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Ask A CPA
Ask a CPA - Frequently Asked Questions Online Resource now available
The South Dakota CPA Society has new online resources from previous asked questions, along with some information on new tax laws and developments.Click here for online resources. The online resource allows the public the ability to get answers to frequently asked questions anytime. In addition, there is a newly launched national website www.360taxes.org, sponsored by the AICPA, offering tips, checklists and help during tax season and year round.
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WHAT'S NEW
Resource List for Employers
Click here for a list of employer responsibiltiies and resources. The list is a spreadsheet with three worksheets. One has a list of employer responsbilities; one has hyperlinked IRS topic material, and one is a general resource list of both SD State and Federal agencies.
The Internal Revenue Service on Thursday issued guidance on its plan to regulate all paid tax-return preparers. The notice provides an exception from the competency test and continuing-education requirements for certain nonsigning preparers who are supervised by a Circular 230 practitioner. It also exempts from the competency test preparers who do not prepare Form 1040 returns, and it lists forms that are not considered "returns" for purposes of the requirement that preparers use their personal tax identification number. JournalofAccountancy.com.Click here to find Notice 2011-06, which makes some substantial changes to the competency testing and CPE requirements for supervised employees of certain firms, and also the requirements for preparers of non-income tax forms.
Profession’s Advocacy at Work
The AICPA worked tirelessly to ensure that CPAs’ commitment to professional practice standards was taken into account in the tax preparer registration regulation process, specifically CPAs’ superior education, regulation and ethical standards. As a result of the AICPA’s advocacy, CPAs are not required to meet the IRS examination and CPE requirements associated with the new regulations. Today’s announcement from the IRS stated that it has “under serious consideration” additional guidance that may extend similar treatment to non-signing preparers who serve under a qualifying individual in certain professional firms, such as a CPA firm. The AICPA will keep you informed of any future developments.
Key Points Regarding New PTIN System
· All paid tax return preparers who “prepare all or substantially all of a tax return” are required to obtain a PTIN. Even if you currently possess a PTIN, you still must apply under the new system.
· PTINs are required by January 1, 2011 to be able to prepare returns after that date.
· A $64.25 fee to obtain a PTIN is due upon application.
· PTINs are valid for one year.
Obtain a PTIN online or via Form W-12 (to be available shortly), IRS Paid Preparer Tax Identification Number Application.
Resources
IRS PTIN Helpline: 1-877-613-PTIN (7846)
This Way to CPA Website
The AICPA launched their new, virtual vault of accounting wisdom for aspiring CPAs, www.thiswaytocpa.com. The new site is bursting with career tips, exam preparation strategies and more to help guide them on their way to CPA hood. Key features include a Salary Calculator – lets students gauge their financial futures, Find Your Fit tool – shows students where they’ll fit best in the profession, Exam Guidance – tips and timelines to help students conquer the CPA exam, and Interview Simulation - students get a chance to practice their interview skills.
NEW! CALCPA Webinars now available to SDCPAS Members
For additional information and to view the complete calendar, click here.
NEW! Surgent McCoy Live Webinars
Pack as many people in the room as you can fit, and pay just one low price – perfect for small firms! Invite clients (and prospective clients), colleagues, referral sources, neighbors, friends…it's up to you! Or, watch together with another firm to further maximize your savings! Each 2-hour webinar features a leading expert from Surgent McCoy, and all webinars are approved by NASBA for live (group Internet-based) CPE credit. Register and find out complete details at www.cpenow.com/webinars
Find out specific provisions in 45 states with interstate practice privileges
Fully 45 states have passed CPA practice mobility legislation so far. This success is unprecedented and is a direct result of the collaborative efforts of the AICPA, state CPA societies, the National Association of State Boards of Accountancy, state boards of accountancy and The Accountants Coalition. Enactment of the legislation allows CPAs and CPA firms to serve their clients across state lines with minimal licensing barriers. These measures have had overwhelming bipartisan support in legislatures across the country and have been backed by governors and state attorneys general. As part of the AICPA's continuing efforts to help CPAs and firms navigate the new world of mobility, the Institute has created a clickable map that describes the basic components of state mobility provisions, as well as useful links to gaining supplemental information. In addition to this information, the AICPA encourages individual licensees and/or firms to contact the board of accountancy in the state in which they intend to practice to determine the applicability of the state's practice privilege requirements that have been adopted. Read the AICPA news release on the profession's mobility achievements for the nation's CPAs.
SDCPAS Members: Login and Register with
South Dakota CPA Society under Members Only. Gain personalized access to the SDCPAS’s Web site by registering today! You'll also be able to view past Newsletters, the Membership Directory, List Serves or edit your member profile. |
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