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Tax Practice, Regulation, and Ethics

Tax Practice, Regulation, and Ethics

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Tax Practice, Regulation, and Ethics

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  1. Tax Practice, Regulation, and Ethics • Elements of tax practice • Rules and ethics in tax practice • Circular 230 • AICPA Code of Professional Conduct • AICPA Statements on Standards for Tax Services (SSTS) • Sarbanes-Oxley and taxation • Non-regulatory ethical behavior models • Tax research by CPAs

  2. Sarbanes-Oxley and Taxation • Auditors may not provide certain services to audit clients • Sarbanes-Oxley Act of 2002 lists nine such prohibited services • Tax services may be provided if approved in advance by the audit committee

  3. PCAOB Rules on Auditor Ethics and Independence Concerning Tax Services • Prohibits participation in certain tax-motivated transactions • IRS has already identified as problematic • Must be kept secret • Don’t meet standard of at least 51% chance of being allowable • Preserves ability of a public company to use auditor for garden-variety tax planning advice and compliance assistance • Important to small- and medium-sized companies that lack extensive in-house tax resources

  4. Tax Practice, Regulation, and Ethics • Elements of tax practice • Rules and ethics in tax practice • Circular 230 • AICPA Code of Professional Conduct • AICPA Statements on Standards for Tax Services (SSTS) • Sarbanes-Oxley and taxation • Texas State Board of Public Accountancy • Non-regulatory ethical behavior models

  5. TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY

  6. Sources of Ethical Behavior and Impacts

  7. Tax Practice, Regulation, and Ethics • Elements of tax practice • Rules and ethics in tax practice • Circular 230 • AICPA Code of Professional Conduct • AICPA Statements on Standards for Tax Services (SSTS) • Sarbanes-Oxley and taxation • Non-regulatory ethical behavior models

  8. Nonregulatory Ethical Behavior Models • Morality • Social responsibility • Business ethics • Tax planning ethics • Other ethical standards