Statements of Position

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Description

In August 1988, the AICPA Tax Division issued revised Statements on Responsibilities in Tax Practice (SRTPs). The primary purpose of these advisory statements on appropriate standards of tax practice is educational.. SRTP (1988 Rev.) Nos. 6 and 7 included footnotes indicating that future statements would address (1) the effect of retroactive laws, regulations or court decisions and (2) erroneous accounting methods. The proposed revisions included here modify SRTP (1988 Rev.) Nos. 6 and 7 to address these issues. This exposure draft defines an error as any position, omission, or method of accounting that, at the time the return is filed, fails to meet the standards set out in SRTP (1988 Rev.) No. 1. The definition of error also includes a position taken on a prior year's return that no longer meets these standards because of retroactive laws, judicial decisions, or administrative pronouncements. These revisions were approved by both the Responsibilities in Tax Practice Committee and the Tax Executive Committee. After the termination of the comment period, the Responsibilities in Tax Practice Committee will consider what changes will be made to the standards in light of all comments received. The revision to SRTP Nos. 6 and 7 will again be put to the vote of the Responsibilities in Tax Practice and Tax Executive Committees and, if approved in each committee by a two-thirds majority, will become effective.

Publication Date

1990

Relational Format

Book

Keywords

Tax accounting -- Standards -- United States; Tax consultants -- Professional ethics -- United States; Tax returns -- United States; Accountants -- Legal status, laws, etc. -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed revisions to Statements on responsibilities in tax practice (1988 revision) nos. 6 and 7,

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