AICPA Special News Update - May 16, 2012 

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.

Go to the Tax Practitioner’s Toolkit to download a suite of Total Tax Insights materials for you to share with clients, employees, colleagues, friends and community groups. You’ll find an informational one-pager, PowerPoint presentation, social media posts and a Total Tax Insights calculator web button and description for posting on your website or in a newsletter.

What’s at Stake? A CPA’s Insights into the Federal Government’s Finances is a non-partisan video developed by the AICPA to offer guidance to policymakers and the public on how the U.S. government’s financial statements can be used for greater understanding of the nation’s fiscal health. Chairman of the Board Gregory J. Anton, CPA, CGMA, offers clear analysis into why the financial statements provide a different perspective compared to the annual budget. Visit aicpa.org/WhatsAtStake for more information and to view the video.