Assignment 5: Audit Letter to IRS\t\u00a0\t\u00a0\tDue Week 10 and worth 160 points\tYou are a CPA working as a tax professional and have been hired by a client who comes to you with a letter from the IRS indicating that it is auditing several items on the client’s tax return and making the following assertions:\t1.\u00a0\u00a0\u00a0\u00a0 The method the client used to value foreign currency exchanges is incorrect.\t2.\u00a0\u00a0\u00a0\u00a0 An undervalued international exchange of appreciated property should show a larger gain.\t3.\u00a0\u00a0\u00a0\u00a0 Sales through export operations were underreported and revenue is understated.\t4.\u00a0\u00a0\u00a0\u00a0 The transfer of intangible property for stock was undervalued and results in a larger gain.\t5.\u00a0\u00a0\u00a0\u00a0 Investments made to another country were done through a subsidiary and not a branch and are taxable as such.\tUsing the Internet or Strayer databases, research the rules regarding the above types of transactions.\tWrite a one to two (1-2) page paper in which you:\t1.\u00a0 \u00a0\u00a0\u00a0Respond to the assertions by the IRS and counter those assertions with your own. Provide support for the rationale used in the response.\t2.\u00a0\u00a0\u00a0\u00a0 Make a convincing argument that the information \/ documentation your client possesses justifies and supports the client’s claim. Provide supporting evidence for your argument.\t3.\u00a0\u00a0\u00a0\u00a0 Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.\tYour assignment must follow these formatting requirements:\t\u00b7 \ufffd\u00a0\u00a0 Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.\t\u00b7 \ufffd\u00a0\u00a0 Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.\tThe specific course learning outcomes associated with this assignment are:\t\u00b7 \ufffd\u00a0\u00a0 Determine the tax implications of conducting business in non-U.S. currencies.\t\u00b7 \ufffd\u00a0\u00a0 Analyze the rules regulating international tax-free exchanges and the international sale of goods.\t\u00b7 \ufffd\u00a0\u00a0 Analyze intangible property rights abroad.\t\u00b7 \ufffd\u00a0\u00a0 Examine direct investments abroad through a foreign branch or foreign company.\t\u00b7 \ufffd\u00a0\u00a0 Use technology and information resources to research issues in international tax planning and research.\t\u00b7 \ufffd\u00a0\u00a0 Write clearly and concisely about international tax planning and research using proper writing mechanics.\t\u00a0Click here to view the grading rubric.<\/p>\n","protected":false},"excerpt":{"rendered":"
Assignment 5: Audit Letter to IRS \u00a0 \u00a0 Due Week 10 and worth 160 points You are a CPA working as a tax professional and have been hired by a client who comes to you with a letter from the Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200525","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200525"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200525\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}