TEC initiatives.

AuthorPurcell, III, Thomas J.
PositionTax 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 (June 15, 2005; see TTA, August 2005, p. 498), the TEC met once (August 18-19, 2005) and exercised its review function on several projects. TEC actions taken after Sept. 15, 2005 will be reported in a future column.

Disaster Assistance

The Tax Division has taken steps to assist the victims of Hurricane Katrina and other recent natural disasters. Members of the AICPA's Washington, DC professional staff and volunteer members of various AICPA Tax Division groups have met with IRS officials to discuss appropriate administrative action that will assist taxpayers and tax advisers who have unique compliance issues as a result of the destruction. An updated Disaster Area Tax Practice Guide, which includes information revised for the victims of Hurricane Katrina, is available at http:// tax.aicpa.org/Resources/Disaster+ Area+Tax+Guide.htm.The AICPA and the IRS have announced an agreement to jointly staff Federal Emergency Management Agency disaster recovery centers, to provide victims with assistance in obtaining disaster-related tax relief.

Self-Governance Activities

The TEC continues to monitor the development of proposed Statement on Standards for Tax Services No. 9, "Quality Control." Recognizing the significant effect on tax practice from the recent changes to IRS Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service, it formed a task force to address both the monitoring of issues in the implementation of the changes and educational outreach efforts to inform the membership of the tax practice implications. The TEC also has extensively discussed the appropriate response to the exposure draft of Proposed Statement on Standards for Valuation Services, "Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset."

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