Assignment 3: Tax Periods and Method

Imagine that you have always wanted to own a business and have now created a new start-up company.

Write an eight to ten (8-10) page paper in which you:
1.Analyze the start-up company you created. Include in your analysis the type of company you have created, its business

objectives, and other factors that you believe are important to the success of the business.
2.Determine the types of accounting periods that you could choose from for the company. Choose the type of accounting

period that would provide the greatest tax benefit. Provide example(s) to support your proposal.
3.Evaluate the appropriateness of the types of accounting methods that would be available for your business. Recommend

the method that would minimize the tax liabilities for the company. Provide support for your rationale.
4.Choose at least two (2) specific transactions, and then propose one (1) special accounting method which your company

would use to account for these transactions. Indicate any significant tax consequences that may result from the method

you proposed.
5.Imagine you have decided to change the accounting method you chose after three (3) years in business, as you have

discovered that another method would be more advantageous from a tax perspective. Analyze the rules regarding changes in

accounting methods. Create a table that illustrates the effect on taxable impact for three (3) of your businesss unique

transactions.
6.Develop an argument that supports your proposed accounting method change. Create a letter to the IRS to justify your

position.
7.Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and

references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the students name, the professors name, the course title,

and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:
Conduct basic tax research and tax planning on individual federal taxation issues.
Explain the issues for accounting periods and methods, tax computation methods, tax credits, and payment of tax.
Use technology and information resources to research issues in tax research and planning.
Write clearly and concisely about tax research and planning using proper writing mechanics.

PLEASE STRICTLY FOLLOW THIS RUBRIC.MY GRADE ARE BASED ON THIS

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing

skills, using the following rubric.
Points: 320Assignment 3: Tax Periods and Method
CriteriaUnacceptable
Below 70% FFair
70-79% CProficient
80-89% BExemplary
90-100% A
1. Analyze the start-up company you created. Include in your analysis the type of company you have created, its business

objectives, and other factors that you believe are important to the success of the business.
Weight: 10%Did not submit or incompletely analyzed the start-up company you created. Did not submit or incompletely

included in your analysis the type of company you have created, its business objectives, and other factors that you

believe are important to the success of the business.Partially analyzed the start-up company you created. Partially

included in your analysis the type of company you have created, its business objectives, and other factors that you

believe are important to the success of the business.Satisfactorily analyzed the start-up company you created.

Satisfactorily included in your analysis the type of company you have created, its business objectives, and other factors

that you believe are important to the success of the business.Thoroughly analyzed the start-up company you created.

Thoroughly included in your analysis the type of company you have created, its business objectives, and other factors

that you believe are important to the success of the business.
2. Determine the types of accounting periods that you could choose from for the company. Choose the type of accounting

period that would provide the greatest tax benefit. Provide example(s) to support your proposal.
Weight: 10%Did not submit or incompletely determined the types of accounting periods that you could choose from for the

company. Did not submit or incompletely chose the type of accounting period that would provide the greatest tax benefit.

Did not submit or incompletely provided example(s) to support your proposal.Partially determined the types of accounting

periods that you could choose from for the company. Partially chose the type of accounting period that would provide the

greatest tax benefit. Partially provided example(s) to support your proposal.Satisfactorily determined the types of

accounting periods that you could choose from for the company. Satisfactorily chose the type of accounting period that

would provide the greatest tax benefit. Satisfactorily provided example(s) to support your proposal.Thoroughly determined

the types of accounting periods that you could choose from for the company. Thoroughly chose the type of accounting

period that would provide the greatest tax benefit. Thoroughly provided example(s) to support your proposal.
3. Evaluate the appropriateness of the types of accounting methods that would be available for your business. Recommend

the method that would minimize the tax liabilities for the company. Provide support for your rationale.
Weight: 10%Did not submit or incompletely evaluated the appropriateness of the types of accounting methods that would be

available for your business. Did not submit or incompletely recommended the method that would minimize the tax

liabilities for the company. Did not submit or incompletely provided support for your rationale.Partially evaluated the

appropriateness of the types of accounting methods that would be available for your business. Partially recommended the

method that would minimize the tax liabilities for the company. Partially provided support for your

rationale.Satisfactorily evaluated the appropriateness of the types of accounting methods that would be available for

your business. Satisfactorily recommended the method that would minimize the tax liabilities for the company.

Satisfactorily provided support for your rationale.Thoroughly evaluated the appropriateness of the types of accounting

methods that would be available for your business. Thoroughly recommended the method that would minimize the tax

liabilities for the company. Thoroughly provided support for your rationale.
4. Choose at least two (2) specific transactions, and then propose one (1) special accounting method which your company

would use to account for these transactions. Indicate any significant tax consequences that may result from the method

you proposed.
Weight: 15%Did not submit or incompletely chose at least two (2) specific transactions, and then did not submit or

incompletely proposed one (1) special accounting method which your company would use to account for these transactions.

Did not submit or incompletely indicated any significant tax consequences that may result from the method you

proposed.Partially chose at least two (2) specific transactions, and then partially proposed one (1) special accounting

method which your company would use to account for these transactions. Partially indicated any significant tax

consequences that may result from the method you proposed.Satisfactorily chose at least two (2) specific transactions,

and then satisfactorily proposed one (1) special accounting method which your company would use to account for these

transactions.
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