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 or to the Tax Division at 1455 Pennsylvania Ave. NW, Washington, D.C. 20004-1081, to the attention of Edward S. Karl.


Year-end tax planning strategies

Practitioners should consider the timing of income and deductions, avoiding the net investment income tax, donating to charity, and planning for retirement.


Effortless payroll service offerings

In this special focus report, experts explain how payroll providers can help CPAs help their clients. Sponsored by Paychex, Intuit, SurePayroll, ADP, BenefitMall and AccountantsWorld.


Return due dates changed in highway funding bill

The federal highway funding extension bill signed into law on July 31 contains several tax provisions, including changing the due dates for partnership, S corporation, and corporate tax returns.