Purchase Solution

Elements of tax preparation, basic concepts, planning

Not what you're looking for?

Ask Custom Question

Describe the most common elements of tax preparation.
Discuss the basic concepts of individual income tax law.
Discuss the principles of individual income tax and tax planning strategies.

Purchase this Solution

Solution Summary

The 546 word solution first shows a list of 11 procedures common to tax preparation in a CPA firm. The rest of the solution provides a good narrative explanation of concepts, principles and tax planning strategies for tax preparers.

Solution Preview

Describe the most common elements of tax preparation

The common elements/procedures of tax preparation include:
1. Client interview to gather information, discuss issues and often discuss fee.
2. Obtain tax reporting documents from client.
3. Copy documents for supporting file, and make notes as appropriate to explain taxable events.
4. Input amounts into tax software.
5. Verify input.
6. Review both the input and the tax return as prepared (best if performed by a different person from the preparer in item 3, 4, and 5.
7. Make changes as suggested in the review process.
8. Print the tax return.
9. Top review and sign the return.
10. Bill the client.
11. Preserve and lock clients' files and tax returns.

Discuss the basic concepts of individual income tax law.

The basic concepts in tax preparation are to ...

Purchase this Solution


Free BrainMass Quizzes
Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.