STRAYER ACC565 Week 5 AND WEEK 6 DISCUSSIONS

WEEK 5Imagine that you were a preparer of a client’s
return and was unable to gain access to a document needed to support a
transaction. You had asked the client numerous times for this item and
you were finally presented with an email from the CEO stating that the
deduction was allowable. Would you feel comfortable with this
documentation? What would be needed in order to bring you to a level of
confidence with allowing this item to become part of a return? Support
your answer with primary rules and guidance through citations and
references.WEEK 6
“Partnership Tax Year and Limited Liability Partnerships” Please respond to the following:
The IRC restricts the choices for a partnership‘s tax year to
prevent the deferral of tax. This causes most partnerships to adopt a
calendar year for tax reporting. From the e-Activity, create a scenario
using a fiscal tax year which allows a partnership to defer taxes that
meet the requirements of Sections 706 and 444 of the IRC.As discussed in the text, large accounting firms and other
professional firms operate as limited liability partnerships (LLPs).
Contrast the LLP form of business under state laws to the LLP for tax
purposes. Next, suggest the major reasons why a new entity would choose
an LLP over a traditional partnership for tax purposes.