Page 590 - TaxAdviser_2022

TAX PRACTICE RESPONSIBILITIES
Editor:
Stephen P. Valenti, CPA
Author:
David J. Holets, CPA
The AICPA is seeking
comments by
Dec. 31, 2022, on
proposed changes
to the Statements
on Standards for Tax
Services, which have
been reorganized and
amended to reflect
the current state of
the profession and
the emerging needs
of today’s members.
48 November 2022
Proposed AICPA tax standards
address new concerns
The AICPA’s Statements on tax work performed;
Standards for Tax Services (SSTSs) ■ Reviewed and revised the existing
are enforceable standards that apply SSTSs to reflect the current state
to all AICPA members providing tax of the profession and the emerging
services. Certain states also incorporate needs of today’s members; and
the SSTSs as part of their professional ■ Promulgated three new standards
rules of conduct for CPAs. not previously addressed by the
The SSTSs, based on the AICPA SSTSs regarding data protection,
Statements on Responsibilities in reliance on tools, and the
Tax Practice (SRTPs) that were representation of tax clients before
originally issued between 1964 and taxing authorities.
1977, were first adopted by the AICPA This column briefly summarizes
Tax Executive Committee (TEC) in the three new standards and explores
August 2000, and the most recent
how they will apply to all CPAs
significant updates to the SSTSs were providing tax services. As chair of
made Jan. 1, 2010. In October 2018, the task force, the author encourages
all members to carefully consider
the TEC approved formation of an
SSTS Revision Task Force to update these new standards and provide
the SSTSs. On Jan. 26, 2022, the TEC their comments, both favorable and
voted to expose the standards to the unfavorable. Open discussion and
AICPA membership, with comments
consideration of these standards is a
due Dec. 31, 2022, and an effective vital component of the self-regulation
date of Jan. 1, 2024. process that will drive the profession
The task force was composed
forward. Members may view and
of AICPA Tax Section members download from the AICPA website
representing diverse interests including a combined document that includes
revisions to the existing standards, the
small and sole practitioner tax firms,
the Private Companies Practice three new standards, and an Invitation
Section (PCPS), medium and large to Comment on the subject of quality
CPA firms, and academia (see the management in tax.
sidebar, “SSTS Revision Tax Force This column is not an authoritative
Members”). The task force held interpretation of the SSTSs but
numerous meetings to identify and reflects the opinions of the author.
develop both updates to the current Members should use their professional PHOTO BY SVCAN/ISTOCK
SSTSs and entirely new standards. As judgment in applying this discussion
part of those efforts, the task force: to their own particular facts
■ Reorganized the SSTSs by type of and circumstances.
The Tax Adviser