PRESIDENT'S
CORNER
Written by
Melissa Nelson, ISCPA Executive Director
PRESIDENT'S
CORNER
Written by
Melissa Nelson, ISCPA Executive Director
|
2008 Idaho Legislative Wrap-Up I am very pleased to report that the Idaho Society of CPAs and the Idaho State Board of Accountancy, working together, achieved passage of the national Uniform Accountancy Act mobility provisions. Two years ago the AICPA, State Societies, State Boards and NASBA joined together in a national effort to provide mobility across state lines in the practice of public accountancy. The updated Idaho Accountancy Act becomes effective July 1, 2008.This legislation removes the requirements for licensees from other states to notify, and pay fees to, the ISBA prior to providing services to Idaho clients. It also establishes the Idaho State Board of Accountancy regulatory authority over those individuals. To date, seventeen states have adopted mobility legislation and another seventeen have similar legislation pending. The states, in addition to Idaho, who have adopted mobility legislation are: Illinois, Indiana, Louisiana, Maine, Mississippi, Missouri, New Mexico, Ohio, Rhode Island, Tennessee, Texas, Utah, Virginia and Washington. Another significant change to the Accountancy Act increases transparency in the Peer Review Program. In addition, the State Board of Accountancy is adding an ethics component to continuing education requirements through the rules process.Two bills conforming Idaho Code to IRS Code have been signed into law. The first piece of legislation (H345) conformed to 2007 federal changes. The second (H615) conformed Idaho Code to federal changes through February 15, 2008. Practitioners can be thankful that Idaho Code is now in compliance with 2008 changes to Section 179 and the allowance for accelerated depreciation before next year’s filing season begins. Two additional changes to Idaho Tax Code, supported by the Idaho Society, become effective July 1, 2008. H563 allows state capital gains from pass through entities the same treatment as other Idaho capital gains and H564 corrects a problem affecting part-year residents with the treatment of credits for taxes paid to other states. Thanks to all who helped in the development and successful resolution of these issues, especially Senator Brent Hill, Vern Gentry, Barbara Porter, Sam Cotterell, Rick Smith and Jason Coronado. If you would like more information or would like to receive an electronic copy of any of these bills, please let me know. Legislation may also be accessed from the legislative website www.legislature.idaho.gov. |
