You will submit a draft of your recommendation for the business entity that you believe will meet the client’s needs, based on your research. You will also select the accounting method that should be used to interpret the business transactions and for tax reporting. You will also summarize the tax law pertaining to the entity selected. This assignment will address Section I, Parts A, B, and C of the critical elements of the final project.
Specifically, the following critical elements must be addressed:
I. Memorandum
A. Use logical reasoning based on your tax research to explain why the client should choose your recommended business entity. Consider referencing appropriate tax code and regulations.
B. Defend your business entity recommendation by describing the accounting method. Consider the advantages and disadvantages of the business entity based on the following:
1. Cash basis vs. accrual
2. The cost to prep the returns
3. The tax benefits
4. The limited liability protection
5. Employee benefits
C. Interpret the tax law pertaining to the type of business recommended and justify your recommendation using details consistent with tax law, code, and regulations.
Guidelines for Submission: Your paper must be submitted as a 1–2-page Microsoft Word document with double spacing, 12-point Times New Roman font, one inch margins, and at least three sources cited in APA format.
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