Current Happenings in the Accounting Profession

          2015 ISTC Individual Income Tax Forms & Main Business Forms Open for Comment

          Tax Dues Date Changes

          Changes to Small Business Health Care Tax Credit

          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

Good things often come to those who wait - and to those who work hard on legislation!

Tax Dues Dates Change

It's hard to believe, but the tax due dates bill that we've all worked on over the past few years, and continued to discuss with our Senators and Representatives during our Hill Visits, finally passed both the House and Senate this week as part of the highway bill, and it's headed to President Obama's desk for his signature. The short-term highway funding extension passed by the Senate on Thursday contains several important tax provisions (H.R. 3236). The bill was passed by the House of Representatives, 385-34, on Wednesday, and it now goes to President Barack Obama for his signature. The bill modifies the due dates for several common tax returns, overrules the Supreme Court's Home Concrete decision, requires that additional information be reported on mortgage information statements, and requires consistent basis reporting between estates and beneficiaries. Due date modifications: The act sets new due dates for partnership and C corporation returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. For partnership returns, the new due date is March 15 (for calendar-year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal-year partnerships). (Currently, these returns are due on April 15, for calendar-year partnerships.) The act directs the IRS to allow a maximum extension of six months for Forms 1065, U.S. Return of Partnership Income. Read Full Journal of Accountancy Article

Due Date Changes– A Way Station on the Journey

Posted by Edward Karl, CPA on Aug 07, 2015

It started like most things we do: AICPA members needed it done. One after the other, after the other, and on and on, we heard from members who were tired of receiving complicated K-1s on October 13, 14 or even 15. "Please help us” they asked, so we turned to our Tax Executive Committee and said: "what makes sense?" And so, a multi-year, imaginative effort to craft a solution ended in a "way station" of success on July 31 when President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236).

The law provides for a more logical flow of a broad array of returns. The main idea was to have flow-through returns completed before the returns in which the information is reported – Forms 1040 and 1120; give folks enough time to breathe and digest the flow-through information. And so calendar-year partnerships are due March 15 and calendar year C corporations are due April 15. Partnership returns are due a month earlier than they had been, but six-month extensions are now available. Other fixes were made, too, to Forms 990, 1041 and 5500. Also, the due date for FinCEN Form 114 (FBAR) moves from June 30 to April 15, but for the first time, taxpayers will be allowed a six-month extension.

Read Karl's full blog


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

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.