U.S. Federal Tax Law Hierarchy Extended Guidance

Tax practitioners provide tax advice to clients and should be familiar with the applicable standards for providing such advice, including Internal Revenue Code (IRC) Sec. 6662 and Sec. 6694, Circular No. 230, the AICPA’s Code of Professional Conduct and the AICPA’s Statements on Standards for Tax Services (SSTSs). CPAs need to keep appropriate documentation supporting the positions they advise or take on a return in accordance with these standards. CPAs should also note the importance under Sec. 6694 that a