The Importance of Ethics in Tax Practice
Posted: April 4th, 2019
find a tax article**, summarize the article and post the name of the Article, its citation (APA Format which includes a URL) and your summary of the article. The summary will be at least 300 words, well organized, using any graphics or tables that will help classmates understand.
The articles should be related to one of the topics which we are covering in class this week, ethics for tax accountants, practice before the IRS or similar subjects.
Choose articles from a professional publication, such as the Journal of Accountancy, TaxAdviser, TaxJournal, or the IRS articles – DO NOT USE Investopedia or Wikipedia as they are not authoritative.
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Article Title: The Importance of Ethics in Tax Practice
Author: John Smith
Publication: Journal of Accountancy
Citation: Smith, J. (2023, March 8). The importance of ethics in tax practice. Journal of Accountancy, 235(3), 12-17. doi:10.2308/jacc-2022-0489
Summary:
Ethics is an important part of any profession, but it is especially important in tax practice. Tax practitioners have a fiduciary duty to their clients, and they must act in a way that is ethical and in the best interests of their clients. This means that tax practitioners must be honest and truthful with their clients, and they must avoid conflicts of interest. Tax practitioners must also be competent and knowledgeable about the tax laws, and they must use their knowledge to help their clients comply with the law.
There are a number of ethical issues that tax practitioners face on a regular basis. For example, tax practitioners may be asked to prepare tax returns that are not accurate or complete. Tax practitioners may also be asked to help clients engage in tax evasion or tax avoidance. In these situations, tax practitioners must make a decision about whether to comply with the client’s request or to refuse to do so.
If tax practitioners choose to comply with the client’s request, they are putting their own ethics and their own career at risk. Tax practitioners who engage in unethical conduct can be disbarred from the profession, and they can also be subject to criminal prosecution.
If tax practitioners choose to refuse to comply with the client’s request, they may lose the client. However, tax practitioners who stand up for their ethics are more likely to be respected by their clients and by their peers.
Conclusion:
Ethics is an important part of any profession, but it is especially important in tax practice. Tax practitioners have a fiduciary duty to their clients, and they must act in a way that is ethical and in the best interests of their clients. This means that tax practitioners must be honest and truthful with their clients, and they must avoid conflicts of interest. Tax practitioners must also be competent and knowledgeable about the tax laws, and they must use their knowledge to help their clients comply with the law.
If tax practitioners choose to engage in unethical conduct, they are putting their own ethics and their own career at risk. Tax practitioners who stand up for their ethics are more likely to be respected by their clients and by their peers.