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TAX4001 - Special Project 2

TAX4001 - Special Project 2 - America unrelated to his...

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Special Project 2 – Ethics You are a CPA and have been recently hired for the tax department of Jones & Jones LLC, a regional CPA firm. You have been assigned the individual tax return for a new client Hugo Diaz. Mr. Diaz is a recent immigrant to the United States and this is his first return filed here. He is considered a U.S. resident for tax purposes. Mr. Diaz has completed and returned the tax return questionnaire that the firm sent him. In reviewing the questionnaire, you notice that there is no mention of any income from his foreign investments. What concerns you is that before the assignment you met Mr. Diaz at a firm party and he mentioned that he has several substantial investments in Latin
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Unformatted text preview: America unrelated to his business in the United States. Given this information, what are your obligations under the Statement on Standards for Tax Services? Write a memorandum to your supervisor explaining your concerns and what actions, if any, you will need to take before you can prepare Mr. Diaz’s individual tax return. Note: A memo should be no more than 2 pages double-spaced. It should be clear, concise, and well-written. You should mention the applicable standards in the memo. You do not need to cite the document....
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