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Current Happenings in the Accounting Profession

          Changes to Small Business Health Care Tax Credit

          Statement from a Treasury Spokesperson on CMS Announcement Last Week about 1095-A Forms

          AICPA Code of Professional Conduct

          Affordable Care Act Resources

          GASB Outlook Newsletter

          Current IRS Updates

          Current AICPA Exposure Drafts

          Idaho State Tax Commission

          Idaho State Tax Commission Contact Information

          Idaho State Tax Commissioner Responsibilities - Who Does What


Changes to Small Business Health Care Tax Credit

Small employers should be aware of changes to the small business health care tax credit, a provision in the Affordable Care Act that gives a tax credit to eligible small employers who provide health care to their employees.ACA Information Center for Tax Professionals


Statement from a Treasury Spokesperson on CMS Announcement Last Week about 1095-A Forms

posted 2.24.15

Last week, CMS announced that about 20 percent of the tax filers who purchased health insurance from the federal Marketplace received statements (or form 1095As) that include an incorrect piece of information. Treasury estimates that approximately 50,000 tax filers (or less than 0.05% of total tax filers) already have filed their taxes using these incorrect form 1095As. We have concluded that these individuals do not need to file amended returns. The IRS will not pursue the collection of any additional taxes from these individuals based on updated information in the corrected forms. Nonetheless, some individuals may choose to file amended returns. A tax filer is likely to benefit from amending if the 2015 monthly premium for his or her second lowest cost Silver plan (or “benchmark” plan) is less than the 2014 premium. For example, if a filer’s original form lists a benchmark premium of $100 and her updated form lists a premium of $200, it may be in her interest to refile. Individuals may want to consult with their tax preparers to determine if they would benefit from filing amended returns. As CMS announced last week, affected individuals who have not yet filed their taxes should wait to file until they receive their corrected forms. read more.




AICPA Code of Professional Conduct

Reformatted code offers easier navigation and broader guidance.

Ethical decisions often need to be reached quickly, but the AICPA’s Code of Professional Conduct (ethics code) is not structured for quick and easy navigation. The old ethics code started as eight rules that fit on one sheet of paper and was adopted April 9, 1917, by the American Institute of Accountants, predecessor of the AICPA. Over time, the rules evolved, and in 1973 they were codified into the current Code of Professional Conduct. Almost 100 years—and many sheets of paper—later, the ethics code and related guidance was ripe for reorganization. You may access  the online version of the Code of Professional Conduct here.


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