ACC 555 Week 7 Assignment 2 Tax-Deductible Losses

Write a six to eight (6-8) page paper in which you:

1. Research      the manner in which tax-deductible losses originally became part of the      U.S. Tax Code. Conclude whether or not tax-deductible losses overall are      reasonable. Provide support for your conclusions.
2. Suggest      what you believe to be a significant tax-deductible loss. Discuss whether      or not the deductibility of this loss harms other taxpayers in general.      Recommend changes to this tax-deductible loss you would make that would be      fairer to all taxpayers.
3. Choose      a type of loss that is not deductible, and argue whether these losses      should continue to be disallowed, or why they should be allowed. Provide      support for the rationale.
4. Propose      an alternative to loss deductions that would be fair to all taxpayers and      support the financial needs of the federal government. Indicate      substantive ways in which your recommendation would achieve fairness to      taxpayers and the United States Treasury.
5. Research      recent IRS audit activities related to loss deductions to determine the      most frequent types of losses that would most likely trigger an IRS audit.      Propose a strategy that you would use to defend a client facing an IRS      challenge on loss deductions.
6. Use at      least three (3) quality references.Note: Wikipedia and other      Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

• Be      typed, double spaced, using Times New Roman font (size 12), with one-inch      margins on all sides; citations and references must follow APA or      school-specific format. Check with your professor for any additional      instructions.
• Include      a cover page containing the title of the assignment, the student’s name,      the professor’s name, the course title, and the date. The cover page and      the reference page are not included in the required assignment page      length.

The specific course learning outcomes associated with this assignment are:

• Conduct      basic tax research and tax planning on individual federal taxation issues.
• Determine      how to minimize individual income tax within specific risk and legal      parameters.
• Analyze      the inclusions and exclusions of gross income.
• Analyze      deductions for and from adjusted gross income.
• Use      technology and information resources to research issues in tax research      and planning.
• Write      clearly and concisely about tax research and planning using proper writing      mechanics.

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