AICPA standards

Topics

January 1, 2012

2010–2011 Revisions to Circular 230

This article focuses primarily on the Circular 230 tax preparer penalties and other sanctions as well as the regulations governing practice before the IRS that were revised by T.D. 9527.

November 1, 2011

Conflicts of Interest: IRS Rules Differ from AICPA Professional Standards

Circular 230 forbids federal tax practitioners from having conflicts of interest, defined as representation of one client that is directly adverse to that of another client, or representing a client in circumstances creating a significant risk that the representation of one or more clients will be materially limited by the practitioner’s responsibilities to another client, a former client, or a third person or by a personal interest of the practitioner.

September 1, 2011

Incorporating the Statement on Responsibilities in Personal Financial Planning into a Tax Practice

This column explains the Statement on Responsibilities in Personal Financial Planning Practice, issued by the AICPA’s PFP Executive Committee, and discusses how practitioners can use it to help clients with personal financial planning.

August 1, 2011

Codification of Economic Substance Affects All Tax Practitioners

This column discusses uncertainty surrounding the codification of the economic substance doctrine and explores selected areas of impact on CPAs’ professional obligations and practice.

February 1, 2010

AICPA Tax Standards Strengthened

Revised AICPA statements on standards for Tax Services (SSTS) became effective on January 1, 2010, and provide high, enforceable ethical responsibilities for CPAs in providing tax services.

January 1, 2010

Revised Statements on Standards for Tax Services

The AICPA has released revised Statements on Standards for Tax Services (SSTS), effective January 1, 2010. The SSTS are enforceable standards of tax practice issued by the AICPA’s Tax Executive Committee (TEC).

May 1, 2009

Preview and Analysis of Proposed Statements on Standards for Tax Services

The AICPA’s Tax Executive Committee released an exposure draft of proposed Statements for Tax Services (SSTS Nos. 1-7) on November 26, 2008.

February 1, 2009

AICPA Exposes SSTS Draft

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

August 1, 2008

Applying AICPA Business Valuation Standards in Tax Practice

the AICPA issued Statement on Standards for Valuation Services (SSVS) No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, effective for all engagements accepted on or after January 1, 2008. The new standards apply to any AICPA member, or a nonmember CPA practicing in a state that has adopted SSVS No. 1, who is engaged to estimate the value of a business, business ownership interest, security, or intangible asset.

April 1, 2008