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• W16247193 abstract "Has anything changed for AICPA members who provide tax services? Following eight years of debate, the AICPA tax executive committee voted in July to adopt eight Statements on Standards for Tax Services (SSTSs) as enforceable for AICPA members. While this means that previously voluntary are now enforceable, the rules themselves are little changed. The SSTSs have their origin in the Statements on Responsibilities in Tax (SRTPs), which the AICPA issued between 1964 and 1991 to give a body of advisory opinions on good tax The SSTSs and Interpretation 1-1 superseded and replace the SRTPs and their Interpretation 1-1 effective October 31. The new reflect previous committee decisions, including the conclusion that any enforceable should be restricted to AICPA members (the SRTPs referred to CPAs while the SSTSs refer to members). The SSTSs also clarify the scope of the vis-a-vis members in industry (the SRTPs discussed clients, and were therefore silent on their application to members in industry; the SSTSs generally refer to taxpayers). In the debate over whether to adopt the SSTS, there was general concern over whether members in tax practice needed and, if so, whether they should be enforceable. Further debate involved the importance of AICPA self-regulation efforts vs. member concern with standards overload in the highly regulated tax practice area. THE CASE FOR ENFORCEABLE STANDARDS In comment letters on the SSTS exposure draft, several members questioned the need for enforceable tax practice standards. A strong case for the SSTSs is laid out in their preface, which says, Practice are the hallmark of calling one's self a professional. Members should fulfill their responsibilities as professionals by instituting and maintaining against which their professional performance can be measured. Compliance with professional of tax practice also confirms the public's awareness of the professionalism that is associated with as well as the AICPA. While general concepts of professionalism strongly favor enforceable standards, there are more pragmatic reasons for making such a move. Even though the SRTPs were advisory, the courts, the IRS, state accountancy boards and other professional organizations recognized and relied on them as the articulation of professional conduct in a CPA tax practice. The SRTPs became de facto enforceable standards. In malpractice cases against CPAs, for example, the courts viewed the SRTPs as the to which were actually held. Defense attorneys said the lack of enforceability made the SRTPs a sword (plaintiffs could cite allegations of failure to comply as evidence a practitioner had not exercised due professional care), but not a shield (when a practitioner followed the SRTPs, plaintiffs--or more precisely, their attorneys--would dismiss them as irrelevant, arguing they were merely educational). A number of states explicitly incorporated the SRTPs as enforceable rules of conduct for their licensees. Other states implicitly incorporate them as enforceable rules through the use of rules that generally recognize AICPA tax guidelines as their practice standards. (See the box for more details.) Although other tax practice exist, most notably Treasury Department Circular 230 and the penalty provisions of the Internal Revenue Code, they are limited. * They do not provide the depth of guidance found in the SSTSs. * They may be considered to take an unrealistic or over-simplified view of the complexities of tax practice. * In almost all cases they apply only to federal income tax practice. Further, the IRC provisions and Circular 230 are not ethical standards; the code sections concern monetary penalties and Circular 230 focuses on the right to represent clients before the IRS. …" @default.
• W16247193 created "2016-06-24" @default.
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• W16247193 date "2000-11-01" @default.
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• W16247193 title "New Standards for Tax Practice" @default.
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