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You have just been notified by your firm's Managing Principal that another financial planner has decided to leave the firm. Some of her clients will be notified that you will be their new point of contact for their planning.
The former planner had a fairly diverse group of clients and you plan to meet with each of them to help better understand their financial situations and see if any of them could benefit from your specific approach to financial planning that comes from a taxation perspective.
The first client, Mr. and Ms. Hewitt, need assistance in understanding more about what is taxable and how their tax bracket keeps changing. Compose a professional note that explains the following:
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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