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For this assignment, you will consider the potential professional liability CPAs are exposed to, if violating federal tax laws.
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assignment criteria:
- Competency 3: Identify the legal liability and duties imposed on CPAs by federal securities laws and state common law.
- Explain the potential professional liability CPAs are exposed to, for violating federal tax laws.
- Determine the liability of a CPA for additional taxes owed by a client.
- Competency 4: Develop legal research skills to find statutes, regulations, and cases.
- Conduct legal research, using appropriate research tools and databases.
- Apply relevant internal revenue code and regulations in a specific tax liability case.
- Competency 6: Communicate professionally, according to the expectations of the field of accounting.
- Express main points, arguments, concepts, and information coherently and logically.
Analyze Business Case 47-6, “Professional Malpractice,” located on page 930 of your textbook. Prepare a professional-caliber brief on the case, based on the case information provided.
To support your brief:
- Locate the relevant internal revenue code and regulations.
- Explain the potential professional liability CPAs are exposed to for violating federal tax laws, and cite relevant sections of the code.
Based on the case information provided:
- State the facts of the case and the key issues.
- Determine whether the CPA is liable for the additional taxes owed by the client in this instance, and explain your reasoning.
- Apply relevant internal revenue code and regulations in your decision, and explain your rationale.
- Cite the relevant sections of the internal revenue code and regulations.
- Express your main points, arguments, concepts, and information coherently and logically.
- Cover page: Include your name, the assignment number, and the assignment or case title.
- Length: 1â€“2 double-spaced pages, not including the cover page.
- Font and font size: Times New Roman, 12-point.
- APA formatting: Format resources and citations according to current APA guidelines.