the corporation. Together they manage the store. Their father, Devin Garter, owns the remaining stock.

Kylie Fairisle’s SSN is 734-20-4103, and her address is 987 15th Street, Anchorage, AK 99501.

The following amounts are from JKD’s year-end records:

Inventory, January 1, 2020 (at cost) $ 35,800

Inventory, December 31, 2020 (at cost) 32,200

Purchases (net) 134,900

Sales revenue 249,000

Sales returns and allowances 16,850

Taxable interest income 4,250

Tax exempt interest 6,050

Depreciation expense 7,000

Bad debts expense 1,800

Repairs and maintenance 3,300

Interest expense (business related) 2,600

Payroll taxes 7,800

Compensation of officers 36,000

Salaries and wages 24,350

Rental of equipment 750

Charitable contributions 8,400

Advertising 1,400

Total assets, December 31, 2020 88,940

Additional information discovered while interviewing the controller:

• Actual uncollectible accounts during the year were 1,500
• MACRS depreciation is $5,150
• UBIAA is $62,740
• Beginning OAA is $19,060
• Beginning AAA is $42,080
• Distributions (all cash) made during the year were $24,700

Based on this information, JKD has asked your firm to prepare its 2020 Form 1120S. Your supervisor has asked you to prepare JKD’s Form 1120S along with Schedules M-1, M-2, K, and one K-1 (for Kylie only). Other members of your firm’s team will research and prepare Schedule L and any other required schedules for your client (and you will not have enough information to complete these, but you can submit them blank if you wish).

Notes: There are never pennies on a tax return; use normal rounding rules unless instructed otherwise in the form’s instructions. There are never negative numbers on a tax return unless specifically stated on the form. Make sure all your forms are from the same year. Use the instructions for each form to understand how to enter the information on that form. I do take off points for pennies and negative numbers.

 

You MUST submit one file that contains all required forms in the correct order. For clarity, this means one PDF document (not a zip folder and not a PDF portfolio). I pre-grade as a convenience to you – having only one file to scroll through makes this time effective for me! If you send me a return to pre-grade, I will only look at one file, so if it’s not combined, I will only review the 1120S. Please use proper email etiquette. Include your name in the file name. If you turn in a portfolio, zip file, or multiple files, I will reduce your grade by 20%. If you need help figuring out how to do this, ask me, your classmates, or look for YouTube videos!

Please be wary of “fillable” forms online. MOST OF THE TIME, the amounts do not come through when you send them to me. PLEASE print these to PDF or print them out, rescan them, and verify that your numbers are visible there before submitting them to me. Therefore, it is good to work on this project early and submit it to me BEFORE the deadline. If you submit a blank document, your grade will be zero.

Due Date: Submit it through Blackboard by the due date in the syllabus.

Additional Information:

Just as you would with a client, if you have questions about the information provided, you may ask me. To do so, please put your questions in an email. I will give you as much information as a client would be able to do. If you need help with the tax return itself, please see me during office hours. Be sure your email is as professional as it would be for a real client!

ADVISE ABOUT FORM 1120S. Unlike an individual or corporate tax returns, this is an information return. S corporations that have never been C corporations will not have a tax liability. When you get to Schedules K and K-1, you will be repeating information to provide it differently from Form 1120S – think of different audiences.

 

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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