2015 Important Dates to Remember
- Annual Meeting & Convention - Keystone, SD - September 21st-22nd
- Tax Institute - Sioux Falls, SD - November 17th-18th
- West River Tax Cluster - Rapid City, SD - December 1st-2nd
ASK A CPA - Online Resources
Dakota CPA Society is once again sponsoring “ASK A CPA”, a call-in program
to give the public an opportunity to ask a certified public accountant (CPA)
about business and personal tax matters, planning for yearend, general business
and accounting issues, referrals and other financial concerns. The event takes
place THURSDAY, JANUARY 15TH, 2015, from 6:00 PM to 8:00 PM (CST).
In addition to the call in program, we have created some online resources from
previous asked questions, along with some information on new tax laws and
developments. The online resources are available on our website by clicking here. These online resources allow the public the ability to get answers to
frequently asked questions anytime. In
addition, there is a national website www.360taxes.org,
sponsored by the AICPA, offering tips, checklists and help during tax season
and year round
“A CPA Spends Years
Preparing for Moments Just Like These.”
Introduce Bipartisan Bill to Simplify Income Tax Collection for Individuals
Working in Multiple States
-Bill would ease
reporting burdens for employees and employers-
– February 5th, 2015 U.S. Sens. John Thune (R-S.D.) and Sherrod
Brown (D-Ohio), members of the tax-writing Senate Finance Committee, today
introduced the Mobile Workforce State Income Tax Simplification Act,
legislation that would simplify and standardize state income tax collection for
employees who travel outside of their home state for temporary work
assignments. The bill would also help employers who must file withholdings and
reporting requirements. Currently, individuals and employers face up to 41
different state income tax reporting requirements that vary based on length of
stay, income earned, or both.
increasingly mobile workforce has created opportunities for businesses to grow
and expand throughout the nation, but complex state tax reporting requirements
place costly and time-consuming burdens on businesses with employees that work
in multiple states,” said Thune. “Our legislation would establish a clear 30-day
threshold test for state income tax purposes, preventing individuals from
having to sort through complicated tax reporting burdens from the multiple
states where they travel for work. This legislation will greatly simplify state
income tax filings, is fairer to those residents in states without an income
tax, and should help to encourage tax compliance.”
Mobile Workforce State Income Tax Simplification Act is supported by over 250
organizations and business groups. The CPA Society has worked closely
with Senator Thune to bring forward this important legislation. To view the full press release, click here.
Chartered Global Management Accountant (CGMA)
The AICPA and the Chartered Institute of Management Accountants (CIMA) have established a new global designation for management accounting, the Chartered Global Management Accountant (CGMA). Learn more and find out if you qualify. Visit CGMA.org to discover all the benefits and resources.
Feed The Pig - Piggy Banks
April is Financial Literacy Month; The Society has given away over 1,000 piggy banks for newborn babies over the past 6 years! A special thank you to the Image Enhancement Committee who helped delivery the banks.
SDCPAS Sponsored Movies Under The Stars
On August 18th, 2014 the Society sponsored the Movie Under The Stars event. This year's movie was The Lorax! It will be a night of entertainment in the Rapid City community with games and giveaways, along with a special appearance by Benjamin Banks!
AICPA Developing OCBOA Financial Reporting Framework for Smaller Businesses
The AICPA announced plans to develop an “other comprehensive basis of accounting” financial reporting framework to meet the needs of both privately held small- and medium-sized enterprises and the users of their financial statements. The SME OCBOA framework will be a less complicated and a less costly alternative system of accounting to U.S. GAAP for SMEs that do not need U.S. GAAP financial statements. More information will be provided this summer.
Announcing the Total Tax Insights™ Calculator
Offered by the CPA profession to give taxpayers a clearer picture of the types and number of taxes they pay, the Total Tax Insights calculator is the first comprehensive tax calculator that estimates a person’s tax obligation based on place of residence across the country. It’s customized for each state, including the District of Columbia and Puerto Rico, and has more than 20 of the most widely levied taxes.
Taxpayers can access the calculator at totaltaxinsights.org and enter minimal information to get started. The calculator then delivers a comprehensive view of one’s estimated annual tax obligation and a number of key insights, including increased awareness of the need for financial planning. The Total Tax Insights calculator provides an approximation – not an exact amount – of what users pay in taxes. It is not a tax preparation tool or a substitute for the expert tax and financial advice of a CPA.
The AICPA is a longtime advocate of sound tax policy, transparency and simplification, and believes that every citizen should know that a tax exists and how and when it is imposed. As part of this goal, the Total Tax Insights calculator was developed to help taxpayers better understand their tax responsibilities and enhance their financial well-being.