refer to the course schedule within the syllabus for specific project deliverables a 529431

Project Details

Project Overview

Acorn Corporation was formed and began operations on January 1, 20XX. Use the corporation’s income statement for the year and balance sheet at year-end for this project. During the year, Acorn Corporation made timely estimated tax payments which total $4,000. If there is an overpayment on the tax return, they would like to apply the amount to next year’s estimated tax.

Refer to the Course Schedule within the Syllabus for specific project deliverables and due dates.

Deliverable

Using the information from Acorn Corporation’s income statement and balance sheet, complete Form 1120. In addition, include a 1-page narrative of tax planning options that the Acorn Corporation should consider. Are there areas in which the company could reduce its taxable income? Consider capital and non-capital (ordinary) income as well as deductible tax credits. What possibilities exist? In summary, describe the value of corporate tax accounting procedures and how they can influence tax planning strategies.

Grading Criteria

The Corporate Tax Return Grading Rubric will be used to evaluate your assignment. Refer to the rubric for important assignment details.

The Corporate Tax Return Grading Rubric: [Download .xls]

Resources

• Course Textbook
• Library Resources [view now]
• IRS Website for Downloadable Forms

Project Outcomes

This assignment supports the following outcomes:

• Explain tax planning options based on a review of a corporate income statement and balance sheet.
• Determine corporate ordinary income and deductible tax credits.
• Compute, prepare, and analyze tax reports for corporate shareholders.
• Describe the value of corporate tax accounting procedures and how they can influence tax planning strategies.

Attachments:

Corporate-Tax….pdf