Strict Standards and Accountability Act - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) acknowledge in writing the receipt of an application submitted by a non-profit social welfare organization for recognition of its tax-exempt status within 28 days; (2) inform such organization of the status of its application if the Secretary has not approved or denied such application within six months after acknowledgment of receipt, enumerate the reasons for such delay, provide an estimate of when a final decision may be made, and consider such application under fast track procedures; (3) inform such organization in writing as to the status of its application if it is not approved or denied within 365 days after acknowledgment of receipt and enumerate reasons specific to the application for its delay; and (4) report to the House Ways and Means Committee and the Senate Finance Committee on extenuating circumstances that prevent a timely determination of pending applications and on the number of applications pending for over 365 days.