Tax practitioners beware: SSVS applies to you.

• Position: Professional News

The recently issued AICPA Statement on Standards for Valuation Services (SSVS) applies to engagements to estimate value accepted on or after Jan. 1, 2008. It's possible that work performed on a tax return prepared after Jan. 1, 2008, may fall under the standards even though the fiscal year-end or calendar year-end of the return is prior to the effective date, since the engagement to estimate value--not the engagement to prepare the return--is accepted after the effective date.

[ILLUSTRATION OMITTED]

Examples of the Standard's applicability to tax practice include advice in connection with tax planning services; allocation of value amongst various assets...