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Tax Preperation - Essay Example
Author : kaufderhar
Finance & Accounting
Pages 3 (753 words)
TAX PREPARATION (Finance and Accounting) Name of Student (author) Student ID Number: Name of of School (University) Address of the School Estimated Word Count = 931 March 08, 2012 TAX PREPARATION Introduction The taxes that governments collect from their citizens form the lifeblood of the nation…
This paper looks and discusses how tax preparations are done with the help of accounting and bookkeeping firms as in many cases, the tax filer is confused with all the complexities it entails for everyone. Although a tax form has been simplified, some 40% to 50% of all tax filings have been completed by the tax preparer, of which there are four types, namely: certified public accountants (CPAs), lawyers, an enrolled agent (someone who passed special examinations given by the Internal Revenue Service precisely for this purpose and has thereby gained IRS accreditation) and unenrolled tax preparer. Discussion My decision as John (owner of the private accounting practice) is to accept Sue (client) because I think I can help her out with her problems. First and foremost, the most logical step is to reconstruct her financial transactions as best as possible by taking calculated estimates of her income and expenses. This will help me prepare her audited financial statements (balance sheet and income statement) but most likely, I will issue a qualified opinion on these statements. ...