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Andreas93 [3]
2 years ago
15

You are a CPA. You have just finished one of your client’s taxes and found that he owes $10,000 more in taxes than he expected.

You need to inform your client of the bad news. Which outline would be most appropriate in this situation?(1) I. Provide bad news II. State the facts A. Unexpected income B. Change in tax codes III. Apologize IV. Close with goodwill(2) I. Express appreciation for trusting you to handle taxes II. Explain situation A. Unexpected income B. Change in tax codes III. Inform the client he owes an additional $10,000 in taxes IV. Close with a forward-looking statement(3) I. Inform the client he owes an additional $10,000 in taxes II. State the facts A. Unexpected income B. Change in tax codes III. Close with a forward-looking statement
Business
1 answer:
solmaris [256]2 years ago
6 0

Answer:

(2) I. Express appreciation for trusting you to handle taxes II. Explain situation A. Unexpected income B. Change in tax codes III. Inform the client he owes an additional $10,000 in taxes IV. Close with a forward-looking statement.

Explanation:

This would be the best way to address this situation. In this example, the client is likely to be angry and upset when he realizes about the changes in his taxes. Therefore, you should try to preempt this situation. By expressing appreciation for using you to handle his taxes, you begin in a positive and friendly note. Moreover, you should proceed to explain the situation, inform him of the changes, and end on a kind note.

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Answer

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Explanation  

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2 years ago
You are a landlord for an office building. You just received a claim letter from a tenant asking for a refund of $2,000 for extr
Tanya [424]

Answer:

See the explanation below.

Explanation:

The Accounting Officer,

ABC Co.,

12, Ogbere Road,

Ibadan, Nigeria.                                                                            

                                                                                                   28 July 2019

Dear Mr. James,

Re: Refund of $2,000 Excess Receipt and Rent Adjustment

Kindly take this as response to your request for a refund of $2,00 for extra rent that was paid in June.

After a careful examination of my bank statement, I discovered that my account was credited twice with the sum of $2,000 for the rent due to a bank error.

The adjustment is hereby made as follow:

<u>Details                                                $  </u>

Amount received                           4,000

Refund of excess payment        <u>  (2,000)  </u>

Actual rent paid                           <u> 2,000   </u>

Kindly find enclosed in this letter an amount of $2,000 as the refund of the excess payment.

I look forward to receiving your response and acknowledgment of the receipt of the refund.

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4 0
2 years ago
Spartan Corporation, a U.S. corporation, reported $2 million of pretax income from its business operations in Spartania, which w
AVprozaik [17]

Answer:

A. = (15% X $2M) + (21% X $2M) = $720,000. Since there is no mechanism for mitigating double taxation, the branch profit will be taxed on the to tax rate of 15% and 21% which is $300,000 and $420,000.

B. The total tax for $2m branch profit if US corporations can remove foreign based profit from US taxation will be just the 15% x $2m = $300,000.

C.If they are allowed to take deductions for foreign income taxes, the total tax on the $2m branch profit will be (21% -15%) x $2m = $120,000.

Explanation:

D.1. If credit are allowed for foreign income tax paid, total tax will be ($2m - $300,000 been foreign tax paid) x 21% = $357,000

D.2.

If the charge foreign income taxes at 30% and US corporations can claim refundable credit for foreign income tax paid on foreign source income = ($2m - $300,000 been the foreign income tax paid) = $1 700,000 x 30% = $510,000

6 0
2 years ago
A seller netted $55,000 at closing. if the seller paid costs of $1000 and an 8.5% commission, what was the sale price to the nea
Ulleksa [173]

Answer: The sale price to the nearest dollar was $61,202

We arrive at the answer as follows:

The term 'netted' refers to the seller's profits after deducting costs and commissions.

Hence we need to add back these amounts to arrive at the sale price.

                      Net Proceeds                                       $55,000

<u>Add:              Costs                                                          $1,000   </u>

                     Total                                                         $56,000  

The commission is 8.5%; however commissions are quoted as a percentage of sales price.

Expressed in other words, if the sale price was 100, commissions were 8.5. That would mean that the total above would be the equivalent of 100 - 8.5 = 91.5

From this we can arrive at the sale price as follows:

Sales Price = \frac{56000 * 100}{91.5}

Sales Price = 61,202

6 0
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