Section 6 Standards for Tax Practice

• Library: Prof Liability 2005

Tax preparation and advice on tax preparation account for most of the volume of litigation against accountants. Often, the damages claimed in these lawsuits pale in contrast to those brought for alleged breaches of auditing standards. The Statements on Standards for Tax Practice (SSTP), coupled with 31 C.F.R. Part 10—see Circular No. 230, available at www.irs.gov/pub/irs-pdf/pcir230.pdf—generally govern the conduct of tax practice by accountants. For example, the SSTP discuss the extent to...