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ACCT/420 ACCT420 ACCT 420 Week 1 Assignment New Learning Object

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ACCT 420 Week 1 Assignment New Learning Object Statements on Standards for Tax Services Purpose To assess your ability to locate the ethical standards of the accounting profession and to identify ethical issues surrounding tax practice as it relates to income tax preparation. Action Items 1. Review the Statements on Standards for Tax Services (SSTS) issued by the American Institute of Certified Public Accountants (AICPA), copy attached in PDF format. The Standards can be found by going to the AICPA website, www.aicpa.org, and using the search function for “Statements on Standards for Tax Services. Select the most recent publication. Other relevant resources to this assignment on the website include: o Interpretation No. 1-1 “Realistic Possibility Standard” of Statement on Standards for Tax Services No. 1, Tax Return Positions. o Interpretation No. 1-2, “Tax Planning,” of Statement on Standards for Tax Services No. 1, Tax Return Positions. 2. Prepare a brief written summary of SSTS No. 1, addressing the following points: o How does a tax preparer coordinate or address the standards that are imposed by the federal taxing authority relating to Internal Revenue Codes Section 6694 Understatement of Taxpayer’s Liability by Tax Return Preparer and Treasury Department Circular 230 (Rev. 6-2014) Regulations Governing Practice before the Internal Revenue Service With SSTS No. 1; o When recommending a tax return position, what is the right and responsibility of a tax preparer who is a member of the AICPA as provided in SSTS No. 1? o In reaching a conclusion whether a given standard has been satisfied, what may the tax preparer who is a member of the AICPA consider as provided in SSTS No. 1? Submission Instructions • Click the Submit button in the Toolbox to upload your completed assignment by Sunday of this week. Grading Criteria • Accuracy 0 – 7 points • Discussion 0 – 3 points

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