Ethics, Fraud, and Financial Reporting: Analyzing Tax Behavior and Scandals

Bryan Li Verrazzano class of 2026, completed majors in Business Management and Accounting, and minor in Finance

Accounting. Audits. Taxation/taxes. Individual income tax rates. Income taxation. Ethics. Ethics in business/financial reporting. Fraud. Financial reporting. Scandals. Tax code. I decided to combine all my accounting interests and the elements mentioned into a full-on capstone research project. The capstone is the most extensive, serious, and longest task I have done in all my academic years, with the research and writing spanning five months. The research area I chose aligns with my interests in accounting, meaning everything to me in my career, as I pursue Certified Public Accountant (CPA) licensure.

CPAs can specialize in different areas. I’d specialize in tax accounting and audits. I worked with Banu Aslanertik, my professor for ACC332 (Accounting Information Systems). Professor Aslanertik provided critical, extensive intel on accounting and financial reporting, including the rules/standards governing financial reporting, and assisted with investigations into the critical elements of accounting in greater detail, leveraging my tax expertise.

Accountants today utilize a range of technologies, information systems, and modern equipment to streamline their work, completing tasks more efficiently, accurately, and quickly. While completing the capstone and conducting research, I also drew on my job at an accounting firm, providing accounting services and preparing tax returns, fulfilling the work experience requirement set by NYS for new CPA licensure-seeking candidates, in addition to the college credits.

Starting the capstone process very early was the best decision. The timing was critical, allowing me enough time to begin the capstone process without rushing, which in turn reduced stress and pressure. I began the capstone at the end of my junior year, conducting the necessary research and investigations during the summer preceding my senior year. I knew my priorities and what was ahead of me, working through the peak of tax season at an accounting firm.

My capstone brings together federal and state individual income taxes, focusing on federal income taxation, tax rates, the triggers of an IRS audit on individual returns, financial audits, standards, rules, the tax code, changes over the years to tax law, fraud, case studies of some of the major accounting scandals in American History, ethics/ethical standards in accounting, taxation, and financial reporting.

Even though the odds of a tax return being audited by the IRS are very low, the most common causes of an IRS audit are unreported or misreported income and large/suspicious deductions. One of the accounting courses I completed, ACC325 (Federal Income Taxation I), covered the major elements of a federal individual tax return, also known as the 1040, and what is required & not required to be reported on a 1040. I am trained to prepare the 1040 and federal business tax returns professionally, specifically the 1065 (Partnership Tax Return), 1120-S (S-Corporation Tax Return), and 1120-C (C-Corporation Tax Return), as well as the appropriate state and city/local returns.

Over the years, numerous changes have been made to the tax code. The year 2025 brought major federal tax law changes and major relief to many Americans, with major changes, some that never happened before, like no federal income tax on income derived from overtime and tips, and an increase to the state and local tax deduction (SALT) limit, benefiting individuals who have a high state/local tax burden with the passing of One Big, Beautiful Bill (OBBB) in July 2025.

The research process is ongoing due to new developments, as legislators continually revise the tax code. US presidents propose a new tax bill and spending package annually, but they must obtain approval from the legislative body. Every year, the IRS announces adjustments to the standard deduction to keep pace with ongoing inflation, a significant issue, as the cost of our daily necessities increases.

Just War Theory: A Comprehensive Case Study of the American Revolution

Safar-Ali Sheralizoda, Verrazzano Class of 2026, completed major in Political Science and minor in Business Marketing

While studying political science, the topic of war always stood out to me, and I was intrigued by war theory. The topic handled a complex moral and political issue. I wondered if it was truly possible that war could be justified.

After studying the topic during my capstone course, I decided to delve deeper. Just war theory gave me a different understanding of conflicts and wars. Initially, the topic seemed simple, but after studying it deeper, I began to realize that it is much more complex.

Just war theory encompasses political science, philosophy, law, history, theology, and, of course, strategy. From a philosophical point of view, I decided to delve into Jus ad bellum. This included a deeper analysis of each criterion with a more sophisticated understanding of the philosophical debates. Legitimate authority: extensive treatment of the sovereignty question (perhaps the most challenging aspect). Last resort: more thorough examination of diplomatic efforts and their failures. With this information in mind, I expanded on the American Revolution and dissected just ad belum from its original sources - the three philosophers (Aqunius, Suarez, and Vitoria).

I dedicate this capstone project to my late father, Sherali Niyazov (1967–2017). Though he is no longer physically present, his presence remains with me on every step of my journey. His lion-like courage, integrity, and strength shaped the person I hope to be after graduating. My father’s voice guides me in moments of doubt and sustains me through all my struggles. I also honor my mother, whose resilience, sacrifice, and strength carried our family through loss and hardship. Alongside her, my brother Shervon’s constant support and belief in me grounded me during the most challenging moments of my studies. Honoring my family has been my lifelong purpose, and every achievement I reach reflects the legacy they have given me.

 

Determining the Feasibility and Environmental Benefits of Implementing PV Systems to the CSI Campus

Emilia Turek, Verrazzano Class of 2026, completed major in Environmental Science

My capstone project analyzed the benefits of implementing solar energy canopies to the CSI campus. I wanted to learn more about renewable energy and how CSI could benefit if it was implemented on campus.

To do this research, I digitized the parking lots of CSI on ArcGIS Pro to get the area of each row of the parking lots and getting the area of each lot. I then calculated the number of panels that could fit on each parking lot row, the cost of implementation, and the energy that could be generated annually.

From this project, I learned that implementing solar energy is a complex and costly process. Although it is beneficial and the costs will be recouped over time, it is important to research the most efficient ways this can be done to best help the environment while also limiting costs. As part of this project, different programs that could aid CSI with this were considered that would help limit costs. I learned that there are different programs that are specific to helping higher education institutions with decreasing their carbon footprint.

 This project can be developed further by considering different sources of renewable energy that can be implemented on the campus, such as wind energy. In addition, other solar energy companies can be researched, or other assumptions can be made to ensure the most efficient method is used. I found a standard size for solar panels and costs per panel to create calculations on the costs of this, the number of panels that could fit in each row, and the amount of energy that could be produced. These calculations were then used to find the recoup time when CSI would eventually get their return on investment. However, other data can be found and utilized to determine the recoup time.

Future work could also find how much funding this project could receive and use this in calculating the recoup time. I have also learned how to digitize on ArcGIS Pro with maximum accuracy. I precisely mapped out each row to the parking lots by hand using a computer mouse to get as accurate data as possible. It is important for this to be done carefully with as little human error as possible. It was challenging to map out the parking lots as accurately as possible. However, it was easy to do the calculations to find the amount of energy that could be produced.

Overall, from this capstone project, I learned about the many ways CSI would benefit from solar energy on campus. I researched initiatives that other institutions are doing to decrease their carbon footprint, and learned more skills when using ArcGIS Pro.

The Importance of Sustainability in Various Business Driven Sectors

Christian Morales, Verrazzano Class of 2026, completed major in Business Finance

I was able to identify my research project by reflecting on my short-term business experience. Prior to writing my project, I completed two internship opportunities. Both previous summers I spent two months each working as an intern. My first internship being with Vornado Realty Trust, a REIT primarily located in as well as arguably dominating the real-estate market in New York City. I worked in their back office out of Paramus, NJ but had taken several trips to visit the properties in the city. It was here where I first acquired the “genesis” of what would become my Capstone. Vornado focuses heavily on managing their properties with a foundation built on sustainable principles. It was seen across their entire portfolio which fit well with their modern design. I learned there just how important sustainability was not just to their company, but to the world. What I was essentially witnessing was the beginnings of the future. After my internship, I noticed how other companies were also either beginning or continuing the adoption of sustainable practices. The more I recognized sustainability, the harder it was to separate the idea of success from sustainability.

At my second internship with Oppenheimer & Co. Inc., I was able to see the numbers behind Sustainability. Working in Operations allowed me to see how the companies that were attracting the most investors were the faces of their respective industries. But why? How is it that a brand can have such a large general consensus that agrees on it being the best in its field? What makes society so accepting of a company?

It didn’t take longer than a google search for any company that can be thought of before I came across one simple answer. The innovation of efficiency. Essentially the textbook effect of Sustainability. A practice which focuses on the long-term standing of the company that integrates it. It does not only lift up the company, but the society around it as well. The footprint of sustainability works as the by-product of a firm conducting business with a consumer. Pushing a company to its best with advanced technology, cleaner energy and systems. It was seen in the financial statements of companies. Their 10-Q’s and 10-K’s were irrefutable proof of this. The companies within those same industries that perform poorly can be explained by their lack or even zero incorporation of sustainable practices.

That understanding made it easy for me to pursue the research. Initially, when I was tasked with the capstone, I essentially had to find a problem within the Business World, and I was stumped. It was only when I reflected on my experience as an intern and even a consumer where the idea became real to me.

If I were to expand on my research, I would pick a company and see what sustainable advancements the company could make to enhance their performance. Often, companies shy away from Sustainability because of its substantial price task that is demanded upfront. The companies that do are only focused on the small picture. It is better to take a hit now to benefit greatly in the future as opposed to being stubborn to evolution now and to not even exist much less be remembered in the future. Sustainability can be applied to all areas of business. Waste Management. Product Distribution. Supply Chains. Energy Efficiency. Wherever innovation can take place within a business, will lie an opportunity for the adoption of Sustainable practices. It isn’t about being green. Nor is it about making money. It is about doing what’s morally just and right. Not just for the modern day, but also for the future.

The Offense

Deanna Mujaj, Verrazzano Class of 2026, completed major in English Writing and minor in Philosophy

Studying English with a concentration on writing, I naturally decided to write a short story for my capstone. The hard part of beginning any creative task is finding the right inspiration. My parents are from Dnipro, Ukraine, and immigrated to the U.S. just a few years before I was born. With most of my extended family still living in Ukraine, the ongoing war between Ukraine and Russia has been a constant topic of discussion (and sorrow) among my family. It is difficult to imagine that had my parents not decided to come to America, I would be living in Ukraine during this horrible time. This topic was the inspiration for my short story, which follows a young man and his family in Ukraine at the start of the war, their fear, their reactions to the threat of death, and the sense of duty which compels every citizen who loves their country.

I expected the capstone to be a challenge; I had never written anything so long before. I anticipated the final work to be about 18 pages, but it ended up being 22 (and could have easily been much longer if the semester was not so short!). Once the topic had been established, the writing process was quite easy, and ideas flowed freely onto the page. My mentor, Simon Reader, was a tremendous help with the brainstorming of the plot, the character arcs, and making sure the story was compelling. We held regular meetings in which he provided notes for my writing, acting as both an editor and a guide. Looking back, the work was much easier and much more fulfilling than I anticipated. Writing about a topic that interests me, and taking inspiration from my own family truly helped me express the emotions that had been building up within me.

Part of my research was reading short stories and books that revolve around the war in Ukraine, including You Don't Know What War Is: The Diary of a Young Girl from Ukraine by Yeva Skalietska, and Jonathon Safran Foer's comedic, but heartbreaking novel, Everything is Illuminated. As further research, I try to keep up with the news concerning the war, and I occasionally read short stories and flash non-fiction concerning the topic. Overall, this experience has inspired me to write more and not shy away from taking inspiration from my family and my day-to-day life.