Idaho Amends Tax Code for Business Entities, Federal Adjustments

The Idaho Governor signed a law that amends several sections of the Idaho Code relating to taxation, revising provisions for affected business entity elections, limitation periods for tax deficiency notices, and procedures for handling federal tax adjustments. The law includes: 1) modifying the timeframe for filing an election as an affected business entity; 2) allowing elections to be made by amended returns filed before the original due date; and 3) establishing procedures for reporting and paying taxes when federal adjustments affect Idaho tax liability, particularly for partnerships subject to federal audits. The law takes effect July 1. [H.B. 733, enacted ...