Memorandum Political Science Student: Accounting Ethics (Essay Sample)
• Write a memo identifying the issue(s) raised in this situation.
• Identify and cite the specific provisions of ACPA Statements on Standards for Tax Services (SSTS) and Circular 230 that apply to address the issues.
• Analyze the situation using the SSTS and Circular 230 provisions you have identified.
• Provide your conclusion and recommendations related to this situation.
To: The Lecturer
From: Political Science Student
Date: 20th March 2019
Subject: Accounting Ethics
Filing of taxes is a mandatory requirement for all businesses, and all accountants must make sure that all businesses and employees comply with the ethical requirements stipulated in the AICPA and SSTS. It has, however, come to the notice of the company that Gilmore Accounting and Tax has failed to honor the legal obligation of filing form 1065 and form 2048, even though the filing of the returns has been routine. It is for this purpose that we want to inform all accountants why they need to fill form 1065 and 32048 even though they know that is has been a routine process.
According to AICPA, all accountants must comply by completing form 1065 that is issued by the internal revenue service (IRS). The purpose of completing this form is to declare loses or profits for all partnerships because partnerships do not suffer loses or make profits on their own but pass these obligations to their members. According to the case study, Rory did not submit form 1065 or form 20148. This is negligence, considering that anything can happen and there will be a need to provide these forms as evidence. AICPA has set some standards regarding the issue in this case about SSTS.
AICPA statement 4 states that members should comply with all tax obligations put in place by the relevant authorities. Statement 5(a) adds that if the firm does not have specific obligations in
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