Tax accountants are expected to Group of answer choices refuse to go along with clients who claim doubtful deductions. understand that questionable schemes are only the responsibility of the client. maintain lucrative client relationships. be “open-minded” when preparing tax returns for their clients.

Tax accountants are expected to Group of answer choices refuse to go along with clients who claim doubtful deductions. understand that questionable schemes are only the responsibility of the client. maintain lucrative client relationships. be “open-minded” when preparing tax returns for their clients.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter2: Working With The Tax Law

Section: Chapter Questions

Problem 28P

See similar textbooks

Similar questions

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?
Choose the answer that fails to explain how high ethical standards protect a tax preparer. Providing a quality product that helps them increase client retention. Minimizing the risk of being subject to preparer penalties. Showing integrity in the return preparation process. Eliminating the need for preparer due diligence notes.
What is the primary objective of assurance services? To provide expert advice and recommendations for improving business processes. To assist in the preparation and filing of tax returns. O To evaluate and provide an opinion on the reliability of information. O To ensure compliance with legal and regulatory requirements.
considering the need to get to know the customer, how does the advisor present financial products fairly? And does a comparative of financial products always work? Can the behavioral component of the client to purchase a financial product and the complexity of the financial product provide a hinderance to an ethical presentation?
When a CPA knows that a tax client has skimmed cash receipts and not reported the incomein the federal income tax return but signs the return as a CPA who prepared the return, theCPA has violated which of the following AICPA rules of conduct?a. The Confidential Client Information Rule.b. The Integrity and Objectivity Rule.c. The Independence Rule.d. The Accounting Principles Rule
The general management of the client have a history of corporate tax avoidance and violating listing regulations. This fraud risk factor is classified as: Select one: O a. Incentives/ Pressures O b. Opportunities O c. Attitude/Rationalization
Appointing a person as your agent via a power of attorney can be extremely important and practical for managing one's financial affairs. This is especially true if someone is away for a significant amount of time (such as on a deployment). However, the person who is appointed as the agent can wreck the principal if bad decisions are made. What qualities should you look for when appointing someone as an agent via a power of attorney and/or a durable power of attorney?
What are some of the advantages and disadvantages of permitting auditors to provide nonaudit services (such as tax services) to clients?
Indicate whether the following statements are "True" or "False" regarding AICPA Statements on Standards for Tax Services. a. The Statements are enforceable standards of professional practice for AICPA members working in state or Federal tax practice. b. In preparing a return, a CPA must verify information furnished by the client or by third parties. c. A CPA should make a reasonable effort to obtain from the client, and provide, appropriate answers to all questions on a tax return before signing as preparer. d. The CPA should not take a questionable position based on the probabilities that the client's return will not be chosen by the IRS for audit. e. A CPA may prepare a tax return using estimates received from a taxpayer if it is impracticable to obtain exact data.
Considering the demand for auditing services, which of the following involves“Managers receiving the full compensation in their employment package for what they are worth”.a. Justice theoryb. Motivational theoryc. Needs of Investors and Creditors theoryd. Principal-Agent theory
How does an accounting professional's commitment to the firm, the profession, and to colleagues influence whether he/she will blow the whistle on financial wrongdoing? What other factors, related to organizational culture, could contribute to whether or not a professional decides to blow the whistle on a financial wrongdoing?
Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an example