Prepare an Income Tax Return And Brad Wilson Case Study - Accounting and Finance Assignment Help

Assignment Task

Assignment overview 

Assignment 1 tests your ability to calculate income tax, prepare an income tax return and communicate  payment and filing obligations. Application of the rules for dealing with Revenue interventions is also  tested.  

All responses should demonstrate professional, written communication skills, as required in a work  setting. Marks will be awarded for showing initiative in researching the issues set out in the case study.  Simply copying from the materials or other sources will not earn credit. 

All supporting tax calculations should be completed using Excel or Word. Tax law up to and including  Finance Act 2019 is examinable for the purpose the Diploma in Taxation Spring 2021. 

The tax return(s) required in this assignment must therefore be prepared in accordance with tax law up  to and including Finance Act 2019 and must be completed using ROS. We recommend that the ROS  offline package be used – please note that you may need administrator privileges to download fully.

Requirements 

1. Prepare a file note setting out, with explanations, whether each of the foreign income sources received by Brad is within the scope of Irish tax.

2. Write a letter to Brad advising how he should regularise his tax affairs in light of the  information he gave you at the meeting and how to approach the Revenue audit.

3. Prepare Brad and Anna’s Tax Return for 2020 complete with supporting tax computations,  schedules and calculations. This should include the following:  

• Case I tax adjusted trading profit/(loss) for Brad’s business; 

• Tax computation; 

• Tax return; and 

• A file note setting out the supporting technical basis of your calculations.

4. Prepare a letter to Brad and Anna setting out their tax compliance obligations in respect of  their 2020 income tax return.

5. Calculate, with supporting explanations, the total tax payable in respect of Anna’s  severance package and set out how much Anna will receive overall net of taxation payable.

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