Question

A tax preparer's high ethical standards protect the tax preparer through all of the following EXCEPT:

Providing a quality product that helps them increase client retention.

Minimizing the risk of being subject to preparer penalties.

Showing integrity in the return preparation process.

Eliminating the need for preparer due diligence notes.

Answer 1

Solution:

Eliminating the need for preparer due diligence notes

Explanation:

Tax professional has high ethical standareda protect the tax preparer because the work they do for their clients leaves their customers responsible for any mistakes made or potential fradulent claims. Once the tax payer signed the return the tax payer assumes full responsibility for the information provided. Providing a quality product that helps them increase client retentionPrac. The tax prepares also shows integrity in the return preparation process. Practitioners are also expected to excercise due diligence as to accuracy in their professional activities.