Legal and Ethical Considerations

This module focuses on legal and ethical considerations of individual taxpayers and tax professionals, outliningvarious responsibilities of each and the interest or penalties that can be enforced for failure to follow certainguidelines. In the field of accounting, consider the level of responsibility set for a tax professional. Thisdiscussion will help you prepare for Final Project Three, specifically critical element III, Explain the legal andethical implications in relation to improper or erroneous tax filings.In your initial post:Provide one specific example of guidance that should be considered by a tax professional and enforced in atax practice. Remember to consider the responsibility of the individual taxpayer as well.Describe one penalty, standard, or ethical concern that an individual taxpayer or a tax professional should beaware of that you did not know previously. Remember to provide an example.In responding to your peers, choose a peer who selected a different penalty, standard, or ethical concern thanthe one you selected to discuss in your original post. As a tax professional, how can you ensure that you areaware of this penalty, standard, or ethical concern, and how could you get more information or guidance iffaced with this situation? How could you educate your clients on their responsibility as individual taxpayers?

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