Expanding on the example above, consider the following: This process of approximation is called imputation, and the resulting rate is called an imputed interest rate. Since this issue is not of a legal nature, it should not appear as a separately stated issue requiring legal research.
Finally, finish the analysis with the on-point or analogous judicial decision or ruling. Though additional facts might be incorporated through cross reference from section A of the research memo, it is often preferable to weave all facts together so that they reside in one location and are organized so that related facts are together.
That's all free as well! Cite Tax Authority Documentation is a very important part of communicating the results of tax research. When authoritative support e.
Writing a tax research memo is an art. Section e indicates that theft losses are deductible in the taxable year sustained. In the analysis of each issue, sometimes the clearest tax authority is a ruling or judicial decision. And, best of all, most of its cool features are free and easy to use.
You should not simply refer the reviewer to your source.
For example, the relevant Code sections should appear first in Code section orderfollowed by regulations also in Code section order. Similarly, each page of support materials could be numbered B-1, B-2, B-3, etc. The example below demonstrates how confusing an ambiguously worded issue can be for the researcher and, even more so, for the reviewer: Number and arrange issues in the most logical order.
Similarly, our client is engaged in a trade or business within the U. Thus, Section A cites to judicial decisions should include only the title, court, and year of the decision. The main text is the portion the researcher writes and consists of facts, issues, conclusions, and analyses.
Not only does this information provide ease of reference, but it allows pages that become separated to be reunited with the correct file or research memo.
If you cite a judicial decision or revenue ruling, the entire decision or ruling must be included. Number and arrange issues in the most logical order.
After the research has begun, the tax professional may realize the need for additional facts or clarifications, which might be obtained through a follow-up telephone conversation, e-mail correspondence, or a formal letter. For more information about appropriate abbreviations, see the lesson on wordiness.
Numbering pages prematurely especially in Section B may require frequent and unnecessary expansions, complicating the paging and cross-reference system.
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Generally, the more time taken to prepare a research memo, the less time necessary to review it. Depending on the situation, the tax professional may bear the cost of these mistakes and resulting inefficiencies.
Another common mistake is to emphasize financial accounting concepts, such as net income and expense, rather than the analogous tax concepts, namely gross income and deduction.
For example, if two pages must be inserted later between pages B-6 and B-7, they could be numbered B-6a and B-6b.Mike just sent me a very handy checklist called "Clarify: 11 Helpful Items Every Technical Research Memo Should Include." Mike's cover letter to me says it quite well - it shows your clients the format to follow to communicate their positions in a way that is auditable.
The memos you write as an accountant speak volumes about your professional experience and credibility. Accountants are charged with writing all kinds of memos, including informal internal memos to colleagues and supervisors, formal memos to departmental units and tax memos to clients.
Aug 19, · How to Write a Memo Five Parts: Sample Memos Writing the Memo’s Heading Writing the Body of the Memo Finalizing the Memo Using Memo Templates Community Q&A Memos are a great way to communicate big decisions or policy changes to your employees or colleagues%().
Writing a tax research memo is an art. Tax professionals do not universally use the same techniques. Generally, the more time taken to prepare a research memo, the less time necessary to review it.
Mike just sent me a very handy checklist called "Clarify: 11 Helpful Items Every Technical Research Memo Should Include." Mike's cover letter to me says it quite well - it shows your clients the format to follow to communicate their positions in a way that is auditable.
Professional Accounting Research 1st Power Point - Professional Accounting Research1st Power Point. Introduction to Professional Research. Summarizing Practice - Summarizing Practice A key part of writing research memos Also see Reminders on Presenting Your Own Work "Writing Tax Research Memos" is the property of its rightful owner.