Taxpayers and Tax Professionals
Responsibilities Within the Tax System
The effectiveness of the tax system depends on both taxpayers and tax professionals fulfilling their responsibilities. Taxpayers must report information honestly, while professionals must provide competent and ethical tax advice.
- Maintain accurate financial records
- Report all taxable income
- File tax returns on time
- Pay taxes when due
- Retain supporting documentation
- Seek professional advice when necessary
Note
CPAs are expected to uphold high standards of integrity, objectivity, competence, and confidentiality.
Summary
Accurate reporting and ethical conduct are essential responsibilities of both taxpayers and tax professionals.