TAX $655$N PROJECT ONE You are a tax associate with a large tax accounting firm. You have been assigned to prepare a federal income tax return, Form $1120$: U$.$S$.$ Corporation Income Tax Return, and the necessary schedules for SageGreen Computer Corporation, a non$-$audit client. This project will help you understand the IRS process of completing proper tax returns. Complete the header section to include company information, with no errors. Consider the following as you fill out this section of the form:

Significance of the information

Significance of the company$$s total assets

Complete section one, Income, with no errors. Consider the following in your work:

Net income per books location on tax return

Cost of goods sold expense inclusion here

Complete section two, Deductions, with no errors. Consider the following in your work:

Think about the separation of compensation of officers from salaries and wages

Expenses that are listed separately from $$Other Deductions$$

Complete section three, Payments, with no errors. Consider the following in your work:

Examples of tax credits available to corporations

Causes of an estimated tax penalty

Part Two: Email to Reviewing Tax Manager

Discuss any possible issues or limitations while completing page one of Form $1120.$ Include the following in your response:

Accuracy of information and resources provided by the client

Concerns or suggestions regarding the client$$s income or expenses

Explain your plan to continue preparing the remainder of Form $1120.$ Include the following in your response:

Importance of the remaining sections of the Form $1120$

Additional information provided by the client and its connection to the Form $1120$

Relationship between schedules and financial statementsComplete the header section to include company information, with no errors. Consider the following as you fill out this section of the form:

Significance of the information

Significance of the company$$s total assets

Complete section one, Income, with no errors. Consider the following in your work:

Net income per books location on tax return

Cost of goods sold expense inclusion here

Complete section two, Deductions, with no errors. Consider the following in your work:

Think about the separation of compensation of officers from salaries and wages

Expenses that are listed separately from $$Other Deductions$$

Complete section three, Payments, with no errors. Consider the following in your work:

Examples of tax credits available to corporations

Causes of an estimated tax penalty

Part Two: Email to Reviewing Tax Manager

Discuss any possible issues or limitations while completing page one of Form $1120.$ Include the following in your response:

Accuracy of information and resources provided by the client

Concerns or suggestions regarding the client$$s income or expenses

Explain your plan to continue preparing the remainder of Form $1120.$ Include the following in your response:

Importance of the remaining sections of the Form $1120$

Additional information provided by the client and its connection to the Form $1120$

Relationship between schedules and financial statements Income Statement

For the Year Ended December $31$

Gross Sales $$32,000,000\mathrm{.}00$

Cost of Goods Sold $20,360,000\mathrm{.}00$

Gross Profit $11,640,000\mathrm{.}00$

Other Income:

Dividends $65,000\mathrm{.}00$

Interest $20,000\mathrm{.}00$

Tax$-$Exempt Interest $6,000\mathrm{.}00$

Capital Loss $(22,000\mathrm{.}00)$

Total Income $11,709,000\mathrm{.}00$

Expenses:

Salaries and Wages $800,000\mathrm{.}00$

Charitable Contributions $40,000\mathrm{.}00$

Meals $54,000\mathrm{.}00$

Total Expenses $894,000\mathrm{.}00$

Net Income Per Books $$10,815,000\mathrm{.}00$