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Background:
Slatterys Inc. is an S corporation. It was incorporated on February 1, 2012 and started business
in February 25, 2012. The shareholders are Lisa Cutter (owns 50%), Jeff McMullen (owns 20%)
and Tina Woodbrook (owns 30%). Lisa and Jeff believed that the public would love the recipes
used by Lisas mom, Tina Woodbrook. They also though that they had the necessary experience
to succeed their business, Lisa had experience operating as a small bakery while Jeff currently
owned a fast food franchise business.
Scope of Work:
Obtain, review and evaluate all information about income and finances of Slatterys Inc.
Create a tax trial balance with book to tax adjustments
Prepare computational and other schedules to tax form 1120S
Collect any useful information to complete final tax return
Ensure filing of Slatterys 2012 Tax Returns within the stipulated time\
Budget in hours:
The budget of the professional service that will be rendered in connection of the preparation of
2012 S corporate tax return is detailed in the table below. This budget is a pro forma and the total
billable hours will be adjusted to match the exact billable hours that were used in connection
with the preparation of the client's tax return.
As a team we will complete an 1120S S-Corp Tax Return for problem 11-55 in the book.
We will discuss how to divide up the responsibilities between the group members. Different
responsibilities will include researching the tax treatment of specific book to tax adjustments,
preparing the tax trial balance, preparing supporting schedules and preparing the final tax return.
Group members will be expected to put forth an equal effort toward the completion of the tax
return and complete their share of responsibilities by the outlined dates.We will try to finish the
assignment one week ahead of time, so we can check up our answers with the professor and see
if we would make any adjustments. Also, we will try to read the book and understand the
material during this week to be able to fill up the form and analyze the data correctly.
Team Members