AICPA has released its long-awaited Exposure Draft on Statements on Standards for Tax Services (SSTS) to better align and reflect the current state of the tax profession and to address the emerging needs of today’s practitioners. Many state boards of accountancy, including Texas, incorporate the SSTS as part of their professional rules of conduct for CPAs. If adopted, the proposed revisions to the SSTS will become effective on Jan. 1, 2024.
The proposed updates to the standards include:
- Reorganization of the SSTS by type of tax work performed, and
- Promulgation of three new standards surrounding data protection, reliance on tools and the representation of tax clients before taxing authorities.
There is a separate and independent Invitation to Comment on potential approaches to effectively introduce quality management in tax. There is no draft standard on quality management in tax and no timeline. AICPA is looking for feedback, more of an information-gathering process to see if they should develop a standard, and if so, what it would entail.
TXCPA’s Federal Tax Policy Committee will review and consider commenting. Members may provide an individual response using AICPA’s comments form or by sending an email to [email protected]. The comments period ends Dec. 31.