The AICPA Professional Ethics Executive Committee (PEEC) has issued an exposure draft for public comment proposing changes to the AICPA Code of Professional Conduct concerning Section 529 plans.
The proposed revisions to the "Section 529 Plans" interpretation are in response to comments from members and other interested parties on the consultation paper PEEC released for its 2021–2023 strategy and work plan.
Specifically, commenters had concerns about monitoring challenges and independence threats related to an account owner's direct financial interest in Sec. 529 plans. If adopted as final, the proposed changes will apply to members in public practice.
PEEC will accept comments on the revised interpretation through Wednesday, Oct. 30, via emails to ethics-exposuredraft@aicpa.org.