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 AICPA Revising Enforceable Tax Practice Standards – Looking for Input During Comment Period Ending May 15 The AICPA has released proposed revised Statements on Standards for Tax Services (SSTSs) with a comment period that ends May 15, 2009. In the meantime, the current SSTSs remain in effect until replaced by action of the Tax Executive Committee after the exposure period closes. SSTSs are enforceable tax practice standards for AICPA members. The statements apply to all members providing tax services regardless of the jurisdictions in which they practice. The statements are intended to complement other standards of tax practice, such as Treasury Department Circular No. 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, Enrolled Retirement Plan Agents, and Appraisers before the Internal Revenue Service; penalty provisions of the Internal Revenue Code; and state boards of accountancy rules. Since tax practice standards were issued, CPAs have asked for clarification on certain matters and there are many new tax laws to take into account. Specifically, practitioners have inquired about the duplication of the language in SSTS No. 6, Knowledge of Error: Return Preparation, and No. 7, Knowledge of Error: Administrative Proceedings. Also, various changes in federal and state tax laws have necessitated revising SSTS No. 1, Tax Return Positions, and No. 8, Form and Content of Advice to Taxpayers. As a result, revisions to the original SSTSs have been drafted, as reflected in the exposure draft. Corresponding revisions to current Interpretation No. 1-1, “Realistic Possibility Standard,” and No. 1-2, “Tax Planning,” of SSTS No. 1 (AICPA, Professional Standards, vol. 2, TS sec. 9100), will be made at a later date. Revisions to SSTS No. 1 are proposed to clarify the need to satisfy both the AICPA standards and the standards of the applicable taxing authority. Revisions to SSTS No. 8 are proposed to address new requirements that apply when providing certain types of tax opinions. In addition, the original SSTS Nos. 6 and 7 have been combined into the revised SSTS No. 6. The original SSTS No. 8 has been renumbered SSTS No. 7. Various revisions also have been made to the language of the original SSTSs. The proposed SSTSs, as well as a copy of the current SSTSs that has been marked to indicate the proposed revisions, can be found on the AICPA's web site. Email comments to SSTScomments@aicpa.org or send them to Edward S. Karl, Director, AICPA Tax Division, File: SSTS Comments, 1455 Pennsylvania Avenue NW, Washington, DC 20004-1081. |
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| PO Box 5068 Troy, MI 48007-5068 Phone: 248.267.3700 Fax: 248.267.3737 E-mail: macpa@michcpa.org | |
