Comprehensive Tax Return Case Study

Assignment Help Taxation

Reference no: EM133118463

Comprehensive Case Study

You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The facts you must use are given below.

The completed tax returns must be submitted a few weeks before the end of the course no later than the date indicated on the Course Schedule. I strongly recommend you start working on the tax returns early in the course and not wait until the case study becomes due. This is a comprehensive exercise and you should expect it will take you several days (possibly over a week) to properly complete. Also, it usually takes a few days to obtain the license to download the free tax software provided with this course (see below), so plan ahead.

The publisher of the textbook for this course has made arrangements with Intuit Canada to have a professional tax return software called "Profile" made available free of charge to students of this course. The process to download the free copy of the software requires that you register with Intuit Canada. This process is explained in detail in a separate message I posted in the Case Study forum on the Discussion Board, as well as on MyLab.

REQUIRED:

Using a tax preparation software - preferably the Profile software that is provided free of charge by Intuit Canada to students of this course - and the facts given below, complete the tax return (Form T1) for Mr. James Doode for the 2021 taxation year, including all relevant schedules, forms and worksheets, e.g. Form T2125 for the calculation of business income, etc. Ignore all GST/HST aspects. You must submit the completed tax return for James through the Case Study link on the Blackboard portal by attaching the file containing the data if you used the Profile tax software (the file should have a .21T extension if you are using the 2021 version of the Profile software). Do not attach the Profile program file (file called "profile.exe") as that file does not contain the data for the tax returns you prepared. No marks will be given for submitting the Profile program by itself.

You can use another tax software than Profile if you prefer. The purpose of this exercise is to work with a tax software - it doesn't matter which one you use. If you decide to use another software than Profile, you must submit a readable copy of the entire tax return with all relevant schedules, forms and worksheets, e.g. a pdf copy. If I cannot access the tax return in a readable format, I cannot grade it and no marks can be given for your work.

I have posted hints on the Discussion Board in the forum called "Comprehensive Tax Return Case Study" to help you with this assignment. There is also a practice tax return I suggested you do before doing this assignment - Tax Software Assignment Problem Four-3 in the textbook (see my separate message on the Discussion Board in the Case Study forum for further details).

Attachment:- Tax Return Case Study.rar

Reference no: EM133118463

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