Accounting Discussion Question Paper

Accounting Discussion Question Paper

Background: The accountant for George’s Software, Inc. has approached you for some tax advice about how to handle some items on the income tax return for the business. The business is a C corporation. The corporation is a calendar year-end, cash basis taxpayer. The business entertains clients as part of winning new business and maintaining relationships with existing customers to retain their business and obtain new contracts. This can involve taking them to football(NFL) games or basketball (NBA) games. At other times it could be taking them to a restaurant for wining and dining. Many customers are located in other states so at times employees need to travel and stay a night or two near the location of the customers.

In addition, every quarter the CEO takes the top 10 business development executives to lunch to brainstorm ideas for winning new contracts. The accountant needs advice for the following:

1. Can the business deduct the cost of the meals for taking the existing and potential clients to lunch?

a.Are there any limitations on the cost?

b.Are there any documentation requirements?

2. Can the business deduct the cost of taking the clients to the football and basketball games? Does it make a difference whether food is provided?

3. Can the business deduct the cost of the meals for the employees when they are traveling away from home and not eating a meal with the customers?

4. Can the business deduct the cost of the quarterly lunch for the 2021 tax year?

Your research should consider the following (but it is not an exhaustive list):

IRC §162

IRC §274(a)

IRC §274(d)

IRC §274(n)

Regs§1.274-12(a)

You will need to support your conclusion using primary sources of tax law.

We do NOT use a bibliography or list of references in a tax research memo. We do not include Background in a tax memo. You will see that citations are within the text of the document in the example. Once a court case has been cited in full, it can be referred to using simply the name in italics.

I will provide an example.

The grading rubric for tax memo.

For this assignment, points are distributed as follows:

Facts and issue(s): 16 points

Content – analysis: 30 points

Content – conclusion: 14 points

Organization: 8 points

Audience: 8 points

Style: 8 points

Mechanics: 8 points

Referencing: 8 points

Total: 100 points

Requirements: 5-6

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