2 pages/≈550 words
Accounting, Finance, SPSS
Selecting S-Corporation status for tax purposes (Research Paper Sample)
You are a CPA and a new client who is starting a small retail business with four other investors. The new client is convinced that an S corporation is the best choice because a friend who is not a CPA recommended it. Using the Internet and Appendix A in your text, research the advantages and disadvantages of selecting S Corporation status for tax purposes. Write a formal letter to your client using Appendix A as a guide. Write a one to two (1-2) page letter in which you: 1. Construct a letter following the six (6) steps in the tax research process to demonstrate to your client whether selecting S corporation is more advantageous than other types of organizations that are available. 2. Make a recommendation to the client as to which choice of organization they should choose and provide facts to support your recommendation. Your assignment must follow these formatting requirements: - Be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. source..
Starting a business is agreeably a challenging task for most individuals, regardless of the size or nature of the business. It is therefore important that entrepreneurs do the necessary groundwork to ensure that they are taking the right direction. There are a number of steps that can be followed when one is looking at the suitability of the business undertaking that is in mind. These steps have been outlined here about their suitability while beginning a business.
Determine the facts: This process is an important aspect of the business in that it helps the entrepreneur to understand the basics and overall demand s of the business. Determining the facts involves the process of outlining all the major issues that will affect the business especially at the beginning. At this stage, issues such as capita need and its availability and business viability must be put squarely on the table. Quite often, people tend to hide under the comfort of just make the beginning steps and fail to see the full picture of the business/( Reinhart and Rogoff, 2008). This step is important because it is like doing a through should searching.
Identify the issues: In this case, “issues” include all matters that will affect the business now and in the future (McCluskey and Franzsen, 2005). It will also include understanding the tax laws in details. This is a demanding step in that it may be time consuming as well as rigorous s but very important for the growth of the business.
Locating Relevant Authorities: In relation to tax, they may incl...
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