Big Company paid $100,000 at the beginning of the year to a large law firm to retain
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Big Company is a longtime client of yours. It has asked you to look into whether any of the retainer fee will be deductible. It wishes to have this advice before the beginning of next year when it will determine whether to pay another $100,000 retainer to the law firm for the year.
a. Are there any additional questions you should ask the client before you begin your research?
b. What additional potential sources of information might you want to ask for?
c. Which of the preceding facts are relevant? Which are irrelevant?
d. Is there a chance that you will need to ask more questions at a later point? Why or why not?
e. What is the first question you will try to answer in your research? Are there any additional issues that you can identify at this time?
f. What is the taxpayer's desired result? Why is this important? How does it affect your role as tax advisor?
g. Is this a planning research type of situation? How do you know?
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