Short Summary of AICPA Statements on Standards for Tax Servi
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This publication sets forth ethical tax practice standards for members of the AICPA - Statements on Standards for Tax Services. The following areas are covered in this document:
1. Tax Return Positions
? Should have a goodfaith belief that the position has a realistic possibility of being sustained administratively or judicially on its merits.
? When relevant, advise the taxpayer regarding potential penalty consequences of such tax return position and the opportunity to avoid such penalties through disclosure.
? Should not recommend a tax return position or prepare or a position could exploits the audit selection process of a taxing authority.
? If a member concludes that a tax return position does not meet the realistic possibility standard, a member may still recommend the position to the taxpayer if the position is not frivolous (one that is knowingly advanced in bad faith and is patently improper)
? One illustration: A taxpayer has engaged in a transaction that is adversely affected by a new statutory provision. Prior law supports a position favorable to the taxpayer. The taxpayer believes, and the member concurs, that the new statute is inequitable as applied to the taxpayer's situation. The statute is constitutional, clearly drafted, and unambiguous. The legislative history discussing the new statute contains general comments ...
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