Solved by verified expert :You DecideScenarioScenario/SummaryYou have a small tax accounting preparation and bookkeeping practice. A new client enters youroffice and places a box of receipts and bank statements on your desk and says that she would liketo have a set of financials prepared and tax returns completed. She also states that the financialsand the return will be given to her bank as part of the documentation needed to acquire a $300,000bank loan. She would like you to complete the work within a week. As you review the documentation,you note that some of the expenses and receipts for income are questionable and you would needmore information in order to completely and accurately complete the forms she has requested.When you request the additional information from the client, she tells you that she has no moredocumentation and that is all you can be given.Your Role/AssignmentYou role in this scenario is to decide on what you will do, what you can do, and how to proceed. Doyou complete the financials, and are you able to prepare the tax returns? What information do yougive to the client so that she can present it to the bank in hopes of getting her $300,000 loan? Youknow that if she does not get the loan, her business will not be able to continue and she will have tolay-off her five employees and close her doors. What obligation do you have to help her with respectto the preparation of the income tax return? How can you help her?Key Players:John wants to help the new client, as he knows that she needs the loan and he would like to haveher continue as his client. He feels that she can add significant income to his business. But hewonders why her previous provider is not completing the work.Sue has a small business that manufactures household knick knacks. She employees 5 people on afull-time basis and have been in business for 3 years. She wants to expand and needs the $300,000loan in order to do so. She has had an accountant in the past, but the accountant left her 6 monthspast and she has been trying to do the accounting work on her own.AssignmentPrepare a 2-3 page paper in APA format citing applicable IRS codes and accounting rules for yourdecision. The essay should be at least 500 words in length.CategoryPoints DescriptionUnderstanding20The paper demonstrates a strong grasp of the problem at handCategoryPoints Descriptionand demonstrates an understanding of how the courseconcepts apply to the problem.Analysis40The writer applies original thought to solving the businessproblem. He or she applies concepts from the course materialcorrectly toward solving the business problem.Execution20Write your answer clearly and succinctly using strongorganization and proper grammar. Use citations correctly.Total70A quality paper will meet or exceed all of the aboverequirements.Text BookSouth-Western Federal Taxation 2015: Individual Income Taxes, 38th Edition

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