Denver Manufacturing CompanyMegan (chair of the board of directors) and Matthew (company president) each own 50% of Denver Manufacturing Company. Denver Manufacturing Company is experiencing difficult financial times. In fact, last month, Megan used $550,000 of payroll taxes and income withheld from employee paychecks to pay a creditor that threatened to cut off supplies.Megan willfully used these government funds for the operations of the business, but it was not enough. The company missed the next two payrolls, and today, other creditors took action to shut down Denver Manufacturing Company altogether.How much will the IRS assess in taxes and penalties in this matter and from whom? How can you, as a tax professional, best offer service to Madison, Martin, and Washington? Address these matters in a memo for the tax research file.Submission RequirementsSupport      your memo with at least 6 scholarly references (of which the textbook may      be one). Reach      out to your instructor if you have questions about the assignment.Your paper should be 5 pages in length and conform to the APA format. Include at least four scholarly references in addition to the course textbook.Chapters 23 & 26 in South-Western Federal Taxation 2019Department of the Treasury. (2019). IRS organization and top officials. Retrieved from https://www.irs.gov/pub/newsroom/marketing/internet/irs_organization_chart.pdfExemption from Tax on Corporations, Certain Trusts, etc., 26 U.S. Code § 501Unrelated Business Taxable Income, 26 U.S. Code § 512Erdody, L. (2018). Not-for-profit organizations brace for impact of tax bill: Much-higher standard deduction may discourage philanthropy. Indianapolis Business Journal, 38(48), 1,30.Murphy, M. (2016). Business practices that not-for-profits can’t afford to overlook. Journal of Accountancy. Retrieved from https://www.journalofaccountancy.com/issues/2016/may/business-best-practices-not-for-profits.htmlUnrelated business taxable income, 26 U.S. Code § 512(a) (n.d.). Retrieved from Thomson Reuters Checkpoint database.

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