AICPA Exposes SSTS Draft

By Alistair M. Nevius, J.D.

On November 26, the AICPA's Tax Executive Committee exposed for review draft revised Statements on Standards for Tax Services (SSTS).

The SSTS are enforceable tax practice standards that apply to all AICPA members providing tax services. The statements are intended to complement other standards of tax practice, such as the penalty provisions of the Code, state boards of accountancy rules, and Circular 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 .

The original SSTS were promulgated in 2000 to replace the former Statements on Responsibilities in Tax Practice (SRTP). The original SSTS largely mirrored the SRTP, except that they were enforceable standards rather than advisory opinions on good tax practice.

Since then, AICPA members have asked for clarification of various matters in the SSTS, and the draft SSTS attempt to clear up these issues. With the exposure of the draft SSTS, the AICPA is inviting public comment on the proposed changes. The deadline for making comments is May 15, 2009.  

Newsletter Articles

TECHNOLOGY

2018 tax software survey

Among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. To get through the rigors of tax season, they depend on their tax preparation software. Here’s how they rate the leading professional products.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.