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dc.contributor.authorPurcell, Thomas J., IIIen_US
dc.contributor.authorSansone, James W.en_US
dc.contributor.authorTracy, Donald J.en_US
dc.date.accessioned2013-12-05T22:48:19Z
dc.date.available2013-12-05T22:48:19Z
dc.date.issued2010en_US
dc.identifier.citationThomas J. Purcell III, James W. Sansone, Donald J. Tracy, Changes in Tax Practice Standards Affect CPAs, J. Acct., May 2010, at 24.en_US
dc.identifier.urihttp://hdl.handle.net/10504/47206
dc.description.abstractChanges to IRC Subsection 6694 and 6695 in recent years have expanded the penalties that can be imposed on tax return preparers in amounts, types of tax returns covered, and the rigor of standards that preparers must meet to avoid penalties. IRC § 6694 now requires "substantial authority" supporting tax positions unless they are adequately disclosed. Tax shelter or reportable transactions must be "more likely than not" to be sustained on their merits. Circular 230 imposes broader duties upon practitioners in an array of tax engagements and can be the basis for administrative sanctions when practitioners fail to meet requisite standards. Although Circular 230 currently applies only to CPAs and certain other covered tax practitioners, the IRS has recently announced it will extend the ethical aspects of its requirements, but not the practice rights, to paid tax preparers besides those currently authorized to practice before the IRS. The AICPA Statement on Standards for Tax Services no. 1 has been recently revised to elevate the required professional reporting standards in all tax engagements. The other SSTSs were reworded and reissued in revised form. The SSTSs apply to federal tax engagements, including those not covered by statutory preparer penalties and Circular 230, and to state, local and foreign tax engagements.
dc.language.isoeng_USen_US
dc.titleChanges in tax practice standards affect CPAsen_US
dc.typeMagazine Articleen_US
dc.description.volume209
dc.title.workJournal of Accountancyen_US
dc.description.pages24-28en_US
dc.subject.fastInternal revenue law
dc.subject.fastTax accounting--Standards
dc.subject.fastTax return preparation industry
dc.subject.fastTax shelters
dc.subject.fastTax administration and procedure
dc.url.fasthttp://id.worldcat.org/fast/976622
dc.url.fasthttp://id.worldcat.org/fast/1143628
dc.url.fasthttp://id.worldcat.org/fast/1143836
dc.url.fasthttp://id.worldcat.org/fast/1143860
dc.url.fasthttp://id.worldcat.org/fast/1143633
dc.date.year2010en_US
dc.date.monthMay
dc.description.issue5
dc.program.unitSchool of Lawen_US
dc.program.unitCollege of Business Administrationen_US
dc.program.unitAccountingen_US
dc.url.link1https://login.cuhsl.creighton.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=50268588&site=ehost-liveen_US
dc.contributor.cuauthorPurcell, Thomas J., IIIen_US
dc.identifier.viafhttps://viaf.org/viaf/35986335
dc.identifier.isnihttp://isni.org/isni/000000008441215X
dc.identifier.wcihttps://www.worldcat.org/identities/lccn-n87915182/
dc.identifier.ssrnhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=669067
dc.url.link2https://creighton-primo.hosted.exlibrisgroup.com/primo-explore/fulldisplay?docid=01CRU_ALMA2172568540002656&context=L&vid=01CRU&search_scope=EVERYTHING&tab=default_tab&lang=en_US


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