2017 Important Dates to Remember
- 100 Year Celebration - Sioux Falls, SD - September 28th-29th
- Tax Institute - Sioux Falls, SD - November 7th-8th
- West River Tax Cluster - Rapid City, SD - November 27th-28th
ASK A CPA
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 accountant (CPA) about business and personal tax matters, planning for yearend, general business and accounting issues, referrals and other financial concerns. The event took place TUESDAY, JANUARY 17TH, 2017, 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.
"Transition Continuum and Checklist" Tool
Do you have what it takes to remain relevant into the future? Identify what it takes to transition to a high preforming firm of the future, assess where you currently fall on the continuum and pinpoint practical tools to get you there. The transition continuum and checklist (excerpted from the PCPS Firm inMotion Toolkit) will help you focus on your culture, talent and clients. Click here to access the "Transition Continuum and Checklist" tool.
This Firm inMotion Transition Continuum and Checklist tool is an example of the turnkey tools and solutions PCPS delivers. PCPS is an add-on firm membership section within the AICPA. A PCPS firm membership at only $35 per CPA -- up to max of $700 per firm --is a great investment for the wealth of resources. Find out if you are already a PCPS member.
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 2,500 piggy banks for newborn babies over the past 9 years! A special thank you to the Image Enhancement Committee who helped delivery the banks.
SDCPAS Sponsored Movies Under The Stars
On August 15th, 2016 the Society sponsored the Movie Under The Stars event. This year's movie was Inside Out! It was a great night of entertainment in the Rapid City community with games and giveaways, along with a special appearance by Benjamin Banks. Special thank you to Ketel Thorstenson LLP, Casey Peterson & Associates LTD, DeSmet & Biggs LLP, and Donna Denker & Associates for helping sponsor the event!
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.