AICPA Releases Exposure Draft and Invitation to Comment on Proposed Tax Standards Revisions
The American Institute of CPAs (AICPA) has released proposed revisions to the Statements on Standards for Tax Services (SSTS) for public comment. The proposed changes include revisions to existing standards and three new standards. In addition, there is an invitation to comment on the subject of quality management in taxation. The combined document is divided into two separate sections – Part One, the Exposure Draft on the three new standards and Part Two, the Invitation to Comment on the topic of Quality Management in Taxation.
Updates to the SSTS will better reflect the issues and needs of participants as well as the tax practices of today and tomorrow. They will ensure the highest ethical standards for members providing tax services.
“The revised standards are a big step toward improving the services provided by AICPA members so that they continue to be seen as the leading providers of tax services,” said Jan Lewis, president of the AICPA. AICPA Tax Executive Committee.
Comments are requested by December 31, 2022 and should be submitted via the online form or by email to: [email protected] Written comments on the Exposure Draft and Invitation to Comment will form part of the AICPA’s public record and will be available on the AICPA’s website after December 31, 2022. The changes described in the Exposure Draft , if adopted, should be included in a revised SSTS document for approval no later than May 31, 2023 and beginning January 1, 2024.
For more details and resources, please visit the hub: Proposed Revisions to AICPA Tax Standards (SSTS).