First, I would like to say it has been an honour to have learned with you guys as the classes get
less and less it is bittersweet. This has been some journey from COVID-19 to master wow. What I
am taking away from this course is not just one thing all of it will be helpful after all knowledge is
power. If I had to say the biggest impact was the fact that the laws themselves were what we
would need to be referencing and not just the IRC Code. When anyone in America thinks of taxes
the first thing that comes to my mind is the IRS, not the laws or tax law. Although the IRS does
have quite the reputation of intimidation after all they were the only ones that could bring down
Al Capone. However, it does make sense because the House and Congress are the ones making
these rules and would be the ones with firsthand knowledge of it. Also, the memorandum
technique is a longer process than it seems should be but, when you are dealing with others'
money you want to be thorough and make sure you explain your thought process completely, they
think you are cheating in some way and that is their job and mentality.
You know the tax situation is not like the law situation here in America. With the criminal court
system, you get the right to defend your position. With the IRS my brother has not even gotten to
speak with anyone just sent in his information and they never said anything other than pay. How is
that a fair and just system that one person said he was wrong so it must be not that he could have
made a mistake or even show where the mistake happened? I had heard they were trying to be
more of a helpful source but do not count on it, people.
What was the best aspect of the course that you can use in your career? Writing Tax Research
Memorandums. I cannot believe how my writing skills of research memos and client memos
improved since Week One, as I was working on my final project submission I was impressed. I think
this form of writing will be useful in my CPA journey. I had to write an email to one of my clients
last week related to their incorrect Sales Tax Submission which needed further amendment. I was
able to use the writing format we learning during this class to support my findings. b
What research did you complete that you would never have thought of from a tax perspective?
Charitable Contributions. I never thought that claiming that deduction on individual tax return will
be more beneficial than claiming it thru corporate in some cases like C-C Bakery's and Nora's.
Many people know they can deduct donations to charity from their business and personal income
taxes but increasing your knowledge of tax planning strategies can maximize the impact.
Understanding the tax strategies related to charitable contributions can help CPAs advise their
clients on how much to give, what asset to give and when to give, so client can benefit from
providing the maximum amount to charity—and receive the maximum tax advantages for
herself/himself. Each case is different and need CPA's individual approach.
The Tax Research Methodology (TAX 670) course has been highly informative and interesting for
me as a learner. By engaging with the course, I got the opportunity to learn about the diverse
techniques, methods and practices that are involved in federal tax research. I was able to
understand the significant role of the Internal Revenue Service (IRS) in influencing the taxation laws
and regulations that are applicable to both individuals as well as organizations. One of the main
highlights of the course is that it can be applied in my personal life and my professional life. In my
personal life, I can apply the learnings from the course to compute my tax returns on a yearly
basis. Similarly, in the professional setting, I can employ my learnings in order to be an efficient tax
professional and aid my clients in computing their tax returns.
I found the Tax Research Methodology course to be highly engaging because I was able to learn
how the laws relating to taxation change in diverse scenarios. For example, before taking part in
the course, my insight on taxation was limited. But the course helped me to get a better
understanding of the taxation rules that are applicable in the case of charitable giving, home office
deductions and many more. The learning relating to home office deductions was extremely
interesting since I was previously not aware of how small business owners could deduct specific
home expenses. The case studies that were used in the assignments were extremely interesting
since they added value to my overall learning experience during the course.
The best aspect of the course that I can use in my career is to constantly update my knowledge of
the taxation codes so that I can correctly compute taxation in the real-life setting. The course has
also made me realize that it is instrumental for an individual to showcase moral competence and
ethical judgment while determining tax. In my personal and professional life, I want to employ the
acquired knowledge from the course to the best of my capability. Important research that I was
able to complete during the course that I had never thought of completing was related to making
an appeal to a Notice of Proposed Adjustment (NOPA). I did not have much insight into how to
appeal to a NOPA that has been issued by the IRS, before taking part in the course. However, the
learnings from the course helped me understand that a systematic process is in place that can be
adopted to effectively appeal to a NOPA and have a strong case. Moreover, I have also realized that
while communicating with the IRS via a memo, a proper structure must be followed so that all the
information can be effectively captured and the communication can reflect professionalism on the
part of the taxpayer. My learning throughout the course has been highly enriching and insightful. I
can apply the learnings in the practical setting to become a competent and efficient tax
professional.
