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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.

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.

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).

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).

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.

AICPA Tax Section Accomplishments in 2007

The Tax Section serves the public interest by helping AICPA members to be the most trusted professional providers of tax services, advocating sound tax policy and effective tax administration.