SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Distinguish between tax avoidance and tax evasion.
What are the ethical responsibilities of the tax practitioner in dealing with tax avoidance?
What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
To assess the tax repercussions, it is crucial to comprehend the type of perks that a firm provides to its employees.
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Ethics are a key quality for any accounting practitioner. Tax professionals face a unique set of ethical duties as they cannot physically see many elements of a tax return. Analyze the ethical duties of a tax professional. Critique the authoritative professional sources that govern tax practitioners’ responsibilities, including the purpose behind these responsibilities?
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- How might an accounting firm influence whether non–tax practitioners view a contentious issue with a client as having been handled ethically?arrow_forwardHow may an accounting firm affect non-tax professionals' perceptions of a disputed topic with a client?arrow_forwardIndividual tax filing requirements and circumstances can change, so it is important to be familiar with the research tools available to you as a tax practitioner. In this discussion, you will consider research resources available for tax preparers and how they can be used in the field. What are the available commercial and noncommercial tax resources that you could utilize as a tax practitioner? Refer to Section 2-2A through 2-2C (specifically, exhibit 2-7) in your textbook for options. Which commercial resource do you think is the most beneficial to a tax practitioner? (Note that you will not be able to access the commercial resources but can find their features on their website.) Which noncommercial resource do you think is the most beneficial to a tax practitioner? How might you use the tax research process (refer to Section 2-3 in your textbook) for utilizing tax resources in preparing individual tax returns. (Think about ways you could use this process to support you in…arrow_forward
- The AICPA has issued standards for CPAs in tax practice, called Statements on Standards for Tax Services (SSTS). Download the Statement on Standards for Tax Services No. 1-7Links to an external site.. What does the SSTS say about a CPA relying on information supplied by the client (see SSTS #3)? Are estimates ever permitted to be used in preparing a tax return (see SSTS #4)?arrow_forwardAccording to the PCAOB, which of the following tax services would impair independence? A. Tax consulting B. Providing a tax opinion where the opinion is not considered an aggressive position or listed transaction by the IRS C. Tax returns prepared by BDO Spain for the controller's dependent children living in Spain while attending school abroad D. Tax consulting for the CFO of an IPO candidate completed before the start of the professional engagement period for the audit of the financial statements to be included in the IPO registrationarrow_forwardThe firm converts certain type of transactions in which the tax implication is favorable to the firm. What element in the SAVANT Framework was used in this scenario? (type your answer in small letters)arrow_forward
- Please choose one of the duties of a tax professional practicing before the IRS, discussed in the Treasury Department Circular 230 and: Describe the concepts and objectives of the duty. Discuss how a tax professional needs to conduct themselves in order to comply with the responsibility. Explain what kind of challenges and pressure an accountant could face in complying with the responsibility.arrow_forwardBesides assurance services, Chartered Accountancy firms perform other services that are outside the scope of assurance services. Differentiate between “Tax compliance and advisory services” and “Management consulting services.”arrow_forwardYou are assisting a client with a transaction that produces a most favorable tax result. The client told you the outcome is dependent on one court case. What should you do? a. Nothing. Your due diligence obligations allow you to rely in good faith on information furnished to you by the client; you are permitted to rely on the client's judgment. 6. Check with the client's auditor to ensure the numbers are valid; then you can recalculate intended tax benefits. c. Help the client by getting a head start on the tax return presentation of the transaction; the better the presentation, the less likely it will be audited by the IRS. d. Analyze the case to make sure the holding has not been reversed, the client's facts are similar to those described in the case, and the law cited in the case is still valid.arrow_forward
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