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.
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.
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.
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.