Corporate Tax Analyze, I need help please! 
omissions. Joe is seeking your help in determining his mistakes and in answering some corporate tax questions he is unsure about. You are to read the scenario below and then follow the instructions. Scenario - Zeus, Inc. 77 Sunset Strip. - EIN: 56-1234567. - Date incorporated: July 1,2010. Zeus, Inc. uses the accrual method of accounting. Zeus, Inc. is not audited by a CPA firm. It does, however, use GAAP-based financial statements and has never had a restatement of its income statement. Zeus, Inc. reported the following information for 2020 : - Zeus, Inc. made payments that required it to file federal form(s) 1099. The 1099 s were filed timely. - Zeus, Inc. average annual gross receipts for the prior three years are under $26,000,000. - Zeus, Inc. elects to file a complete Schedule M3 even if only M1, or a partial M3, is required. Additional Information Used in the Preparation of Zeus, Inc. Financial Statements: agreed to pay the employee a settlement amount of $190,000 on January 10,2021 . Zeus, Inc. accrued this expense on its 2020 financial statements - Zeus, Inc. o service. - As of December 31,2019, and 2020, respectively, Zeus, Inc. had vacation accruals on its books of $29,000 and $35,000. On December 2, 2020, Zeus, Inc. held an advertising give-away of $100,000. Additional Information Used in the Preparation of Zeus, Inc. Corporate Tax Return: securities. condition of being accepted by the new company. Zeus, Inc. did not expense any of the prepayments for financial accounting purposes. Zeus, Inc.'s officer information for the year is as follows: (Compensation amounts included in total wages on the income statement for all employees.) - All the accrued wages and bonus amounts on the financial statements as of December 31, 2019, were paid on February 28,2020. - The winner of the advertising give-away of $100,000 was presented the check on January 15, 2021. - As of March 15,2020, and 2021, respectively Zeus, Inc. had paid $5,000 and $8,000 of the vacation accrued amounts. Zeus, Inc. Financial Statements: \begin{tabular}{|c|l|l|l|} \hline Zeus, Inc. Income Statement & & \\ \hline For the Year Ended December 31, 2020 & & \\ \hline Income: & & \\ \hline Sales & & \\ \hline & & \\ \hline Less: Sales Returns \& Allowances & & \\ \hline Cost of Goods Sold & & \\ \hline Gross Margin & & \\ \hline Other Income: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} irite 3-5 page paper in which you do the following: 2. Explain the criteria that requires the use of M3 and describe how it is more beneficial to the financial statement user. 3. Explain at least two IRS approved methods available to Zeus Inc. to make estimated tax payments, explaining and justifying the preferred method. 6. Writing contains accurate grammar, mechanics, and spelling in accordance with SWS style. specific course learning outcomes associated with this assignment: - Analyze a corporate tax return to collect the required information for the preparation of a corporate tax return. omissions. Joe is seeking your help in determining his mistakes and in answering some corporate tax questions he is unsure about. You are to read the scenario below and then follow the instructions. Scenario - Zeus, Inc. 77 Sunset Strip. - EIN: 56-1234567. - Date incorporated: July 1,2010. Zeus, Inc. uses the accrual method of accounting. Zeus, Inc. is not audited by a CPA firm. It does, however, use GAAP-based financial statements and has never had a restatement of its income statement. Zeus, Inc. reported the following information for 2020 : - Zeus, Inc. made payments that required it to file federal form(s) 1099. The 1099 s were filed timely. - Zeus, Inc. average annual gross receipts for the prior three years are under $26,000,000. - Zeus, Inc. elects to file a complete Schedule M3 even if only M1, or a partial M3, is required. Additional Information Used in the Preparation of Zeus, Inc. Financial Statements: agreed to pay the employee a settlement amount of $190,000 on January 10,2021 . Zeus, Inc. accrued this expense on its 2020 financial statements - Zeus, Inc. o service. - As of December 31,2019, and 2020, respectively, Zeus, Inc. had vacation accruals on its books of $29,000 and $35,000. On December 2, 2020, Zeus, Inc. held an advertising give-away of $100,000. Additional Information Used in the Preparation of Zeus, Inc. Corporate Tax Return: securities. condition of being accepted by the new company. Zeus, Inc. did not expense any of the prepayments for financial accounting purposes. Zeus, Inc.'s officer information for the year is as follows: (Compensation amounts included in total wages on the income statement for all employees.) - All the accrued wages and bonus amounts on the financial statements as of December 31, 2019, were paid on February 28,2020. - The winner of the advertising give-away of $100,000 was presented the check on January 15, 2021. - As of March 15,2020, and 2021, respectively Zeus, Inc. had paid $5,000 and $8,000 of the vacation accrued amounts. Zeus, Inc. Financial Statements: \begin{tabular}{|c|l|l|l|} \hline Zeus, Inc. Income Statement & & \\ \hline For the Year Ended December 31, 2020 & & \\ \hline Income: & & \\ \hline Sales & & \\ \hline & & \\ \hline Less: Sales Returns \& Allowances & & \\ \hline Cost of Goods Sold & & \\ \hline Gross Margin & & \\ \hline Other Income: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} irite 3-5 page paper in which you do the following: 2. Explain the criteria that requires the use of M3 and describe how it is more beneficial to the financial statement user. 3. Explain at least two IRS approved methods available to Zeus Inc. to make estimated tax payments, explaining and justifying the preferred method. 6. Writing contains accurate grammar, mechanics, and spelling in accordance with SWS style. specific course learning outcomes associated with this assignment: - Analyze a corporate tax return to collect the required information for the preparation of a corporate tax return
