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Tax Return Reporting
In the intensely personal working relationship which is necessarily fostered between tax preparers and their clients, a great deal of trust is required to assure that each party acts in accordance with the rule of law and the boundaries of ethical conduct. Certified Public Accountants (CPAs) and other recognized tax preparers are morally, ethically and legally bound, both by federal tax code and professional pride, but the demands of clients who are interested in preserving their own financial assets often conflict with these priorities. From the disclosure of certain questionably gained assets to the reporting supplementary income to the Internal Revenue Service, individual taxpayers often subject their tax preparers to undue pressure and untenable requests. If a client employing my tax preparation services asked that I not report certain information which may implicate them with the law, I would be considerate...
Due to the confluence of a prolonged economic recession, continually mounting national debt and the devaluation of the dollar as a global currency, the federal government has become increasingly reliant on income generated from taxation of its citizens and small businesses. This reliance has increased the government's willingness to legally pursue tax preparers who flout the law in favor of assisting their client's financial interests, as evidenced by a recent federal case involving the "disbarment of CPA Tim W. Kaskey" because he "failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders" ("Cpa disbarred for," 2010).
To effectively defuse a client requesting illegal or unethical services, a combination of…
References
Davis, C. (2007, December 11). What's different about tax preparer penalties?. California CPA Magazine, 14(12), 132-136. Retrieved from http://www.calcpa.org/Content/24865.aspx
Internal Revenue Service, Office of Professional Responsibility. (2010). CPA disbarred for failure to exercise due diligence and compliance problems. Retrieved from http://www.irs.gov/newsroom/article/0,,id=225261,00.html
United States Treasure Department, Internal Revenue Service. (2011). Regulations governing practice before the internal revenue service. Retrieved from http://www.irs.gov/pub/irs-utl/pcir230.pdf
Where individual taxpayers are concerned, the abstruseness and complexity of filing one's taxes can have the impact of obfuscating the legal imperatives driving one's filing obligations. This means that an individual may report his or her taxes inaccurately but without the intention to commit fraud. According to Daily, "Although auditors are trained to look for fraud, they do not routinely suspect it. They know the tax law is complex
S. domestic law, a U.S. citizen or resident (Non U.S. person) who is a beneficiary of a foreign retirement plan would be subjected to the existing U.S. income taxation on all of the income that is accrued in their foreign investment plans even though their income is never currently distributed per se to the beneficiary. This should be the case unless the foreign retirement plan accounts as the employee's trust
Tax Avoidance vs. Tax Evasion The main objective of a tax advisor is to assist his/her clients avoid taxes as much as possible through within the confines of the law in order to avoid crossing the line into tax evasion. In this case, the tax advisor guides his/her clients based on the law regarding tax avoidance and tax evasion. This paper focuses on comparing the concepts of tax avoidance and tax
Compare the long-term tax benefits and advantages of each type of reorganization, and recommend the type of reorganization that will be most beneficial to the client Reorganization takes into account any company restructuring that may be tax-free under the United States law section 386. It encompasses the notion of acquiring new entities in a manner that all financial transactions are non-taxable. There are certain general requirements that have to be met
Return on Investment Health Management Health Management and Services: Return on Investment Strategy, Solutions and EMR as an Incentive for Increased ROI As the medical field continues to grow and therefore continues to become more and more complex and complicated -- especially in viewing the integration of health services and cost analysis -- one can understand the need for critical improvements in the area of health management and services in order to ensure
Tax Law Taw Law and Accounting In the United States, 43 states currently impose a personal income tax. New Hampshire and Tennessee tax only "intangible" income, which is composed of interest and dividends. The remaining 41 states have "broad-based" income taxes, with most sources of income subject to tax. In 1932, Washington voters approved an initiative establishing a personal income tax. However, the State Supreme Court ruled this initiative unconstitutional. Since then,