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ACCT 3201– Fall 2021 – Project 2 – Professor Akins Your assignment is to complete and turn in Ms

Taxation

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ACCT 3201– Fall 2021 – Project 2 – Professor Akins

Your assignment is to complete and turn in Ms. Amanda Shires’ 2020 Form 1040 along with all required forms and schedules. For purposes of this assignment, you do not need to attach any Forms W-2, 1098, 1099, or K-1.

You may work individually or in groups of two or three. You must notify your professor ahead of the due date if you plan to work as part of a group.

For each instruction in this document that is not followed, you will receive a 10-percentage point deduction.

Due Date

This project is due by 6:30pm on Monday, November 8. Assignments will be considered late as of 6:31pm. If a student submits their assignment after the deadline, but before the end of class, they will receive a 10-percentage point deduction. If a student fails to submit their project by the end of class, they will receive a zero on the project.

You must turn in your project in both of the following ways:

1. D2L: Upload all required materials to the appropriate assignment dropbox on D2L.
2. Hardcopy: Bring a physical copy of all required materials to our classroom (C-1100). All pages must be stapled or collected in a folder.

This project is worth 12% of your final course grade. In addition to being graded on the accuracy of your return positions, you must also abide by the following instructions to avoid losing points:

Return, Forms & Schedules (7.5 points – accuracy of positions)

• You may use any of the forms, instructions, and materials contained on www.irs.gov. You may also use your textbook for guidance, but keep in mind that you are completing a 2020 return, so it must be prepared using the law in place in 2020 (the book teaches the 2021 law).
• You must complete this project without using any online tax preparation software or the aid of any professionals. Each person/group must prepare their own tax return rather than simply copying portions from another source (e.g., another person’s/group’s work).
• You must handwrite the tax return. I recommend that you use a pencil.
• You must sign your income tax return as a paid preparer. By signing the tax return, for purposes of this class, you are promising that you have complied with the instructions for this project and have not violated the GGC Honor Code in preparing your project. If you work as a group, then each member of the group must sign the return.
• You must write your name(s) at the top of the front page of the tax return.
• If you believe there is information missing in the client information, you may make reasonable assumptions and fill in the missing information as you feel necessary. Be sure, however, to note your assumptions.

Letter (2.5 points – professionalism & completeness)

• As an accountant, you only have one thing to sell—your reputation as a professional. That means that all of your correspondences must be grammatically and stylistically flawless.
• Your letter must contain enough information to adequately inform your client about the positions you took on the return. You do not need to explain every line on the return, but you should identify at least four positions that you believe your client needs explanation to understand. Remember, you are explaining the return to a non-tax professional, so you need to communicate it in a way that anyone can understand.
• Your letter must be an original work product. Each person/group must write their own without copying anything from another source.
• You must sign the bottom of your letter and also print your name as part of a signature block. If you are working in a group, all of you must sign/print your names.
• The Academic Enhancement Center (AEC) has agreed to conduct one-on-one review sessions to go over your business letter before you submit it to me for a grade. To take advantage of this opportunity, follow these steps:

1. Draft your letter as completely as possible, including adding in your firm’s letterhead, signature block, and any other formatting required to make it look professional. This must be done before contacting the AEC, so they can evaluate a close-to-finished product.
2. Call (678.407.5191) the AEC to schedule an appointment. This must be done far enough ahead of the due date to allow them to make a timely appointment with you (i.e., do not wait until a few days before the project is due).
3. Attend the appointment with the writing tutor and incorporate all of their suggestions and edits into your final draft.
4. Secure written confirmation from the AEC that you attended the appointment.
5. Submit to me (a) a copy of the draft you submitted to the AEC, (b) the final letter (incorporating the revisions), and (c) your signed confirmation that you attended your visit at the AEC.

If you go through this process, you will automatically receive full points for your letter (assuming the other requirements of these instructions are satisfied). You will also gain valuable knowledge that you can incorporate outside of this class in your future business communications.

 

 

Spreadsheet (2 points – professionalism & completeness)

• Similar to your client letter, your spreadsheet (i.e., work paper) must be logically organized and professional in appearance. It must have letterhead at the top that matches the letterhead on your letter. This document must show the calculations you undertook to arrive at the positions you put on the return.
• You must include your name on the Excel sheet. If you are working in a group, all of you must include your names.