TEC initiatives.

• Author: Purcell, III, Thomas J.
• Position: AICPA Tax Executive Committee

As a senior technical committee of the AICPA, the Tax Executive Committee (TEC) is authorized to speak for the Institute on tax matters and is also designated by governing Council as a standard-setting body. However, numerous other committees, technical resource panels (TRPs) and task forces initiate and develop proposed solutions to policy issues and technical and tax administration problems, for consideration and approval by the TEC. They also initiate proposals for valuable products and services for members in tax practice.

Since the last cut-off date for this column (Dec. 1,2004; see TTA, February 2005, p. 113), the TEC met once (Jan. 19-20, 2005) and exercised its review function on several projects. TEC actions taken after March 7, 2005 will be reported in a future column.

Administrative Issues

The TEC continues to implement and monitor progress on the Tax Section's Strategic Plan. The original strategic plan is available at www.aicpa.org/ download/tax/tax_section_strat.pdf.

Self-Governance Activities

As reported in the February 2005 column (see DC Currents, TTA, February 2005, p. 115), the Tax Practice Quality Control Task Force (chaired by Joe Scutellaro) proposed an interpretation of Statements on Standards on Tax Services No. 3, "Certain Procedural Aspects of Preparing Returns" indicating that a member should have a system of quality control for his or her tax practice. After much discussion, it was decided that an interpretation was not appropriate; rather, a new standard covering this topic should be considered. The task force is in the process of recasting the current draft interpretation into a standard. The TEC will discuss the progress on this issue at its June 2005 meeting.

Technical Activities

General: At the January 2005 meeting in San Diego, the TEC met with members of the California State Society of CPAs taxation committee, to provide outreach and improve communication. It also discussed pending projects (many of which are discussed here), upcoming deadlines and the Tax Division's general business. The next meeting will be June 16-17, 2005, in San Francisco.

On Feb. 1, 2005, it was the column editor's honor to represent the AICPA Tax Section in testifying before the IRS Oversight Board. The text of that testimony, which was prepared in conjunction with the IRS Practice and Procedures Committee (chaired by MarkVan Deveer) can be found at www.cpa2biz.com/ ResourceCenters/Tax/Tax+Practice/ OversightTestimony.htm.

On Feb...