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 standards
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.
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.
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).
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.
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.
CPA Obligations for Addressing Errors and Omissions
Both Circular 230 and AICPA professional standards impose obligations on CPAs who encounter errors or omissions on prior-year tax returns.
CPAs at Risk as Government Continues to Attack Abusive Tax Shelters
Through regulations and other forms of guidance issued since 1999, the IRS has clearly put tax practitioners on notice that it considers tax shelter transactions that generate noneconomic tax losses as not allowable for federal income tax purposes.
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.
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.