AICPA Seeking Comments on Tax Services Exposure Draft
The American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The proposed changes include revisions to the existing standards and three new standards. Additionally, there is an invitation to comment on the subject of quality management in tax. 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 subject of quality management in tax.
Updates to the SSTSs will better reflect the issues and needs of members and the tax practices of today and in the future. They will ensure the highest ethical standards for members who provide tax services.
“Revising the standards is a powerful step forward to enhancing services provided by AICPA members so that they continue to be perceived as the premier providers of tax services,” said Jan Lewis, Chair of the AICPA Tax Executive Committee.
Comments are requested by Dec. 31, 2022, and should be submitted via the online form or emailed to SSTScomments@aicpa-cima.com. Written comments on the exposure draft and the invitation to comment will become part of the AICPA public record and will be available on the AICPA’s website after Dec. 31, 2022. The changes outlined in the exposure draft, if adopted, are expected to be included in a revised SSTS document to be approved no later than May 31, 2023, and effective Jan. 1, 2024.
For additional details and resources, please visit the hub: Proposed revisions to the AICPA tax standards (SSTS).