Welcome to ISCPA
Current Happenings in the Accounting Profession
ISCPA Partner Hotel for CPE held in Boise - The Hampton Inn & Suites has set up a discounted rate for ISCPA
members traveling to Boise for CPE.
ISCPA Electronic Manuals - The Pros and Pros of Them
ISCPA Webinars - How They Work
Idaho State Board of Accountancy's Ethics CPE Requirement & State-Specific Ethics Video Registration
ISCPA Partners with State Tax Commission to bring you and your staffers complimentary training!
Idaho & IRS Conformity - H355
H355, which would amend existing law to update references to the Internal Revenue Code for state income tax purposes
passed the House 69 - 0 and is now in the Senate Local Government Committee.
The bill will conform the Idaho Income Tax Act to the changes made to the IRC
after January 1, 2011. Idaho adjustments to bonus depreciation are still in effect.
- How SL can help you navigate the IRS
- How you can help your clients and colleagues
- IRS Contact List for Practitioners
- Getting Ready for the 2011 Tax Filing Season
- Want quick access to more information? Follow the link included in pdf
Ponzi Schemes Resources and Deductibility
By Liska Foss, Group Manager, Examination, Boise
Unfortunately Idaho,
like many areas of the country, has seen an increase in the number of ponzi
schemes. We in the field have been encountering a number of cases that have
losses prematurely taken. With the beginning of filing season upon us we wanted
to forward some resources that should assist you in these determinations.
A ponzi scheme is defined as an investment arrangement that has been
discovered to be fraudulent, resulting in significant losses to taxpayers. The
underlying tax law governing these losses falls under IRC 165. The IRS has
issued three guidance documents to assist taxpayers who are victims of losses
from Ponzi-type investment schemes. The first document,
Revenue Ruling
2009-9
, clarifies the income tax law governing the treatment of losses in such
schemes. The second,
Revenue Procedure 2009-20
,
provides a safe-harbor method of computing and reporting the losses. The third,
Revenue Procedure
2011-58
clarifies the definition of
“information” in Revenue Procedure 2009-20 to mean a criminal charge. If the
lead figure is charged criminally or by criminal indictment (by a grand jury) or
admits he or she is guilty then taxpayers can take advantage of the safe harbor
provision under Rev Proc 2009-20.
ISCPA
208.344.6261 - phone
208.344.8984 - fax
PO Box 2896, Boise Idaho 83701
1649 W Shoreline Drive, Suite 202
Boise, ID 83702
The Idaho Society of CPAs makes no warranties regarding the accuracy or
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