ISCPA Monday Takeaway

I had some great questions this past week. Here are a few:

If Congress passes federal relief that will make the first $10,200 of unemployment benefits received in 2020 tax free (previously taxable) - will Idaho conform to this change? I reached out today and the Tax Commission is just beginning to look at this. It will take a trailer bill and is a legislative decision.

AICPA is asking IRS to extend April 15th deadline, will Idaho? If the IRS deadline is delayed, then the Idaho Legislature could run a bill to change Idaho’s deadline. This is a lengthy debate and in discussion now. All eyes are on the IRS.

We will send out a Member Alert if any dates are changed.

ISCPA Legislative UPDATE -

What is Idaho doing about PPP? H0251 makes all one-time federal relief monies provided to Idaho businesses in 2020 non-taxable, except for emergency rental assistance program funds. Read the details here.

NOTE: Many Idaho Taxpayers already received a 1099-G for Idaho Rebound Cash Grants, but if H0251 passes, these funds will not be taxable by Idaho. H0251 does not affect anything federally, so those funds are still taxable on the federal level.

This bill passed the House. It is in Senate Local Government & Tax Committee, Tuesday, March 9 at 3pm. Watch it here We are confident this legislation will pass. It has incredible support. But obviously, we can't guarantee anything.

The ISCPA Tax Committee worked during the off-season on a fix to Bonus Depreciation, caused because of Idaho's non-conformity. H0276 is on the House floor this afternoon or tomorrow.

There are several interesting tax bills brought this session. You can follow all the legislation ISCPA is monitoring by checking our ISCPA Legislative Watch page.

Have questions? Email me or call/text me at 208.412.0829. ~ Laura Lantz

MEMBERSHIP MATTERS - please make sure to get your Idaho Society dues paid. Third notices went out today. We are working tirelessly to advocate for you at the Statehouse, get you all the ever-changing tax and business information and are dedicated to your success! Let's work together ~ Pay Your Dues Here!

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The Idaho Society of CPAs is currently accepting scholarship applications! Scholarships benefit college juniors and seniors majoring in accounting at an Idaho college or university. Tell your student friends!

ISCPA will award a maximum of five, $1,000 individual scholarships for the 2021-2022 academic year and will notify recipients in June, 2021.
One of the scholarships will be designated for graduate students only.
The deadline for applications is May 7, 2021.

I wanted to share that many members have reached out feeling over-whelmed and frustrated. It helped many of them just to hear that there were people that understood... Please know - that's why we work together, YOU ARE NOT ALONE! I will try to relay everything quickly to our members, but can't make these last-minute changes go away. Congress is not cooperative. But you can always call me. I can talk you through everything I know - and don't know.

~ Laura Lantz, ISCPA Executive Director

Email me or call/text me at 208.412.0829

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