Analyzing a Corporate Tax Return

Week 5 Assignment – Analyzing a Corporate Tax Return
OverviewYou are a senior tax accountant in the firm, Ernest & Rainhouse. Joe, a
new junior accountant, has just prepared his first corporate tax return for Zeus,
Inc. The electronic filing system has rejected the Zeus, Inc.’s Form 1120: U.S.
Corporation Income Tax Return 2020 [PDF] due to errors and omissions. Joe is seeking
your help in determining his mistakes and in answering some corporate tax
questions he is unsure about. You are to read the scenario below and then follow
the instructions.

Analyzing a Corporate Tax Return

Question 1

The errors or omissions that are in the Zeus Inc.’s Form 1120 can result in incorrect calculation of deductions and credits and incorrect declarations of exemptions and inaccurate entry of expenditures or income. While taxpayers aren’t legally required to file revisions to their tax returns in order to fix errors or omissions Tax professionals are subject to an higher standard. Experts who discover an individual’s non-compliance with federal tax legislation or any inconsistencies on a returns, declarations, records or other form of paper issued or issued in accordance with federal tax regulations should immediately notify the customer of their findings and rectify them if they choose not to make corrections. The final decision on the decision to convert is entirely the decision of the individual. However, Zeus, Inc. is subject to an additional tax for negligence should the IRS determines that the error or omission on Zeus, Inc.’s income tax returns was due to a misreading of an income tax regulation or not taking the necessary precautions to ensure accuracy. In any of these situations the error or omission could be the result of Zeus, Inc. If the IRS determines the fact that Zeus, Inc. did not keep proper accounting records and books of its business that led to an underpayment and a penalty of this type could be imposed. The additional late payment fee is 20 percent of the outstanding amount (McGill 2019).

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