Practice Ethical Decisions.pdf - Practice Ethical Decisions Taxation Business Decisions Activity 1 Ethical Implications of Taxation and Business

Practice Ethical Decisions.pdf - Practice Ethical Decisions...

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Practice Ethical Decisions 1 Taxation & Business Decisions Activity 1 Ethical Implications of Taxation and Business Decisions You have been retained by the merchandising corporation exploration group for another session of discussion on ethics, taxation, and tax related business decisions. The core group wants to ensure they situate the corporation with high ethical standards and avoid unethical taxation decisions. Which items provide a foundation for ethical taxation accounting activities? Question 1: Establish ethics guidelines for financial reporting based on the Sarbanes-Oxley Law. A. ethical B. unethical The correct response is A: ethical. Using the Sarbanes-Oxley Act as a base for developing a code of ethics is a great start and sends a positive message to investors. Question 2: Establish ways to determine lowest possible taxes, and pay taxes only when it is apparent you must. A. ethical B. unethical The correct answer is B: unethical. This statement implies that unethical options (such as tax loopholes and offshore investments) may be considered, leading to possibly making unethical tax avoidance decisions. Question 3: Keep government at an “arm’s length,” and do not influen ce their decisions inappropriately. A. ethical B. unethical The correct answer is A: ethical. Keeping the government at an “arm’s length” facilitates maintaining a cooperative, professional, working relationship and
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Practice Ethical Decisions 2 avoiding conflict of interest. Question 4: Be compliant with national and international regulations in disclosure of corporate transactions.
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