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.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.