Scenario Summary: You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan. She would like you to complete the work within a week. As you review the documentation, you note that some of the expenses and receipts for income are questionable and you would need more information in order to completely and accurately complete the forms she has requested. When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given.
Your Assignment: You role in this scenario is to decide on what you will do, what you can do, and how to proceed. Do you complete the financials, and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, her business will not be able to continue and she will have to lay-off her five employees and close her doors. What obligation do you have to help her, and how can you help her? KEY PLAYERS Back to Top You Decide Scenario Tax Preparation Your Role What is Your Role in this scenario? Key Players Learn more about what the Key Players have to do with this scenario? Assignment What would you do to resolve this scenario? Scenario You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan. She would like you to complete the work within a week. As you review the documentation you note that some of the expenses and receipts for income are questionable and you would need more information in order to completely and accurately complete the forms she has requested. When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given. Your Role You role in this scenario is to decide on what you will do, what you can do and how to proceed. Do you complete the financials and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, then her business will not be able to continue and she will have to lay-off her 5 employees and close her doors. What obligation do you have to help her and how can you help her? Key Players: Photo of John John Owner Photo of Sue Sue Client Assignment Given the scenario, your role and the information provided by the key players involved, it is time for you to make a decision. If you are finished reviewing this scenario, close this window and return to this Week's You Decide tab, in eCollege, to complete the activity for this scenario. You can return and review this scenario again at any time. YOU DECIDE Activity or Assignment Assignment Prepare a 2-3 page paper in APA format citing applicable IRS codes and accounting rules for your decision. The essay should be at least 500 words in length.
Scenario Summary: You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan. She would like you to complete the work within a week. As you review the documentation, you note that some of the expenses and receipts for income are questionable and you would need more information in order to completely and accurately complete the forms she has requested. When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given.
Your Assignment: You role in this scenario is to decide on what you will do, what you can do, and how to proceed. Do you complete the financials, and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, her business will not be able to continue and she will have to lay-off her five employees and close her doors. What obligation do you have to help her, and how can you help her? KEY PLAYERS Back to Top You Decide Scenario Tax Preparation Your Role What is Your Role in this scenario? Key Players Learn more about what the Key Players have to do with this scenario? Assignment What would you do to resolve this scenario? Scenario You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan. She would like you to complete the work within a week. As you review the documentation you note that some of the expenses and receipts for income are questionable and you would need more information in order to completely and accurately complete the forms she has requested. When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given. Your Role You role in this scenario is to decide on what you will do, what you can do and how to proceed. Do you complete the financials and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, then her business will not be able to continue and she will have to lay-off her 5 employees and close her doors. What obligation do you have to help her and how can you help her? Key Players: Photo of John John Owner Photo of Sue Sue Client Assignment Given the scenario, your role and the information provided by the key players involved, it is time for you to make a decision. If you are finished reviewing this scenario, close this window and return to this Week's You Decide tab, in eCollege, to complete the activity for this scenario. You can return and review this scenario again at any time. YOU DECIDE Activity or Assignment Assignment Prepare a 2-3 page paper in APA format citing applicable IRS codes and accounting rules for your decision. The essay should be at least 500 words in length.