How do we treat this prepaid rent for tax purposes?

Prepare an email response (including headers) to the following emails. Assume you are a CPA working for a local public accounting firm called Allen, West, and Dove, LLP. Your firm provides tax and accounting services including audits, reviews, and compilations. There are three partners and a professional staff of sixteen. Financial statement reviews typically cost from $6,000 to $18,000. Individual income tax return preparation typically ranges from $1,500 to $3,500 while business returns range from $2,500 to $12,000.
Request for information about your CPA practice. Note: Andy Walters is an existing, long-time client.
From: William Davis
Sent: Monday, March 19, 20XX 8:27 AM
Subject: CPA Services
Andy Walters gave me your name. I have a small computer service consulting business and am looking for a CPA firm that can help with accounting and tax issues. My company is an LLC and I have two partners. We have four employees. Our bank requires a financial statement review each year. We need the review and our business tax return completed by April 15th. We would also want the three partner’s individual tax returns prepared by your firm.
If you are interested in working with us can you give me some information about your firm? Can you meet the April 15th deadline? Can you provide a fee estimate?
I look forward to hearing from you.
William Davis
Computer Technologies LLC
Request for technical information from a client of your firm:
From: Angela Boyd
Sent: Tuesday, March 19, 20XX 9:10 AM
Subject: Question
Hi . Hope you are doing well. We purchased a commercial rental building last year and our tenant paid six months’ rent in advance in November of last year. The rent covered November and December of last year and the first four months of 20XX. I appreciated getting the cash up front but now that I have had time to think about it, will this cause a tax problem for us? How do we treat this prepaid rent for tax purposes?
You are the controller for a mid-range manufacturing firm located in San Diego. The annual audit has been nearly completed and you want to schedule a meeting with the Audit Committee of the Board of Directors, the audit partner, and the executive management team to discuss issues that arose during the audit and to receive final “sign-off” on management’s assertions and the audit opinion. This must be completed before the audit opinion can be released. Prepare an email inviting the parties to this meeting.
Important info:
Today is March 21, 20XX
Members of the Audit Committee: Richard Baxter and Penny Arthur
Executive Management: CEO Patty Byers, CFO Emma Besler
Audit Partner: Mary Epstein
The deadline for the audit opinion is May 15, 20XX
There were some contentious issues that arose during this year’s audit
The suitable conference room in your office building is the “Walter Allen Conference Room”
You should create any other necessary details on your own and they should be reasonable
Part 1 requirement: Write responses to each of the three emails in Word. These will be combined with your submission for Part 2 into a single document (see below).
ICW Part 2 – IRS Response Letter
Important Note: Please use the accompanying IRS Tax Notice (located In the ICW #6 Module) as the notice to which you will write your response letter.
You are a staff accountant for a local CPA firm, Meyers and Meyers, LLP. One of your clients,
Paula Evans contacted you in February of 2022 about a new partnership she formed with four
others. The partnership, Wildwood Acres Partnership, was started in the middle of 2020 and
reports on a calendar year basis (the tax year ends on December 31). Unfortunately, this was
a little late since the 2014 partnership return was due on April 15, 2021.
Paula provided the information and your office promptly prepared the return in late February,
2022. The transmittal letter to Paula included a paragraph warning her that the IRS would
probably assess penalties for late filing. Penalties for partnerships that file late are $195 per
partner, per month (or any part thereof).
On March 29, 2022, Paula called and said she received a late filing penalty notice assessing
$10,725. She faxed the notice to you for review. Based on your review, the assessed amount is
Facts regarding the partnership:
1. All five partners are individuals and US citizens.
2. All five partners timely filed their 2020 individual income tax returns in September 2021
and included their share of the partnership’s taxable income.
3. All five partners are equal owners of the partnership
Paula wants you to respond to the IRS notice and request relief from the penalty.
Part 2 requirement: Prepare a response letter to the IRS requesting abatement of the penalties based
on Rev. Proc. 84-35. Be sure and reference any attachments you would include with the
response letter, even though you won’t be submitting the attachments on Turnitin.

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