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The AICPA recently 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, AICPA sought comments on the subject of quality management in tax.
CalCPA’s Committee on Taxation reviewed and submitted comments on the exposure draft and the proposed changes to the SSTS. A copy of CalCPA’s comments can be found on here. Overall, CalCPA’s comments outlined that the proposed updates and reorganization of the SSTS were reasonable and appropriate enhancements to the standards.
CalCPA advocacy and engagement with national standard setters is critical to helping shape key professional standards that are necessary for maintaining a rigorous benchmark for conduct in a CPA’s tax practice as well as upholding the profession’s role in protecting the public interest.
Following consideration of comments received, the AICPA expects to release a revised SSTSs document Spring of 2024 with an anticipated effective date of Jan. 1, 2024.