Jon Williams, CPA, is in the middle of a quandary related to his audit and tax client Oneway Corporation. The three directors of Oneway are the officers and the only three stockholders, each owning exactly one-third of the shares.
President Raul Jack founded the company and is now nearing retirement. As an individual, he is also Williams’ tax client.
Vice President Sandra Smith manages the day-to-day operations. She has been instrumental in increasing the business and its profits. Her individual tax work is done by a third party CPA.
Treasurer Chris Barnes has been a long-term, loyal employee responsible for many innovative financial transactions and reports of great benefit to the business. He is Williams’s close personal friend and an individual tax client.

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