Module 8: Portfolio Project Portfolio Project (125 points) Important! Read First Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission. Option #1: Corporate Tax Returns Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience. Key Components: 1. Use the financial data, below, to complete form 1120. 2. Complete the below Student Template that has the respective tax forms and schedules required to complete the return. Complete all the parts of your respective business tax return for which there is information. 3. In the space at the bottom of the Student Template: •Show your income tax calculations •Prepare a write-up on: 1.The purpose of questions on Form 1120 Schedule K with the milestone.) 2. Some challenges (identify three to five), both anticipated and unexpected, you faced when completing the corporate tax return. 3. Solutions you can provide to those challenges. 4. Tax per books has to be calculated: •In case of Form 1120, and you're preparing Sch. M1 and M2, the federal tax per books is not given to you in the template. Use the income statement income of $71,534 and the federal corporate tax rates to determine the federal tax per books. This is what the tax would be if the IRS used the company's income statement to determine taxable income. Requirements: •Submit 1) your tax return template, 2) Income tax calculations, and 3) your write-up about the tax return questions to the drop box identified for that submission. •Format your submission according to the CSU-Global Guide to Writing and APA Requirements. Note: the Submission box does not accept fillable pdf's. Use the File-->Print-->Print to PDF, to save the pdf as this will allow all information to come through. •Review the grading rubric in the module folder to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment. Option #2: Partnership Tax Returns Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a partnership tax return and then analyzing this experience. Key Component: 1. Use the financial data from below to complete Form 1065 including Schedule K-1s for each partner. 2. Complete the below Student Template that has the respective tax forms and schedules required to complete the return. Complete all the parts of your respective business tax return for which there is information. Obtain Sch.K-1s from www.irs.gov because they are not in the template. 3. Assume that Bill Bacon and Cathy Cox received the guaranteed payment equally. 4. In the space at the bottom of the template, prepare a write-up on: •The purpose of some questions on Form 1065 Schedule B with the exception of line 1. (You may select a sub-grouping of these questions to complete your milestone.) •The challenges (identify three to five) you faced, both anticipated and unexpected, when completing the partnership tax return. •Solutions you can provide to those challenges. Requirements: •Submit 1) your tax return template, and 2) your write-up about the tax return questions to the drop box identified for that submission. Note: Save the .docx file as a .pdf when submitting so that all information will be viewable. •Your paper must be formatted according to the CSU-Global Guide to Writing and APA Requirements. •Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.