Question

In: Accounting

"Interpreting Tax Research and Tax Representation Guidelines" Compare the American Institute of CPAs’ (AICPA) Statements on...

"Interpreting Tax Research and Tax Representation Guidelines"

  • Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers. Suggest measures the AICPA could take to ensure that CPAs are compliant with either set of standards. Defend your position.

Solutions

Expert Solution

The AICPA’s Statements on Standards for Tax Services (SSTSs) are enforceable tax practice standards for members of the AICPA. It applies to all the members regardless of their jurisdictions of practices or services they offer. SSTS guidelines help the CPAs to promote governance and compliance responsibilities presented by treasury as well as IRS.

Circular 230 is federal tax practice standard. Circular 230 covers the authority of both attorney or CPA to represent and prepare tax documents to IRS.

SSTS is very clearly written. As it is prepared in concise manner, it helps in better preparation of tax returns. It vividly explains and breaks down the sections or any tax contents providing situational solutions. On the other hand, Circular 230 is written without much depth to just jot down the summary rather than to understand the main content.

The measures to ensure that CPAs are compliant with both set of standards are as follows:

  1. CPAs should develop basic framework to know what set of sections apply to them and comply with those laws as applicable.
  2. The awareness of good standards of practice can increase the compliance aspect.
  3. Since the compliances to these standards enhance CPA designations, members need to be cautious as well devoted to apply these set of standards.

Related Solutions

"Interpreting Tax Research and Tax Representation Guidelines" Compare the American Institute of CPAs’ (AICPA) Statements on...
"Interpreting Tax Research and Tax Representation Guidelines" Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers. Suggest measures the AICPA could take to ensure that CPAs are compliant with either set of standards. Defend your position.
Compare the American Institute of CPAs (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department...
Compare the American Institute of CPAs (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers. Suggest measures the AICPA could take to ensure that CPAs are compliant with either set of standards. Defend your position by citing current cases.
Go to the American Institute of Certified Public Accountants (AICPA) website to read the current AICPA...
Go to the American Institute of Certified Public Accountants (AICPA) website to read the current AICPA code of professional conduct, located at http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx. Next, assess the effectiveness of the current Institute of Management Accountants (IMA) code of professional conduct in promoting ethical behavior and providing guidance for the dilemmas managerial accountants are confronted with today. For the first part of this Week’s discussion, compare the IMA code of conduct to the AICPA code of professional conduct and assess the effectiveness...
For this discussion: Read the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct....
For this discussion: Read the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct. Read and assess the current Institute of Management Accountants (IMA) Statement of Ethical Professional Practice, which promotes ethical behavior and provides guidance for the dilemmas managerial accountants are confronted with today. For the first part of this week’s discussion: Compare the IMA Statement of Ethical Professional Practice to the AICPA Code of Professional Conduct and assess the effectiveness of the two codes. For the...
The American Institute of Certified Public Accountants (AICPA) issued the Statement on Standards for Attestation Engagement...
The American Institute of Certified Public Accountants (AICPA) issued the Statement on Standards for Attestation Engagement (SSAE) No. 10 (AT Sec. 301) “Financial Forecasts and Projections”. Visit the AICPA website (www.aicpa.org) and write a report to summarize the auditors’ responsibilities regarding prospective financial statements and the key requirements of the SSAE No. 10. Your report should include the following: Explanation of the uses of the prospective financial statements. Discussion of the auditor’s compilation of the prospective financial statements. Discussion of...
The American Institute of Certified Public Accountants (AICPA) and International Federation of Accountants (IFAC) assumes that,...
The American Institute of Certified Public Accountants (AICPA) and International Federation of Accountants (IFAC) assumes that, at a minimum, all accountants will be proficient in the AIS user role and at least one other role listed above (manager or designer or evaluator). Why would the AICPA and IFAC expect this proficiency?
1. Please discuss the American Institute of Certified Public Accountants (AICPA) and their Code of Professional...
1. Please discuss the American Institute of Certified Public Accountants (AICPA) and their Code of Professional Conduct as it relates to ethics in accounting. 2. Please describe the six stages of moral development developed by Lawrence Kohlbert and relate them to ethics in accounting. 3. Please describe and critique the core philosophy of consequentialism and deontology and relate them to ethics in accounting. 4. Please discuss the core elements of the distributive justice philosophies developed by Aristotle and Rawls and...
Read the Code of Professional Conduct [PDF] from the American Institute of Certified Public Accountants (AICPA)...
Read the Code of Professional Conduct [PDF] from the American Institute of Certified Public Accountants (AICPA) website. Review the code's key requirements. From the reading, determine at least two AICPA professional conduct principles most likely to be violated. Provide your supporting rationale.
Recently, the U.S. federal government and the American Institute of Certified Public Accountants (AICPA) have taken...
Recently, the U.S. federal government and the American Institute of Certified Public Accountants (AICPA) have taken aggressive steps aimed at ensuring the quality of organizational governance. What are these changes, how might they change organizational governance procedures, and do you believe that these actions will really improve internal control of business organizations?
What are the sources of research guidelines for the tax researcher?
What are the sources of research guidelines for the tax researcher?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT