Explain economic issues that bring concern to pricing tax services under the new IRS testing and responsibilities law. Any ethical challenges facing hiring non-CPAs to perform services. What standards apply?© BrainMass Inc. brainmass.com June 4, 2020, 1:48 am ad1c9bdddf
Economic issues that bring concern to pricing tax services under the new IRS testing and responsibilities law
Taxation is basically a way by which a country collects revenues that will be used for its various functions - provision of health, safety, social services, economic, transportation, and other infrastructure projects to its people. It is one of the fiscal policy tools used by the government to influence economic activities and to minimize inflation pressures.
As a fiscal policy tool, the government imposes a higher tax rate when it needs to further strengthen infrastructure and other related projects in order to provide better support to businesses. With improved infrastructure and other related facilities and utilities, production of the business sector may be boost. This will give rise to higher supply of goods and services, thereby putting a downward pressure on prices or lower inflation rate. Engaging in large number of infrastructure projects by the government may generate employment and consequently increase the disposable income of households. With higher disposable income, households will have higher capacity to purchase goods and services. They may also be given ...
This solution explains economic issues that bring concern to pricing tax services under the new IRS testing and responsibilities law.