taxes

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Name: TAX 655 Milestone Two Rubric

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Proficient

Needs Improvement

Not Evident

Memo: Tax Effect on Cash Withdrawals or Dividends

Points:

26 (40%)

Explains the tax effect based on providing the client and his daughter salaries if they withdraw cash from the company or pay dividends

Points:

19.5 (30%)

Explains the tax effect based on providing the client and his daughter salaries but details are inaccurate or cursory

Feedback:

Good start but a somewhat generic discussion without specific recommendations. Our memos are supposed to be something that can be furnished to the client. They need to be documents that the client can use to understand the planning process that we are going through and the specific recommendations that we are making as advisors (including specific dollar amounts). In future memos, I recommend that you imagine you are sitting in a meeting with Bob and Amanda and you are explaining the course of action that you think they should take. Be specific, anticipate and answer their questions prior to them asking the questions. In addition, inclusion of some tables/numbers would be a nice enhancement that most clients would appreciate. Please see the sample solutions that I¿m including with this feedback. :-)

Points:

0 (0%)

Does not explain the tax effect based on providing the client and his daughter salaries

Memo: Percentage of Ownership

Points:

26 (40%)

Justifies the percentage of ownership the client’s daughter should have based on the business recommended

Points:

19.5 (30%)

Justifies the percentage of ownership the client’s daughter should have but details are irrelevant or cursory

Feedback:

I saw where you mentioned 40% ownership for Mandy as suggested in the Final Assignment Prompt but I couldn't find where you justified it nor could I find discussion of how you propose to have Mandy achieve that level of ownership (and pay the gift or income tax to get there). For what it is worth, 40% is just a suggestion, you are welcome to choose another percent. The bottom line is the memo is supposed to be something that can be furnished to the client. It needs to be a document that they can use to understand the planning process that we are going through and our specific recommendations that we are making as advisors. In future memos, imagine you are sitting in a meeting with Bob and Amanda and you are explaining the course of action that you think they should take. Be specific, anticipate and answer their questions prior to them asking the questions. :-)

Points:

0 (0%)

Does not justify the percentage of ownership the client’s daughter should have

Articulation of Response

Points:

13 (20%)

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Feedback:

One thing that might be a nice addition would be tables/schedules showing the tax impact of your proposal and perhaps comparing it to what Bob thinks he wants so you can show him the tax savings. :-)

Points:

9.75 (15%)

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Points:

0 (0%)

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

The rubric total value of 52.00 has been overridden with a value of 56 out of 65.0.

Feedback to Learner

Thanks Robert, good job! Please see the detailed feedback included with each grading element and please see the attached sample solutions for some other approaches to this assignment. I added 4 points to the grade b/c I thought the system-calculated grade did not give you the full credit you deserved for your work. :-)

Name:TAX 655 Milestone Two Rubric