Chair's corner.

• Author: Williamson, Jimmy L.

I want to update you on three important issues our profession is dealing with and describe how the Institute is working to address them. These efforts clearly demonstrate our commitment to educating and informing members about new developments and to advocating on behalf of the profession and the public interest.

Keeping up with new standards has long been a critical issue for CPAs. To help members understand and apply an important new pronouncement, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertain Tax Positions (The CPA Letter, Dec. 2006), the AICPA has created a free practice guide. FIN 48 is likely to require additional work by members in business and industry, their auditors and their tax advisers. At the time I wrote this column, more than 18,000 members had already downloaded the guide, Accounting for Uncertain Tax Positions Under FIN 48. You can get this valuable resource, available free to all AICPA members, at www.aicpa.org/FIN48guide.

Still on the subject of tax, in recent years, a number of patents have been issued for tax-reduction strategies, especially in the area of estate and gift tax. One wealth-management company has even filed a complaint alleging that a taxpayer infringed its tax-strategy patent. The AICPA has expressed concerns about the practice and others, including some members of Congress, also are starting to question the patenting of ways to comply with the tax law.

As a result of these developments, the AICPA Tax Executive Committee has formed a task force to consider an appropriate response. The task force is already engaged in communication efforts to spread the word about the issue and is considering possible legislative solutions. We...