Assignment task:
Becoming an accountant and CPA requires one to upold very high ethics. Not only that but they are held to a standard of competency. This article explains three aspects that CPAs should be showcasing: Fiduciary Duty, Due Care, and Public Interest. After reading it, my decision in this case would be to inform the other party of the negative tax implications they will face. The main reasoning would be because one of my duties of being a CPA is to keep the public's interest in mind when making decisions. In this case, I need to think of the parties attached to the company that will be affected. Parties such as shareholders. Even if the other party is not a corporation, there are still implications placed on the "public" from these negative tax consequences. I should also consider fiduciary duty, defined as the "duty to act with the highest degree of honesty and loyalty toward another person and in the best interests of the other person" (Vincent, 2020). First my obligation is to put my client first, but I should still weigh the ethics when faced with the decision to disclose important information.