Overview
unit 1Description
Assignment Details
Scenario
A certified public accountant (CPA) named Orville Maloney works for a mid-sized accounting firm and is responsible for preparing tax returns for various clients. One of his clients, a small business owner, insists on claiming a significant deduction that Orville knows is not fully supported by the tax code. The ethical dilemma Orville faces is whether he should comply with his client’s request to claim the deduction, potentially saving the client a substantial amount of money, but violating tax laws and his professional integrity and adherence to ethical standards.
In this assignment, you will identify and research a tax case involving an ethical tax issue. (Examples include conflicts of interest in tax practice, multiparty representation conflict, contingent fee tax representation, and so on. Refer to the textbook for examples for other similar examples.)
Download the Unit 1 IP Template to complete this assignment.
Then, respond to the following:
- Describe the pertinent ethical tax issue(s) identified in the case. Be sure to provide background information.
- Identify and explain what statutes, rules, or code of ethical standards for tax practitioners (e.g., Sarbanes–Oxley Act, American Institute of Certified Public Accountants [AICPA] Code of Professional Conduct, Circular 230, and so on) applies to this case.
- Explain the appropriateness of the authority in overseeing and ruling over this ethical case. What was the outcome?
- Explore another authority that could potentially rule over this case, and explain why they would be able to or why they would not be able to do so. Length: 5–7 pages
- Unit 2
- Description: Assignment Details.
- In this assignment, you will demonstrate how to locate and use the legislative or statutory sources of the tax law that a tax researcher might need to consult.Use the Internal Revenue Service (IRS) Web site to conduct research and locate an Internal Revenue Bulletin (IRB) for tax purposes.Download the Unit 2 IP Template to complete this assignment.Use the following questions to guide your understanding and research skills and critically analyze a ruling found in the IRB:
- What is the purpose of the IRB, how is it organized, and what types of information does it contain?
- How do you determine the relevance of a ruling or procedure found in the IRB to a particular tax issue?
- Compare the information found in the IRB with other tax research sources. How does the IRB differ from other primary sources, like the Internal Revenue Code or Treasury Regulations?
- What factors must be considered when interpreting the implications of a ruling?
- The IRB is available online here: IRS Online Bulletins.
- Visit this resource for an example of an IRB: IRBs. Length: 5–7 pages
- Description: Assignment Details.You will prepare a PowerPoint presentation for this assignment. Download the Unit 3 IP Template to complete this assignment. In this assignment, you will demonstrate your understanding of using secondary sources to conduct research and communicate your perspectives through answering a series of questions that compare the sources.Answer the following questions:
- Describe the different types of tax service research tools, as follows:
- Thomson Reuters Checkpoint
- CCH AnswerConnect
- Tax periodicals
- Name at least 1 advantage and 1 disadvantage of each research tool.
- What are the key features of Thomson Reuters Checkpoint, CCH AnswerConnect, and tax periodicals? How do these features assist tax professionals in their research?
- What is the scope and coverage of the tax information provided by Thomson Reuters Checkpoint and CCH AnswerConnect compared to traditional periodicals and journals? Discuss the importance of having up-to-date information in tax research.
- Describe the different types of tax service research tools, as follows:
- Unit 4
- Description: Assignment Details. You will prepare a PowerPoint presentation for this assignment. Download the Unit 4 IP Template to complete this assignment. In this assignment, you will demonstrate your understanding of multinational taxation by exploring transfer pricing and tax planning implications.
- What is transfer pricing? Why is transfer pricing important to the following?
- Internal Revenue Service (IRS)
- International trade
- Why does a company use transfer pricing? Name at least 2 benefits and 2 drawbacks to transfer pricing.
- What are the tax planning implications of transfer pricing (e.g., recognition of gains and losses)? Is it ethical for a company to utilize transfer pricing to its benefit?
- How do the Organisation for Economic Co-operation and Development (OECD) guidelines assist in resolving transfer pricing disputes?
- Research an organization that currently uses or has used transfer pricing, and explain why you think it chose to do so .
- Unit 5
- DescriptionAssignment DetailsYou will prepare a PowerPoint presentation for this assignment. Download the Unit 5 IP Template to complete the assignment. Effective communication is essential in tax research and providing tax advice, so addressing methods or types of communication will help you create well-informed and client-focused communication.A tax professional or researcher may provide formal communication of tax research results on behalf of a client to other tax professionals using a research memo or a client letter. For this assignment, complete the following:
- Describe a research memo and a client letter.
- What are the differences between a research letter and a client memo? Include the primary purpose of each document, the intended audience, how the documents are structured or formatting requirements, the tone and language appropriate for each document, and any other major differences.
- Explain the difference between communicating tax advice through oral versus written communication, and describe 2 benefits and 2 drawbacks of using each type of communication in providing tax advice.
- Describe 1 example of an oral communication method and 1 example of a written communication method used by practitioners to conveniently communicate information to the client. Compare both communication methods.
- What is transfer pricing? Why is transfer pricing important to the following?