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Explain the implications of a failure to meet an individual’s taxation obligations. Understand business taxation.

Lesson 59/120 | Study Time: Min
Course: BBA in Accounting and Finance


Explain the implications of a failure to meet an individual’s taxation obligations. Understand business taxation.


📚 Principles and Practices of Taxation: Step Explanation



🔎 Step: Explain the implications of a failure to meet an individual's taxation obligations.



❓ Did you know that failing to meet your taxation obligations can have serious consequences? In this step, we will explore the implications of not fulfilling your tax obligations as an individual, focusing on personal taxation.



💼 Importance for Individuals:

When individuals fail to meet their taxation obligations, they may face various penalties and consequences imposed by tax authorities. These implications can include financial burdens, legal action, and damage to personal and professional reputation.



💰 Financial Penalties:

One of the immediate consequences of non-compliance with tax obligations is the imposition of financial penalties. These penalties can take the form of fines, interest charges on overdue taxes, and additional taxes owed. The amount of penalties can vary depending on the jurisdiction and the severity of non-compliance.



💼 Case Example: John's Failure to File Income Tax Returns

John, a self-employed individual, failed to file his income tax returns for three consecutive years. As a result, the tax authority imposed penalties on him. He was required to pay a substantial fine, plus interest on the overdue taxes. This failure also resulted in the tax authority conducting a thorough investigation into his financial records.



🚫 Legal Consequences:

Non-compliance with taxation obligations can lead to legal action by tax authorities. This can include audits, investigations, and even criminal charges in severe cases of deliberate tax evasion or fraud.



💼 Case Example: Emma's Tax Evasion Scheme

Emma devised a sophisticated tax evasion scheme to avoid paying her fair share of taxes. She intentionally concealed her income and manipulated financial records to create the appearance of losses. However, her scheme was eventually uncovered by tax authorities, leading to criminal charges of tax evasion. Emma faced hefty fines and potential imprisonment if found guilty.



🤷‍♂️ Damage to Reputation:

A failure to meet taxation obligations can also have long-lasting effects on an individual's personal and professional reputation. Being labeled as a tax evader or non-compliant taxpayer can negatively impact future employment prospects, business opportunities, and social standing.



💼 Case Example: Sarah's Negative Reputation

Sarah, a prominent businesswoman, was found guilty of intentionally underreporting her income to avoid paying taxes. The news of her tax evasion case spread quickly, tarnishing her reputation in the business community. As a result, potential partners and clients became hesitant to engage in any business dealings with her, leading to a significant decline in her professional prospects.



⚖️ Legal Remedies for Tax Authorities:

Tax authorities have various legal remedies at their disposal to ensure individuals comply with their taxation obligations. These can include garnishing wages, placing liens on properties, seizing assets, and initiating legal proceedings to recover unpaid taxes.



🌟 Key Takeaways:



  • Failing to meet taxation obligations can result in financial penalties, legal consequences, and damage to personal and professional reputation.

  • Penalties may include fines, interest charges, and additional taxes owed.

  • Legal consequences can range from audits and investigations to criminal charges for tax evasion or fraud.

  • Damage to reputation can impact future employment and business opportunities.

  • Tax authorities have legal remedies to enforce compliance, such as wage garnishment and asset seizure.



By understanding and fulfilling your taxation obligations as an individual, you can avoid these serious implications and maintain your financial and legal standing.


Penalties and interest charges for late or non-payment of taxes



  • Explanation of penalties imposed by tax authorities for failure to meet tax obligations

    • Discussion of interest charges applied to unpaid taxes and the impact on the individual's financial situation

    • Examples of specific penalties and interest rates for different types of taxes



The Weight of Penalties and Interest Charges in Tax Obligations



Ever wondered why some of the world's wealthiest people have ended up behind bars? Or perhaps why some successful businesses have suddenly closed their doors? One of the main reasons is the failure to meet tax obligations. It's a serious offense that comes with strict penalties and substantial interest charges. Let's delve into the repercussions of late or non-payment of taxes.



Consequences of Not Meeting Tax Obligations



Penalties Imposed by Tax Authorities 🚨



When an individual or business fails to pay taxes on time or not at all, tax authorities like the IRS in the U.S. or HM Revenue and Customs (HMRC) in the U.K. impose severe penalties. These penalties vary depending on the type of tax, the amount owed, and the length of delay. In some instances, these penalties can reach up to 25% of the unpaid tax.



For example, the IRS can impose a failure-to-file penalty, which is usually 5% of the unpaid tax for each month or part of a month the tax return is late. Similarly, the HMRC can charge a penalty of £100 for filing late, then after three months, additional daily penalties of £10 per day, up to a maximum of £900.



Penalties may also include criminal charges leading to imprisonment in severe cases. One notable example is the case of American entrepreneur Richard Leroy Wiley. In 2005, he was sentenced to 10 years in prison for failing to file tax returns over several years, in addition to fines.



Interest Charges on Unpaid Taxes 💰



Apart from penalties, interest charges are also applied to unpaid taxes, which can significantly impact an individual's or business's financial situation. The interest rates are determined by the federal short-term rate plus 3% and is compounded daily. Thus, the longer the taxes remain unpaid, the higher the accumulated interest charges will be.



For instance, suppose a taxpayer owes $10,000 in income tax and does not pay this amount. The IRS interest rate is currently 3%, which means that the taxpayer will owe an additional $300 in interest charges for each year the tax remains unpaid.



Penalties and Interest Rates for Different Tax Types



Different types of taxes come with specific penalties and interest rates.



Income Tax 👛



For individual income tax, the failure-to-file penalty is 5% of the unpaid tax owed for each month or part of a month that the return is late. Meanwhile, the failure-to-pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax isn't paid.



VAT 💼



For businesses, Value Added Tax (VAT) late payment can lead to a surcharge of up to 15% of the outstanding tax in the UK. However, this surcharge only applies when a business is late with VAT payments more than once within a 12-month period.



Payroll Tax 🧾



In the case of payroll taxes, the IRS can impose a "Trust Fund Recovery Penalty." This penalty equals 100% of the unpaid payroll taxes and can be assessed against anyone responsible for collecting or paying these withheld taxes.



In conclusion, failure to meet tax obligations can lead to severe consequences, including hefty penalties and escalating interest charges. It's essential for both individuals and businesses to understand their taxation obligations and ensure they are met to avoid these repercussions.


Legal consequences of non-compliance with tax laws



  • Overview of the legal actions that tax authorities can take against individuals who fail to meet their tax obligations

    • Discussion of potential consequences such as fines, asset seizures, and criminal charges

    • Explanation of the potential long-term impact on an individual's personal and professional reputation



The Unseen Hand of the Law: Taxation Norms and the Legal Implications of Non-compliance 📝🏛️



Tax evasion can lead to dire consequences. For instance, Al Capone, the notorious American mobster, was never convicted for his many crimes including murder and bootlegging. However, it was tax evasion that finally led to his downfall.



Legal Actions by Tax Authorities Against Non-compliant Individuals 🚨⚖️



Tax authorities worldwide have a comprehensive set of powers at their disposal to ensure tax compliance. Failure to meet taxation obligations is not taken lightly and can result in severe punitive actions. For example, in the United States, the Internal Revenue Service (IRS) can impose various penalties, ranging from simple monetary fines to more severe measures such as asset seizures.



Al Capone, despite his wide array of unlawful activities, was ultimately apprehended not for racketeering or murder, but for tax evasion. In 1931, he was convicted and sentenced to 11 years in prison, showcasing the seriousness of tax law violations.




Potential Consequences: Fines, Asset Seizures, and Criminal Charges 📋💰



Non-compliance with tax laws can lead to a variety of penalties. Monetary fines are often the first step, calculated based on the amount of tax that was unpaid, the duration of non-compliance, and whether the evasion was intentional.



In more serious cases, asset seizures may occur. Tax authorities have the power to seize physical assets, such as real estate or vehicles, and financial assets, like bank accounts or future income, to cover the unpaid tax debt.



The most serious cases can result in criminal charges. Tax evasion is a crime, and individuals can be prosecuted and sentenced to prison for intentionally avoiding their tax obligations.



Wesley Snipes, the famous Hollywood actor, was sentenced to three years in prison in 2008 for tax evasion. He had failed to file tax returns from 1999 to 2001, avoiding paying millions of dollars in due taxes.




The Long-Term Impact: Personal and Professional Reputation 📈🔍



Beyond the immediate legal consequences, failure to meet tax obligations can have lasting impacts on an individual's personal and professional reputation. A tax evasion conviction is a matter of public record and can lead to loss of professional licenses, inability to secure loans, and a damaged credit rating. In the professional world, such a conviction can severely impact career prospects and future earning potential.



Martha Stewart, a businesswoman and television personality, experienced a significant hit to her career following her conviction for insider trading. Although not a tax evasion case, her situation demonstrates the potential long-term impact of legal troubles on personal and business reputation.




The Bottom Line: Importance of Understanding Business Taxation 📚🏦



In the world of business, understanding taxation is of paramount importance. Knowing the intricacies of tax laws can mean the difference between a thriving enterprise and a legal quagmire. As the examples of Capone, Snipes, and Stewart illustrate, falling foul of these laws can lead to severe penalties and lasting damage to one's reputation. The best course of action is always to comply with tax laws and seek professional advice when unsure of one's obligations.


Impact on credit rating and financial standing



  • Explanation of how failure to meet tax obligations can negatively affect an individual's credit rating

    • Discussion of the potential difficulties in obtaining loans, mortgages, and other financial services

    • Examples of how a poor credit rating can impact an individual's overall financial standing and opportunities



The Ripple Effects: Unpaid Taxes and Credit Rating



It's quite known that burning bridges with the tax authorities can cause a domino effect on your overall financial standing. If you wonder how, let's take a deeper look into the IRS, taxation, and credit ratings.



Not Just a Slap on the Wrist: The IRS and Unpaid Taxes



As an expert in law and law enforcement, I can tell you that the consequences of not meeting tax obligations are not only limited to legal troubles and penalties, but they also extend to affect your credit score. The Internal Revenue Service (IRS) often places a tax lien on the property of taxpayers who have unpaid back taxes. This is a public document and often ends up in credit reports as a severe negative item.



For example:



John Doe, a successful entrepreneur, failed to pay his taxes for two consecutive years due to financial difficulties. The IRS placed a tax lien on his property. As a result, this reflected negatively on his credit report, significantly reducing his credit score.




Obstacles Ahead: Difficulty in Accessing Financial Services



With a lower credit rating due to unpaid taxes, numerous roadblocks appear on the path to financial freedom. Banks and financial institutions consider an individual's credit rating as a measure of their financial health. A poor credit score can considerably hamper your chances of securing loans, mortgages, and other financial services.



Consider this real-life scenario:



Jane Smith, a diligent saver, had her credit score affected due to a tax lien placed by the IRS for unpaid taxes. When she applied for a mortgage loan to buy her dream house, the bank denied her application due to her poor credit score.




The Everlasting Impact: Poor Credit Rating and Financial Opportunities



A poor credit rating doesn't only make it hard to borrow money; it has the potential to impact an individual's overall financial standing and opportunities. It can affect your chances of getting approved for rental applications or even hinder your ability to open new credit card accounts.



The case of Robert Brown, a small business owner, is a classic example:



Robert Brown had a tax lien placed on his property due to unpaid taxes, which significantly dropped his credit score. Later on, when he tried to expand his business and needed to apply for a business credit card, he was denied due to his poor credit score.




In conclusion, the failure to meet one's tax obligations can have far-reaching implications. It can negatively affect your credit rating, making it challenging to obtain loans, mortgages, and other financial services, and impact your overall financial standing and opportunities. Being aware of these potential consequences is crucial, and taking steps to ensure taxes are paid on time can save you from these financial difficulties.



Remember, paying taxes is not just a legal obligation, but it's also a key to maintain your financial health and future opportunities.


Loss of government benefits and entitlements



  • Explanation of how non-compliance with tax obligations can result in the loss of government benefits and entitlements

    • Discussion of specific benefits that may be affected, such as social security payments or tax credits

    • Examples of how the loss of these benefits can significantly impact an individual's financial situation



The Consequences of Non-Compliance with Tax Obligations: Losing Government Benefits and Entitlements



If an individual does not comply with his tax obligations, one potential fallout could be the loss of government benefits and entitlements. This could severely impact one's financial situation, especially if they rely heavily on these benefits.



Implications of Non-Compliance: Social Security Payments



Let's consider the case of social security payments. When a person fails to fulfill their tax obligations, social security benefits may be garnished. This means a portion of your Social Security check could go towards unpaid taxes. For example, if you owe back taxes, the IRS can take up to 15% of your Social Security payments to pay off your debt.



🔒 Example:



John Doe, a retired individual, failed to meet his tax obligations for several years. As a result, the IRS garnished his Social Security benefits, significantly reducing his monthly income. This has greatly strained his financial situation, as he heavily relies on these benefits for his daily expenses.




Implications of Non-Compliance: Tax Credits



📚 Tax Credits are another type of government benefit that could be affected by non-compliance with tax obligations. Tax credits are amounts of money that can be subtracted directly from taxes owed to the government. If a person fails to meet their tax obligations, they may lose eligibility for certain tax credits such as the Earned Income Tax Credit (EITC), which is designed for low-to-moderate-income working individuals and couples.



🔒 Example:



Jane Smith, a single mother working two jobs to support her family, failed to file her taxes for a couple of years. As a result, she lost her eligibility for the Earned Income Tax Credit (EITC). This caused her financial hardship as she relied on that credit to lower her overall tax bill.




Consequences of Losing Government Benefits and Entitlements



It is crucial to understand that neglecting tax obligations can lead to a significant impact on an individual's financial situation. The loss of social security payments or tax credits can make it harder for individuals to meet their daily needs or plan for their future.



💡 Key Takeaway:



To avoid the loss of government benefits and entitlements, it is crucial to meet your tax obligations. Non-compliance can result in severe financial consequences, especially for those who rely on these benefits. Remember, being knowledgeable and proactive about your tax obligations can save you from such implications.


Reputational and business implications



  • Discussion of the potential damage to an individual's reputation and professional standing due to non-compliance with tax obligations

    • Explanation of how failure to meet tax obligations can impact business relationships and opportunities

    • Examples of high-profile cases where individuals or businesses faced significant reputational and business consequences due to tax non-compliance



Tax Non-Compliance and Reputational Damage 📉



The failure to fulfill taxation obligations can significantly tarnish an individual's reputation and professional standing. This is especially true for high-profile individuals and businesses, as any wrong move in tax matters can lead to a scandal widely covered by media outlets.



A real-world example is that of Lionel Messi, the world-renowned footballer, who in 2016 was found guilty of tax fraud in Spain. The case had a significant hit on Messi's reputation, despite his standing as one of the world's leading athletes. While Messi's career continued to thrive post-scandal, many see it as a major stain on his otherwise impressive legacy.



In 2016, Lionel Messi and his father were found guilty of tax fraud by a Spanish court and were sentenced to a 21-month suspended prison sentence. Messi was also ordered to pay a fine of €2 million.




Impact on Business Relationships and Opportunities 🤝🚫



Tax non-compliance can also have a detrimental impact on business relationships and opportunities. It could lead potential partners, investors, and customers to question the credibility and trustworthiness of the individual or business involved.



For instance, if a company fails to meet its tax obligations, it may face challenges in attracting investors. Investors may see this as a sign of poor business management or even potential financial instability, which could make the business a risky investment.



Consider the case of a tech startup seeking venture capital. If potential investors discover that this startup has a history of tax non-compliance, they may become wary and opt to invest their money elsewhere.




High-Profile Tax Non-Compliance Cases 🏦🔍



Numerous high-profile businesses have also faced significant consequences due to tax non-compliance. The tech giant Apple, for instance, was ordered to pay a staggering €13 billion in back taxes to Ireland in 2016. This was after a two-year investigation by the European Commission found that Apple had received illegal state aid from Ireland. The negative publicity from the case was immense and had a transient impact on Apple's stock value.



In 2016, the European Commission concluded that Ireland had granted undue tax benefits of €13 billion to Apple. This was seen as illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses.




In conclusion, tax non-compliance can have severe reputational and business implications. It can damage an individual's or a company's image, affect their professional relationships, and even lead to financial consequences. Therefore, it is crucial to ensure compliance with all tax obligations to avoid such potential damage.

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1- Introduction 2- Organisational structures: Understand different types and their financial reporting requirements. 3- PESTEL analysis: Explain and apply to analyse external factors affecting organisations. 4- Introduction 5- Macroeconomic factors: Understand the key factors and their impact on organizations. 6- Microeconomic factors: Understand the key factors and their impact on organizations. 7- International business environment: Understand the significance of macro and microeconomics in an international context and their impact on organization. 8- Introduction 9- Mathematical Accounting Methods. 10- Use mathematical techniques in accounting. 11- Create and use graphs, charts, and diagrams of financial information 12- Apply statistical methods to provide financial and accounting information. 13- Introduction 14- Financial Accounting: 15- Inventory valuation methods and calculations 16- Year-end adjustments and accurate accounting 17- Preparation of final accounts for sole traders and partnerships 18- Assessment of financial statement quality 19- Introduction 20- Budgeting: Understanding the role of budgeting, preparing budgets accurately, and analyzing budgets for organizational performance. 21- Standard Costing: Understanding the purpose of standard costing, calculating and interpreting variances accurately, and evaluating the advantages. 22- Capital Expenditure and Appraisal Techniques: Understanding key capital expenditure appraisal techniques, calculating payback, ARR, NPV, and IRR accuracy. 23- Costing Techniques: Differentiating between marginal and absorption costing, understanding job, batch, and process costing methods, using service cost. 24- Introduction 25- Leadership and Management in Accounting: Understand theories, motivation, and teamworking. 26- Introduction 27- Understand theories of finance 28- Discuss a range of financial theories and their impact on business decisions. 29- Analyse the nature, elements and role of working capital in a business. 30- Describe how a business assesses its working capital needs and funding strategies. 31- Analyse the ways in which a business manages its working capital needs Be able to analyse techniques used to manage global risk. 32- Analyse the scope and scale of financial risks in the global market. 33- Analyse the features and suitability of risk mitigation techniques. 34- Evaluate the suitability and effectiveness of techniques used by a business to manage its global risk. 35- Introduction 36- Understand corporate governance as it relates to organisations financial planning and control. 37- Analyse the role of corporate governance in relation to an organisation’s financial planning and control. 38- Analyse the implications to organisations of compliance and non-compliance with the legal framework. 39- Understand the economic and financial management environment. 40- Analyse the influence of the economic environment on business. 41- Discuss the role of financial and money markets. 42- Analyse the benefits, drawbacks and associated risks of different sources of business finance. 43- Be able to assess potential investment decisions and global strategies. 44- Analyse the benefits, drawbacks and risks of a range of potential investment decisions and strategies for a business. 45- Assess the ways in which the global financial environment affects decision-making and strategies of a business. 46- Inroduction 47- Be able to manage an organisation's assets: Analyse assets, calculate depreciation, maintain asset register. 48- Be able to manage control accounts: Analyse uses of control accounts, maintain currency, prepare reconciliation statements. 49- Be able to produce a range of financial statements: Use trial balance, prepare financial statements from incomplete records. 50- Introduction 51- Understand the principles of taxation. 52- Distinguish direct from indirect taxation. 53- Evaluate the principles of taxation. 54- Evaluate the implications of taxation for organisational stakeholders. Understand personal taxation. 55- Analyse the requirements of income tax and national insurance. 56- Analyse the scope and requirements of inheritance tax planning and payments. 57- Analyse the way in which an individual determines their liability for capital gains tax. 58- Analyse an individual’s obligation relating to their liability for personal tax. 59- Explain the implications of a failure to meet an individual’s taxation obligations. Understand business taxation. 60- Explain how to identify assessable profits and gains for both incorporated and unincorporated businesses. 61- Analyse the corporation tax system. 62- Analyse different value-added tax schemes. 63- Evaluate the implications of a failure to meet business taxation obligations. 64- Introduction 65- Understand recruitment and selection: Evaluate the role and contribution of recruiting and retaining skilled workforce, analyze organizational recruitment. 66- Understand people management in organizations: Analyze the role and value of people management, evaluate the role and responsibilities of HR function. 67- Understand the role of organizational reward and recognition processes: Discuss the relationship between motivation and reward, evaluate different. 68- Understand staff training and development: Evaluate different methods of training and development, assess the need for Continuous Professional Development. 69- Introduction 70- Understand the relationship between business ethics and CSR and financial decision-making. 71- Analyse the principles of CSR. 72- Evaluate the role of business ethics and CSR with financial decision-making. Understand the nature and role of corporate governance and ethical behavior. 73- Explain the importance of ethical corporate governance. 74- Explain, using examples, the ethical issues associated with corporate activities. 75- Analyse the effectiveness of strategies to address corporate governance and ethical issues. Be able to analyse complex CSR and corporate governance. 76- Explain how links between CSR and corporate governance provide benefit to the organisation. 77- Make recommendations for improvement to CSR and corporate governance issues. 78- Introduction 79- Apply advanced accounting concepts and principles: Learn about complex topics such as consolidation, fair value accounting, and accounting for derivatives. 80- Critically evaluate accounting standards and regulations: Understand the different accounting standards and regulations, such as IFRS and GAAP. 81- Financial statement preparation and analysis: Learn how to prepare and analyze financial statements, including balance sheets, income statements. 82- Interpretation of financial data: Develop the skills to interpret financial data and ratios to assess the financial health and performance of a company. 83- Disclosure requirements: Understand the disclosure requirements for financial statements and how to effectively communicate financial information. 84- Accounting for business combinations: Learn the accounting treatment for mergers and acquisitions, including purchase accounting and goodwill impairment. 85- Accounting for income taxes: Understand the complexities of accounting for income taxes, including deferred tax assets and liabilities and tax provision. 86- Accounting for pensions and other post-employment benefits: Learn the accounting rules for pensions and other post-employment benefits, including. 87- Accounting for financial instruments: Understand the accounting treatment for various financial instruments, such as derivatives, investments . 88- International financial reporting standards: Familiarize yourself with the principles and guidelines of international financial reporting standards . 89- Introduction 90- Auditing principles and practices: Learn the fundamental principles and practices of auditing, including the importance of independence, objectivity. 91- Introduction 92- Financial data analysis and modeling: Learn how to analyze financial data and use financial modeling techniques to evaluate investments. 93- Capital budgeting decisions: Understand how to evaluate and make decisions regarding capital budgeting, which involves determining which long-term. 94- Cost of capital: Learn how to calculate and evaluate the cost of capital, which is the required return on investment for a company. 95- Dividend policy: Understand the different dividend policies that companies can adopt and evaluate their impact on corporate finance and restructuring. 96- Introduction 97- Tax planning strategies: Learn various strategies to minimize tax liabilities for individuals and organizations. 98- Business transactions: Understand the tax implications of different business transactions and how they can impact tax planning. 99- Ethical considerations: Analyze the ethical considerations involved in tax planning and ensure compliance with tax laws and regulations. 100- Tax optimization: Learn techniques to optimize tax liabilities and maximize tax benefits for individuals and organizations. 101- Tax laws and regulations: Gain a comprehensive understanding of tax laws and regulations to effectively plan and manage taxes. 102- Tax credits and deductions: Learn about available tax credits and deductions to minimize tax liabilities and maximize savings. 103- Tax planning for individuals: Understand the specific tax planning strategies and considerations for individuals. 104- Tax planning for organizations: Learn about tax planning strategies and considerations for different types of organizations, such as corporations. 105- Tax planning for investments: Understand the tax implications of different investment options and strategies, and how to incorporate tax planning. 106- Tax planning for retirement: Learn about tax-efficient retirement planning strategies, including retirement account contributions and withdrawals. 107- Introduction 108- Risk management concepts: Understand the principles and techniques used to identify, assess, and mitigate financial risks. 109- Financial derivatives: Learn about various types of derivatives such as options, futures, and swaps, and how they are used for risk management. 110- Hedging strategies: Analyze different strategies used to minimize potential losses by offsetting risks in financial markets. 111- Speculation strategies: Explore techniques used to take advantage of potential gains by taking on higher risks in financial markets. 112- Regulatory frameworks: Understand the laws and regulations governing the use of financial derivatives and risk management practices. 113- Ethical considerations: Consider the ethical implications of risk management and financial derivatives, including transparency and fairness in finance 114- Introduction 115- Evaluate financial implications of strategic decisions: Understand how strategic decisions can impact the financial health of an organization. 116- Develop financial strategies for organizational objectives: Learn how to create financial plans and strategies that align with the overall goals. 117- Apply financial forecasting techniques: Gain knowledge and skills in using various financial forecasting methods to predict future financial performance. 118- Utilize budgeting techniques in support of strategic planning: Learn how to develop and manage budgets that support the strategic goals of the organization. 119- Consider ethical considerations in financial decision-making: Understand the ethical implications of financial decisions and be able to incorporate . 120- Understand corporate governance in financial decision-making: Learn about the principles and practices of corporate governance and how they influence.
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