Question 1
Corporations have been scrutinized as to the recording and valuation of taxes they owe. The determination of how much they will pay is a combination income and expenses they report. There are many tax rules and regulations that are part of the IRS Tax code that apply to tax reporting of corporations. Please select a specific IRS tax code rule and present this to the class. In your presentation describe what is being measured, the intent of the rule and how the rule came to be.
Question 2
Conduct Internet research to locate information on interim financial reporting. Locate information on the reporting of accrual and deferrals.
For interim financial reporting for domestic subsidiaries, what categories may be accrued or deferred to provide an appropriate use of the basic matching concept accounting for costs in each period? Why is this important to the stakeholders? Are these different than year-end reporting? In your opinion, do you feel interim reports are valid and can be considered reliable?
Question 3
Many times, after the implementation of a new system, employees must be let go. More advanced systems take over the work that some employees may be manually completing and their services are no longer necessary. Assume that you are the manager in this type of situation. How do you address the employees that are to be let go? How do you address the rest of the staff?