Benchmark – Ethics In Taxation

The accounting profession considers ethics to be a fundamental expectation of professionals, especially those with the CPA designation. Taxation is a specialty within the accounting profession where there is a propensity for clients to hide or falsify information or the tax professional to encourage such behavior. For this assignment, you will address three aspects of taxation and ethics. Your paper should be between 500-750 words and address the following items:

1. Discuss the legal and ethical aspects of accurately reporting income on tax returns using Circular 230 as published by the Department of Treasury (located in the topic Resources). Discuss at least two items in Section B on Duties and Restrictions and the consequences to tax preparers if they fail to adhere to the guidelines as provided by the Department of Treasury. In your discussion, provide a summary of the items along with examples of the application of the two items in professional practice.
2. Compare the concepts of “tax avoidance” and “tax evasion.” In your comparison, include examples of each to show the distinction. Use the information you gathered from Circular 230 or refer to the AICPA Statements on Standards for Tax Services (SSTSs) (www.aicpa.org) to support the distinction between tax avoidance and tax evasion.
3. Discuss how ethics in taxation can correlate to the Christian worldview. In other words, what guidance from a Biblical perspective could be applied to preparation of tax returns for clients? Refer to the GCU website and documents related to Christian worldview in the topic Resources for assistance on this assignment.

Ensure that your last name is in your filename, for example: LastnameFirstinitial.ACC460.EP1.docx.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.

Benchmark Information

This benchmark assignment assesses the following programmatic competencies:

BS Accounting

5.4: Apply basic legal, tax, and ethical concepts to issues in financial reporting.