Cuyamaca College Taxes and Needs Assistance Presentation

Description

Scenario: Client is preparing their company taxes and needs assistance with preparing book-to-tax reconciliation.

Questions: What is book-to tax reconciliation? Why does it need to be practiced? Explain common adjustments and how it affects the client’s taxes.

Basic Idea for Presentation:

Present to client adjustments that need to be made for book-to-tax reconciliation.
For specific items (i.e. insurance, interest income, etc) describe how each item will be adjusted. Identify and explain how the adjustments affect book and tax balance.
- What makes an adjustment Favorable/Unfavorable
- What makes an adjustment Temporary/Permanent
  - If temporary, what makes it temporary, and how will it affect the balance in the future

– What are book-to-tax adjustments? And what is its purpose? Why is it important for these adjustments to be accurate

– What are the four common items of adjustments?

How is the reconciliation done?
Are book-to-tax adjustments important?
How would the insurance be adjusted and how would it affect the book and tax balance?

Explain what a book-to-tax reconciliation is (its purpose) and why it is important to practice when preparing taxes.

Book-to-tax reconciliation: adjustments from income on books to income reported on tax return. (adding and subtracting non-tax items)
Why do we need to make adjustments

150000

BOOK INCOME	TAXABLE INCOME
50000 tax exempt	100000 favorable
Interest paid expense on tax exempt bond	unfavorable



^{Have a similar assignment? "Place an order for your assignment and have exceptional work written by our team of experts, guaranteeing you A results."}

Our Service Charter

1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.