Final answer:
Some sources of tax professional standards include AICPA and the IRS. Failing to comply with these standards can result in penalties, legal consequences, and damage to a tax professional's reputation.
Step-by-step explanation:
Some of the sources for tax professional standards include professional organizations such as the American Institute of Certified Public Accountants (AICPA), the Internal Revenue Service (IRS), and state licensing boards. These organizations establish guidelines and regulations that tax professionals must adhere to in order to maintain ethical and professional standards.
The potential ramifications of failing to comply with these standards can vary. It may result in penalties, fines, or legal consequences for the tax professional. Additionally, it can damage their reputation and credibility, leading to a loss of clients and business opportunities.