AICPA members’ responses to questions about a possible system of quality management in tax highlight challenges warranting further study and discussion.
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AICPA standards
AICPA member insurer clarifies coverage for BOI work by accountants
CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.
Understanding the updated tax ethical standards
Examples illustrate how to apply the revised AICPA Statements on Standards for Tax Services, which go into effect in January 2024.
AICPA finalizes new standards on tax positions
Recent revisions to the SSTSs effective beginning in 2024 include dividing standards on tax positions between two sections.
Proposed AICPA tax standards address new concerns
The AICPA is seeking comments by Dec. 31, 2022, on proposed changes to the Statements on Standards for Tax Services, which have been reorganized and amended to reflect the current state of the profession and the emerging needs of today’s members.
Proposed revisions to the AICPA tax standards
The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.
Conflicts of interest: A practical approach for small firms
Even small firms should have a conflict-of-interest policy in place because Circular 230 holds tax leaders within a firm responsible for establishing procedures that ensure firm members comply with the rules.
Taking back control with quality management
Upcoming revisions to the AICPA Statements on Standards for Tax Services may include standards for quality management in a tax practice. The SSTS Revision Task Force is seeking comments from stakeholders as it undertakes this project.
Ethics and the tax preparer
The AICPA’s complimentary annual webcast on Tax Ethics answers questions on client confidentiality, tax practice quality control, conflicts of interest, records retention, and how
to address errors discovered on clients’ tax returns.
Professional responsibilities in the virtual age
As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual
communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these
technologies.
AICPA committee updates its conflict-of-interest advice
The Tax Practice Responsibilities Committee’s updated Guidelines on dealing with conflicts of
interest depend on rules found in the AICPA’s Code of Professional Conduct and Treasury Circular 230.
AICPA task force works to update Statements on Standards for Tax Services
The Tax Practice Responsibilities Committee is reviewing the AICPA’s Statements on Standards for Tax Services to make clarifications where necessary and ensure they are relevant to current practice.
Times have changed; professional standards should, too
The AICPA is revising its Statements on Standards for Tax Services and wants your help.
Times have changed; professional standards should, too
The AICPA is revising its Statements on Standards for Tax Services and wants your help.
A review of adequate disclosure rules
Practitioners can protect themselves from significant
penalties by following the IRS’s ‘adequate disclosure’
procedures.
Ethics rule would require CPAs to discuss suspected illegal acts with clients
This column addresses how this new rule may impact CPA tax practitioners providing services outside the scope of an audit or to a nonaudit client.
Tax return position vs. tax return preparation
Simply preparing a return may invoke different ethical and legal standards than would providing tax advice.
Safeguarding confidential client information: AICPA and IRS guidance
This column offers practical items for tax professionals to consider as privacy best practices.
Mistakes Were Made: Knowledge of Errors on Returns and What to Do About Them
While a tax practitioner and AICPA member has a duty to notify the client, the client is responsible for deciding whether to correct the error.
Why the AICPA SSTSs and IRS Circular 230 Should Be Added to CPAs’ Lists of Favorite Resources
These documents are as useful as a master tax guide or tax handbook and may ultimately save a CPA from time-consuming and costly
litigation or disciplinary proceedings.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
