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Case study 2

The following is the fact scenario for case study 2. Very similar to the first case study, I am looking for a file memo and a client letter. Your client, Mrs. Peacock, just realized that she might not have filed her paperwork correctly for her S Corporation. Mrs. Peacock had a great idea for a game, Clue - The Board Game. She believed it would be the game of the century. She created the game while watching Law and Order and decided it might be nice to have people play detective. On January 25, 2014, she incorporated her business, Clue, Inc. and issued 100 shares to herself, a US Citizen and 90 shares to Professor Plum, a legal green-card carrying Canadian citizen. During the first year, the company made $400,000. The CPA firm, Dewey, Cheatem and Howe, filed an S Corporation return, based upon the attorneys stating the corporation qualified as an S-Corporation. This means all the income flowed out to the shareholders and was taxed on their individual returns. On the return, the CPA firm deducted payroll to the two shareholders and also deducted their health insurance. The company sold over $1,500,000 of the game in 2014. In 2015, the CPA firm again filed an S-corporation return, this time with $600,000 of income and the same payroll and health insurance deductions. During a meeting with the company attorneys, the same ones that incorporated the business, it was noted that no valid S-Corporation election was filed with the Internal Revenue Service. Needless to say, Mrs. Peacock was not thrilled and is now worried that she might have to pay corporate taxes. She is very nervous and hired your firm the great and wonderous Oz CPA firm to advise her on any issues the old CPA firm did not catch and whether she has to refile as a corporation and pay corporate income taxes. This is your chance to shine and gain a great client. Please advise the client, through a client letter and prepare a file memo for your lead partner, The Tin Man to review.
The following is the fact scenario for case study 2. Very similar to the first case study, I am looking for a file memo and a client letter. Your client, Mrs. Peacock, just realized that she might not have filed her paperwork correctly for her S Corporation. Mrs. Peacock had a great idea for a game, Clue - The Board Game. She believed it would be the game of the century.
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Assignment ID
33240
Discipline
Law
CREATED ON
June 29, 2016
COMPLETED ON
June 30, 2016
Price
$40
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