Tax 655 Milestone

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TAX 655 Milestone Three Guidelines and Rubric You will submit a draft of your tax planning proposal and strategic plan recommendation regarding the client’s estate. You must also address the tax effects of selling the business prior to the death of the founder. This assignment will address Section I, Parts F through J of the final critical elements of the final project. Specifically, the following critical elements must be addressed:

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I. Memorandum F. Create a detailed tax planning proposal explaining how the client’s family can experience tax savings should the client pass away. Cite relevant

governing rules and regulations. G. Illustrate a strategic plan that addresses the need for a will in handling the estate. Detail what happens to the business, land, and investments

consistent with tax codes and regulations. Consider extending the plan to address the client’s estate tax, trust, and charitable contributions while minimizing estate tax.

H. Recommend estate planning strategies consistent with tax codes and regulations for the purpose of reducing the taxable estate. Be sure to include gifting property to heirs in your response.

I. Illustrate the best course of action if the client decides to leave the business in three years. Provide some advice to him should he decide to gift the business to his daughter or transfer the assets or common stock to her, depending on the business entity you have selected.

J. Illustrate the best course of action if the client wishes to sell the business. Consider the tax consequences with regard to capital gains and losses, ordinary income issues, and selling an existing operating business.

Guidelines for Submission: Your paper must be submitted as a 2–3-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.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value

Memo: Tax Planning Proposal

Creates a tax planning proposal explaining how the family can experience tax savings should the client pass away

Creates a tax planning proposal but details are inaccurate or irrelevant

Does not create a tax planning proposal

18

Memo: Strategic Plan Illustrates a strategic plan that addresses the need for a will in handling the estate, which includes the business, land, and investments, consistent with governing code and regulations

Illustrates a strategic plan that addresses the need for a will, but details lack coverage of business, land, or investments or are not consistent with governing code and regulations

Does not illustrate a strategic plan that addresses the need for a will

18

Memo: Estate Planning Strategies

Recommends estate planning strategies consistent with governing code and regulations, including gifting property to heirs

Recommends estate planning strategies but details are inaccurate or cursory

Does not recommend estate planning strategies

18

 

 

 

Memo: Gift or Transfer the Assets

Illustrates the best course of action the client should take including advice on gifting or transferring assets if he leaves the business in three years

Illustrates a course of action the client should take if he leaves the business in three years but details are either inaccurate or irrelevant

Does not illustrate the best course of action the client should take if he leaves the business in three years

18

Memo: Sell the Business Illustrates the best course of action if the client wishes to sell the business and includes tax consequences when selling an existing operating business

Illustrates a course of action if the client wishes to sell the business, but details are inaccurate or cursory

Does not illustrate a course of action if the client wishes to sell the business

18

Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization.

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas.

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas.

10

Total 100%