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Hello, I need help with a second assignment: Module Two Adjusted Gross Income Assignment Guidelines and Rubric ACC 330 Module Two Adjusted Gross Income

May 9, 2024

Hello, I need help with a second assignment:

Module Two Adjusted Gross Income Assignment Guidelines and Rubric

ACC 330 Module Two Adjusted Gross Income Assignment Guidelines and Rubric

Overview

Research is a big part of being a tax practitioner. Researching income and adjustments to income are critical for arriving at adjusted gross income (AGI). IRS resources, professional publications, and articles written by practitioners will inform your decisions. There isn’t always a clear answer so relying on primary sources and applying the Internal Revenue Code (IRC) will provide the confidence needed to support the tax position you recommend. It is essential that you understand how and when adjustments for adjusted gross income can be applied.

Scenario

You are a junior accountant at a medium-sized CPA firm. Your manager wants you to become familiar with the tax code and how it determines taxability. Your research will assist you in understanding how and when to report certain items as adjustments for AGI. Your manager would like you to document your research in the Module Two AGI Assignment template located in the What to Submit section to clarify your understanding of the tax code and justify your interpretations of the IRC requirements to report (or not report) the topic in question.

Directions

Using the topics listed in Module Two Adjusted Gross Income List in the Supporting Materials section, determine when and how the topic applies to AGI. Give scenarios to show that you understand what is taxable and what is nontaxable. There are several websites listed in the Supporting Materials section that will help you find the code and examples of application. You may also wish to view the Adjustments to Income section found on Schedule 1 to further understand how deductions are included in the calculation of adjusted gross income. Keep in mind, however, that Schedule 1, and its accompanying information, is updated annually and subject to change. Thus, be sure to research the correct tax year.

Select one topic from the Module Two Adjusted Gross Income List in the Supporting Materials section. Use the Tax Research Guide found in the Supporting Materials section to research the topic you select. Be sure to cite the IRC location (be specific) and describe examples of the application of the code for two different scenarios (one where the deduction applies and one where the deduction would not apply). Add citations for all resources used in this assignment.

Specifically, you must address the following rubric criteria:

Identify the research topic you want to investigate.
Identify sources specifying code, section, and subsection as applicable. Include the following:
List parameters for deductibility for your topic. Below are examples of some parameters you may encounter.
Describe a scenario of qualifying for AGI adjustment.
Describe a scenario of not qualifying for AGI adjustment.
Explain tax planning implications.

What to Submit

Submit a 1- to 3-page Microsoft Word document using the Module Two Adjusted Gross Income Assignment Template. The template should use double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

Supporting Materials

The following resources support your work on the project:

Resource: Module Two Adjusted Gross Income List

Resource: Tax Research Guide

Website: United States Code

Website: IRS.gov

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