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ACC 700 Milestone Three



ACC 700 Milestone Three ACC 700 Milestone Three Guidelines and Rubric The third milestone is a rough draft of the third artifact for your professional portfolio, a tax memo. The tax memo is broken up into two parts: Tax Memo I is a personal income tax preparation and Tax Memo II is a corporate tax memo. This will be graded using the rubric at the end of this document and is an opportunity for you to organize your thoughts and receive feedback from your instructor for the final submission. Note that the submission guidelines for this milestone are less demanding than those for the final submission. Once you have submitted this milestone and received feedback from your instructor, it is up to you to incorporate this feedback and complete the artifact by meeting the submission requirements found in the Final Project Guidelines and Rubric document. Client Three – Ms. Emma Shire (Tax Memo) Ms. Emma Shire is a client at S.N.H.U., LLC. Your task is to develop a comprehensive, professional tax memo and appendix for her by analyzing business and individual tax situations. Ms. Shire has questions and concerns about her personal income taxes, as well as taxes as they relate to her role in a partnership with Marlene Anderson. She also works at Clifford Co., a large organization set up as a corporation, and has questions about their tax preparation. You will work with Ms. Emma Shire to provide her with guidance on her questions related to personal, partnership, and corporate tax situations. You will need to apply income tax regulations in solving problems and recommending courses of action that will comply with regulations and, at the same time, result in the best economic solution for Ms. Emma Shire. Artifact Three: Tax Memo I Information for Personal Income Tax Preparation Ms. Shire has provided you with the following information to prepare her personal income tax return for 2014. Emma Shire lives at 5258 Mountain Skies Road, College Park, MD 20742. She is a human resource manager at Clifford Company, 896 Western Avenue, College Park, MD 20742 (employer identification number XX-1111111). She is also a 50/50 partner in a local clothing boutique. Ms. Shire is divorced and has two small children, Kelly Shire (DOB 2/3/2012) and Jordan Shire (DOB 5/19/2006). Ms. Shire was born on January 14, 1976, and her Social Security number is 123-45-6789. She does not want to contribute $3 to the Presidential Election Campaign Fund. The following information is shown on Ms. Shire’s 2014 Wage and Tax Statement (Form W–2): Line 1 2 3 4 5 6 15 16 17 Description Wages, tips, other compensation Federal income tax withheld Social Security wages Social Security tax withheld Medicare wages and tips Medicare tax withheld State: Maryland State wages, tips, etc. State income tax withheld Amount $65,000.00 10,500.00 65,000.00 4,030.00 65,000.00 942.50 65,000.00 1,650.00 Additional Information: Received interest of $1,750 from Maryland Federal Savings and Loan Association and $250 from Maryland State Bank. Each financial institution reported the interest income on a Form 1099–INT Received qualified dividends of $600 from Blue Corporation, $750 from Green Corporation, and $368 from Orange Corporation. Each corporation reported dividend payments on a Form 1099–DIV. Received child support of $15,000 during the year. Received a $900 income tax refund from the state of Maryland on April 29, 2014. Reported total itemized deductions of $10,200 on 2013 federal income tax return, which included $2,200 of state income tax withheld by her employer. Received K-1 indicating her share of the clothing boutique’s ordinary business income (loss) – Line 1 is $23,580. No guaranteed payments were made or dividends were received by the partnership. Acquired 100 shares of Ace Corporation common stock for $30 a share on January 12, 2014. Sh


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