I don’t understand this Accounting question and need help to study.
Choose one of these:
- The SECURE Act changed the rule that inherited IRAs must be distributed over 5 years, or if longer, over the life of the beneficiary, to over 10 years. Who does this apply to, and what are any exceptions.
- The Tax Cuts and Jobs Act of 2017 replaced a territorial tax system for U.S. corporations, where their worldwide income was subject to U.S. tax, with a modified territorial tax system. Summarize and explain.
- The Tax Cuts and Jobs Act of 2017 allows a deduction of up to 20% of qualified business income. The reason is to mitigate the effects of cutting the corporate tax rate to 21 percent because the tax on individuals’ business income was much higher. Explain the effectiveness of this deduction (i.e., does it make noncorporate businesses more competitive). Explaining the calculation of the deduction should be a small part of your essay.
Write a client memo of 250 – 350 words to your valued client. Three or more references should appear at the end of the document.
Essays will be graded on writing and content equally. A well-written essay with proper references will earn a score of 20 out of 25. Exceptional work will earn higher scores.
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