Tax Planning Strategies and Ethical Standards Accounting Essay
Here are some important tax planning and tax strategy concepts to understand before taking your next financial step. Understand your tax bracket. Discover how tax credits and deductions work. Decide, ethical decision-making model. An eight-step ethical decision-making model was first developed by William May at the University of Southern California and included in his book Ethics in the Accounting Curriculum: Cases amp Readings American Accounting Association, 1990. It served as a tool for the Langenderfer and De International Ethics Standards Board IESBA has introduced new ethics provisions for accountants providing tax planning services. IESBA has updated its Code of Ethics with detailed commentary on ethical requirements related to tax planning and related services. IESBA's code of ethics forms the basis for that of ICAEW. Accountants must also ensure that financial statements are prepared in accordance with accounting standards and regulations. Ethics in accounting is critical because it helps build trust in financial reporting. Another ethical consideration in tax administration is the use of tax planning strategies. The Code of Ethics The Code assists members by providing a framework within which they can make ethical decisions. The Code applies to all members, students and affiliates of Chartered Accountants Ireland, regardless of industry, role or expertise. The Code also applies to member firms of Chartered Accountants Ireland and they. Registration and Qualification: Under the Tax Administration Act, only registered tax practitioners may provide tax planning services, ensuring they meet strict educational and ethical standards set by bodies such as the Chartered Institute for Corporate Accountants CIBA. Identifying ethical threats: accountants must be,