Comments Sought on Revised Statements on Standards for Tax Services


The AICPA released for comment an exposure draft of proposed revisions to Statements on Standards for Tax Services (SSTS).

The revisions are intended to address changes in federal and state tax laws and new requirements for providing certain types of tax opinions. SSTS no. 1, Tax Return Positions, has been updated to clarify tax return reporting requirements for preparers. Because of some duplication between SSTS no. 6 and SSTS no. 7, which formerly divided discussions of a member’s learning of an error in a previously filed return into the contexts of return preparation and administrative proceedings respectively, those statements have been combined. Other passages throughout the SSTS have been reworded for clarity.

The SSTS are enforceable tax practice standards for AICPA members. They are intended to complement other standards, such as Treasury Department Circular no. 230, penalty provisions of the Internal Revenue Code and rules of state boards of accountancy.

The proposed revisions can be found in the Tax Division pages of the AICPA Web site. Comments may be sent by May 15, 2009, to SSTScomments@aicpa.org or to the Tax Division at 1455 Pennsylvania Ave. NW, Washington, D.C. 20004-1081, to the attention of Edward S. Karl.

SPONSORED REPORT

Time to prepare for overtime changes

As an employer, trusted business adviser, or HR professional, you will need to be aware of exemption guidance, record requirements, advice for clients, and typical problems in applying overtime pay.

QUIZ

News quiz: Good news on pay and benefits for accountants

CPAs can find much to like in recent reports, including news that their expertise and skills are in such demand that pay is expected to rise and that their employers value professional certifications.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.