AICPA standards

AICPA Provides Guidance on FSA Certification Letters

Tthe AICPA has worked with the FSA to create a certification letter CPAs can use when their clients are asked to certify income and is providing its members with sample engagement and disclosure letters to be used in connection with providing a certification letter for clients.

Interpretations of SSTS No.1, Tax Return Positions

Recently issued revised and updated interpretations of the AICPA’s SSTS No.1, Tax Return Positions, provide guidance to practitioners on tax reporting standards when recommending return positions or preparing or signing returns.

Due Diligence Update

This column discusses the tax professional’s due-diligence obligations under SSTS No. 3 and Circular 230.

Ethical Considerations in Reporting Use Taxes on State Income Tax Returns

As more states allow residents to report a liability for state use taxes on their individual income tax returns, practitioners will have to explain to clients their obligations in reporting use tax liability and address the professional standards for reporting use tax on a state income tax return.

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.

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.

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.