Providing Tax Advice Case Study
Haley Healea - Red ID 812754248
ACCT596 SECTION 19:00
May 7, 2013
Final
Providing Tax Advise Ethical Concerns
Ethical issues surround all parts of the accounting profession. A case regarding providing tax advice demonstrates a prevalent ethical circumstance. In the case presented in the Brooks and Dunn text, two female accountants discuss the areas of accounting in which they practice, Sophia concentrating on not-for-profit, as Maya prefers tax accounting. Sophia feels the accounting profession’s top priority is public interest, not profits. She claims tax accounting is using loopholes in the government tax system to save companies money, and put it in the pockets of executives and tax accountants for their own benefit. She feels this takes …show more content…
It is ethical the tax professional be compensated for tax advice given to any client with means of paying for the advice as it is his/her right (deontology and justice), in accordance with the ethical guidelines and standards of the profession (virtue ethics), which uphold public interest (consequentialism). Maya’s overall argument for tax accounting could have been improved with additional facts concerning the standards accountants must adhere to that promote decisions in the public’s best interest. This would have strengthened the ethicality of her argument by showing the ethical nature of the rights and duties of accountants to stakeholders including the public, as well as explaining the professional organizations and codes of conduct that guide ethical behavior of the profession. Sophia would then better understand Maya’s right to compensation for her work, as tax accounting is a profession requiring specialized skill and knowledge, which entails the duty to act within ethical guidelines regarding the interests of the public. Sophia could have also analyzed the consequentialism behind the ethical decisions regarding tax savings and upholding public interest. She could have found there are no negative consequences or harm directly related to compensation of tax services or tax savings from tax
ACCT596 SECTION 19:00
May 7, 2013
Final
Providing Tax Advise Ethical Concerns
Ethical issues surround all parts of the accounting profession. A case regarding providing tax advice demonstrates a prevalent ethical circumstance. In the case presented in the Brooks and Dunn text, two female accountants discuss the areas of accounting in which they practice, Sophia concentrating on not-for-profit, as Maya prefers tax accounting. Sophia feels the accounting profession’s top priority is public interest, not profits. She claims tax accounting is using loopholes in the government tax system to save companies money, and put it in the pockets of executives and tax accountants for their own benefit. She feels this takes …show more content…
It is ethical the tax professional be compensated for tax advice given to any client with means of paying for the advice as it is his/her right (deontology and justice), in accordance with the ethical guidelines and standards of the profession (virtue ethics), which uphold public interest (consequentialism). Maya’s overall argument for tax accounting could have been improved with additional facts concerning the standards accountants must adhere to that promote decisions in the public’s best interest. This would have strengthened the ethicality of her argument by showing the ethical nature of the rights and duties of accountants to stakeholders including the public, as well as explaining the professional organizations and codes of conduct that guide ethical behavior of the profession. Sophia would then better understand Maya’s right to compensation for her work, as tax accounting is a profession requiring specialized skill and knowledge, which entails the duty to act within ethical guidelines regarding the interests of the public. Sophia could have also analyzed the consequentialism behind the ethical decisions regarding tax savings and upholding public interest. She could have found there are no negative consequences or harm directly related to compensation of tax services or tax savings from tax