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 Sponsor Movies Under The Stars
On August 18th, the Society is the sponsor for the Movie Under The Stars event. We are happy to announce that this year's movie will be 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!
Important Dates to Remember
- West River Tax Cluster - Rapid City, SD - November 4th-5th
- Tax Institute - Sioux Falls, SD - November 12th-13th
ASK A CPA - Online Resources
The South Dakota CPA Society is once again sponsored “ASK A CPA”, a call-in program to give the public an opportunity to ask a certified public. 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.
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.