TaxNewsFlash

To obtain a copy of any of these issues, please send an e-mail to the US-KPMG Washington National Tax.

December 2008

Issue	Date	Subject
2008-600	December 31, 2008	Section 482 Regulations: Methods to Determine Taxable Income in Connection with a Cost Sharing Arrangement
2008-599	December 30, 2008	Tax Court Holds that Redemption is Properly Treated as Distribution in Exchange for Stock under Section 302(a) in Merrill Lynch Case
2008-598	December 30, 2008	Discussion of Contract Manufacturing Regulations
2008-597	December 29, 2008	IRS Makes Large and Mid-Size Business Pre-Filing Agreement Program Permanent
2008-596	December 29, 2008	IRS Guidance for Money Market Funds Receiving Advisor Payments
2008-595	December 24, 2008	Regulations Concerning Annual Filing of Federal Employment Tax Returns
2008-594	December 24, 2008	Regulations Concerning Treatment of Contract Manufacturing Arrangements Under Foreign Base Company Sales Income Rules
2008-593	December 24, 2008	Text of Final Intercompany Obligation Regulations Under Section 1502
2008-592	December 23, 2008	IRS Guidance Allows Qualified Tuition Program Participants to Change Investment Strategies Twice During 2009
2008-591	December 23, 2008	Pension Relief Bill Is Signed Into Law
2008-590	December 23, 2008	KPMG's This Week in State Tax-Quarterly
2008-589	December 22, 2008	Federal Circuit: Airline Is Not Responsible for Remitting Amounts of User Fees Not Actually Collected From Passengers
2008-588	December 22, 2008	KPMG’s What’s News in Tax: Congress Awaits Obama’s Tax Agenda; Tax Landscape Facing Taxpayers Who Incur Cancellation of Indebtedness Income; Statutory Reserve Requirements for Multistate Insurance Companies; Tax Rules Applicable to Banks May Not Apply to Their Disregarded Entities
2008-587	December 22, 2008	KPMG’s This Week in State Tax: Arizona (Transaction Privilege Tax); New Jersey (Revised Residency Rule); New York (Proposed Budget); New York (Economic Nexus Lookback)
2008-586	December 19, 2008	New Jersey: “Throwout Rule” Is Repealed
2008-585	December 19, 2008	SEC Approves XBRL Reporting
2008-584	December 19, 2008	Proposed Regulations Clarify Interaction Between Check-the-Box Regulations and Multiple-Party Financing Arrangements
2008-583	December 19, 2008	Reminder: Changes to Oil Spill Excise Tax Rate and to Ethanol Credit Rates Are Effective January 1, 2009
2008-582	December 19, 2008	FASB: Proposed Staff Position on Assets and Liabilities From Contingencies in a Business Combination
2008-581	December 17, 2008	Tax Court: Taxpayers’ Capital Contributions to S Corporations Are Not Income to the S Corporations; Thus, Loan Bases Are Not Increased or Restored
2008-580	December 17, 2008	FASB to Propose Changes in Impairment Accounting for Some Financial Instruments and Clarification of Credit Derivative Scope Exception
2008-579	December 17, 2008	FASB: Warrants and Convertible Instruments with “Down-Round” Protection
2008-578	December 16, 2008	IRS to Provide Federal Tax Lien Relief for Financially Distressed Homeowners Seeking to Refinance, Sell Their Residences
2008-577	December 16, 2008	Alaska: U.S. Supreme Court Agrees to Hear Property Tax Apportionment Case
2008-576	December 15, 2008	Protocol to United States-Canada Income Tax Treaty, and Income Tax Treaties with Iceland and Bulgaria Enter into Force Today
2008-575	December 15, 2008	Final Regulations on Disclosure or Use of Taxpayer Information by Return Preparers
2008-574	December 15, 2008	KPMG’s This Week in State Tax: Connecticut (Amnesty); Florida (Depreciation Rule); Illinois (Business/Nonbusiness Income); Tennessee (Business/Nonbusiness Income)
2008-573	December 12, 2008	FASB: New Disclosures About Transfer of Financial Assets and Involvement with Variable Interest Entities
2008-572	December 12, 2008	IRS Expands Guidelines for Determining Basis of Stock Acquired in B Reorganization
2008-571	December 12, 2008	Temporary and Proposed Regulations on Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B)
2008-570	December 11, 2008	Legislative Update: Congress Nears Passage of Pension Relief Bill
2008-569	December 11, 2008	Eleventh Circuit Affirms Denial of Railroad’s Request for Preliminary Injunction Concerning Alabama’s Tax on Diesel Fuel
2008-568	December 11, 2008	Tax Court Addresses Validity of Petition Filed by Indirect Partners as Members of 5% Group
2008-567	December 11, 2008	Final Regulations Address When Creditors to Be Treated as Proprietors for Purposes of “Continuity of Interest” in Corporate Reorganization
2008-566	December 11, 2008	IRS Extends Tax Treatment of Bundled Fiduciary Fees Incurred by a Trust or Estate to Tax Years Beginning Before 2009
2008-565	December 10, 2008	Legislative Update: Senate Finance Committee Staff Discussion Draft of Proposal to Modify Tax Treatment of Insurance Companies That Deduct Premiums in Excess of the Industry Average
2008-564	December 10, 2008	Legislative Update: Auto Bailout Bill Includes Section 382 “Carve out” for Car Companies
2008-563	December 10, 2008	IRS Provides Interim Guidance for 2008 on Reporting and Wage Withholding Requirements Under Section 409A
2008-562	December 10, 2008	IRS Provides Temporary Guidance on Certain Stock Distributions by Publicly Traded REITs
2008-561	December 9, 2008	KPMG’s What’s News in Tax: Alternative Procedures for Carrying Back Corporate NOLs, Capital Losses, or Credits; Management Fees Paid by Tiered Partnerships; Calculating Dual Consolidated Losses Under the 2007 Regs
2008-560	December 8, 2008	United States, Liechtenstein Sign Tax Information Exchange Agreement; Status of Liechtenstein as Eligible QI Is Extended
2008-559	December 8, 2008	KPMG’s This Week in State Tax: Illinois (Sales Tax Base); New York (Rewards Programs); New York City (Combined Returns)
2008-558	December 8, 2008	How Current Market Conditions Affect Accounting and Funding for Defined Benefit Plans
2008-557	December 5, 2008	IRS Notice Offers Guidance on Correcting Operational Failures to Comply with Section 409A or Limit Additional Taxes Due to a Failure to Comply with Section 409A
2008-556	December 5, 2008	Proposed Regulations Provide Additional Guidance on Calculation of Amounts Includible in Income Under Section 409A
2008-555	December 4, 2008	IRS Provides Additional Transition Relief for Flexible Spending Account Debit Cards
2008-554	December 4, 2008	Proposed Regulations Relating to Withholding by Government Entities for Payments for Property and Services
2008-553	December 2, 2008	IRS Announces Two New Appeals Programs
2008-552	December 2, 2008	IRS Reminds Taxpayers to Plan Now to Get Full Benefit of Saver’s Credit; Tax Break Helps Low- and Moderate-Income Workers Save for Retirement
2008-551	December 2, 2008	Intermediary Transaction Tax Shelters
2008-550	December 1, 2008	United States, New Zealand Sign Protocol to Income Tax Treaty

November 2008

Issue	Date	Subject
2008-549	November 26, 2008	IRS Guidance on Changes to Biodiesel Tax Incentives, Biofuel Producer Credit
2008-548	November 26, 2008	Inflation Adjusted Amounts Under Section 1274A
2008-547	November 26, 2008	Final Regulations on Adding Bulgarian Limited Liability Company to List of Entities Classified as Corporations for U.S. Federal Tax Purposes
2008-546	November 25, 2008	United States, New Zealand to Sign Protocol to Income Tax Treaty
2008-545	November 25, 2008	IRS Provides List of Midwestern Counties and Hurricane Ike Affected Areas Qualifying for Disaster Bonds and Tax Credit Bonds
2008-544	November 25, 2008	IRS Provides 2008 Cumulative List of Changes in Plan Qualification Requirements
2008-543	November 24, 2008	IRS Announces 2009 Standard Mileage Rates; Rate for Business Miles Set at 55 Cents per Mile
2008-542	November 24, 2008	FEI Conference on Current Financial-Reporting Issues
2008-541	November 24, 2008	KPMG’s What’s News in Tax: Regulations on Open Account Debt of an S Corporation Finalized; Impact of the New Michigan Business Tax on the Automobile Industry; Is Section 382’s Treasure Section 384’s Trash?
2008-540	November 24, 2008	KPMG’s This Week in State Tax: Maine (Unitary Relationship); Massachusetts (Combined Reporting Regulations); Michigan (Protest Penalties); New York (Realty Transfer Tax)
2008-539	November 21, 2008	Legislative Update: Ways and Means Member Introduces Bill to Limit Notice 2008-83
2008-538	November 21, 2008	IRS Provides Adjustments to Limitation on Housing Expenses for Foreign Locations for 2008
2008-537	November 20, 2008	Legislative Update: Senate Leaders Propose Pension, Business Stimulus Changes
2008-536	November 20, 2008	Puerto Rico: Changes to Rules Concerning Tax Treatment of Certain Severance Payments Made to Discharged Employees
2008-535	November 19, 2008	IRS Provides Loss Payment Patterns, Discount Factors, and Salvage Discount Factors for Property and Casualty Insurance Companies for the 2008 Accident Year
2008-534	November 19, 2008	SEC Proposed Roadmap for Mandatory IFRS Filings by U.S. Public Companies
2008-533	November 17, 2008	Puerto Rico: Changes to Puerto Rico Code Section 1165(e) Plan Rules for 2008
2008-532	November 17, 2008	KPMG’s This Week in State Tax: California (Use Tax); Missouri (Right to Apportion); Tennessee (Federal Preemption)
2008-531	November 17, 2008	FASB’s Emerging Issues Task Force Approves Three Consensuses
2008-530	November 13, 2008	IRS Guidance for REITs Seeking to Qualify for the Safe Harbor from the Prohibited Transaction Tax
2008-529	November 13, 2008	IRS Guidance Under the Low Income Housing Credit
2008-528	November 12, 2008	Legislative Update: Finance Chairman Baucus Releases White Paper on Health Care Reform; Proposes Possible Changes to Tax Incentives
2008-527	November 12, 2008	IRS Guidance on Requests by Plan Sponsors for Extensions of Amortization Period for Unfunded Liability
2008-526	November 10, 2008	KPMG’s What’s News in Tax: Rescission of Check-the-Box Election; Deferral of Gain in Mutual-to-Stock Conversion; Bad Debts in Bank Context; Cascading Insurance Excise Tax
2008-525	November 10, 2008	KPMG’s This Week in State Tax: Louisiana (Apportionment); Massachusetts (Extended Voluntary Disclosure Period); Massachusetts (Litigation Update); Wisconsin (Related-Party Expense Disallowance Rules)
2008-524	November 7, 2008	What He Promised: Obama’s Tax Proposals and Prospects in Congress
2008-523	November 7, 2008	Regulations Amending the Rules on Information Reporting for Discharges of Indebtedness
2008-522	November 7, 2008	IASB: New “Educational Guidance” on Fair Value in Inactive Markets
2008-521	November 6, 2008	Legislative Update: JCT Estimates of Federal Tax Expenditures for FY 2008-2012
2008-520	November 6, 2008	Treasury Proposes Reorganization of the Bank Secrecy Act Regulations
2008-519	November 5, 2008	Final Regulations on Information Reporting for Employer-Owned Life Insurance Contracts
2008-518	November 3, 2008	KPMG’s This Week in State Tax: Maryland (Economic Nexus); New York (FCC License Sale); Multistate (Definition of “Telephone Company”); Multistate (Budget Shortfalls)

October 2008

Issue	Date	Subject
2008-517	October 31, 2008	FASB to Develop Staff Position on Preacquisition Contingencies
2008-516	October 31, 2008	IRS Identifies Certain Transactions Involving Sale/Disposition of Interests in Charitable Remainder Trust as “Transactions of Interest”
2008-515	October 30, 2008	SEC Studying Mark-to-Market Accounting for Report to Congress
2008-514	October 30, 2008	Tax Court: Accuracy-Related Penalty Sustained for Overvalued (by 400%) Charitable Contribution of Façade Easement and Other Rights
2008-513	October 30, 2008	Future Guidance May Address Status of Rights Granted by Governmental Unit Related to Infrastructure Projects as U.S. Real Property Interest
2008-512	October 30, 2008	Proposed Regulations Address Partnership’s Discharge of Indebtedness Income on Transfer of Partnership Interest to Creditor in Satisfaction of Partnership Debt
2008-511	October 29, 2008	IRS Guidance for Certain Transactions Involving the Sale or Exchange of Preferred Stock of Fannie Mae or Freddie Mac
2008-510	October 27, 2008	KPMG’s What’s News in Tax: Step Transaction and Substance Over Form Doctrines; Allocation of Partnership Gain/Loss in Partial Recognition Transactions; Changes to Foreign Tax Credits Relating to Oil and Gas Operations
2008-509	October 27, 2008	KPMG’s This Week in State Tax: Indiana (Economic Nexus), Iowa (Manufacturing Exemption), Massachusetts (Apportionment), and Michigan (Nexus)
2008-508	October 24, 2008	FASB Views on Financial Statement Presentation
2008-507	October 24, 2008	Legislative Update: JCT Reports on Rules Relating to Taxation of Healthcare, Valuation of Defined Benefit Plan Assets
2008-506	October 24, 2008	Tax Proposals of the Presidential Candidates—Updated
2008-505	October 21, 2008	Claims for Refund of Coal Excise Tax Must Be Filed by November 3, 2008
2008-504	October 21, 2008	IRS Report on Taxpayer Response to LILO/SILO Settlement Offer
2008-503	October 20, 2008	Text of Final Regulations Relating to Certain Tax-Exempt Bond Payments
2008-502	October 20, 2008	KPMG’s This Week in State Tax: Maryland (Corporate Reporting), New York (Place of Abode), Texas (Hurricane Ike), and West Virginia (Sales and Use Tax Exemption)
2008-501	October 17, 2008	FASB: Going-Concern and Subsequent-Events Accounting Requirements to Become FASB Standards
2008-500	October 17, 2008	Final Regulations on Treatment of Open Account Debt Between S Corporations and Their Shareholders
2008-499	October 16, 2008	IRS Announces Inflation Adjustments for 2009
2008-498	October 16, 2008	FASB: Additional One-Year Deferral of Interpretation 48 for Nonpublic Entities
2008-497	October 15, 2008	SEC: Potential “Company File System”
2008-496	October 14, 2008	Treasury, IRS Guidance on the Executive Compensation Rules Under the Emergency Economic Stabilization Act; IRS Guidance on Application of Section 382 to Certain Loss Corporations Whose Instruments Are Acquired by Treasury Under the Capital Purchase Program
2008-495	October 14, 2008	IRS Proposes Changes to QI Withholding Agreement and Changes to Audit Guidance for External Auditors of QIs
2008-494	October 14, 2008	KPMG’s What’s News in Tax: Tax Reporting for Partnership and Its Partners; IRS Policy on Average Cost Method; REIT Conversion Transactions; Marking-to-Market for Banks
2008-493	October 13, 2008	IRS Guidance for Corporations That Elect to Accelerate Their General Business Credit Carryovers or AMT Credits Instead of Claiming 50% First Year Depreciation
2008-492	October 13, 2008	FASB: Guidance Issued on Fair Value Measurements in Inactive Markets
2008-491	October 13, 2008	KPMG’s What’s News in Tax: Effect on Securities Lender of Securities Borrower’s Bankruptcy; Changes for Tax-Exempt Bond Partnerships; Commercial Energy Efficiency Deduction
2008-490	October 13, 2008	KPMG’s This Week in State Tax: Iowa (Taxable Services), Kentucky (Room Occupancy Tax), and Massachusetts (Manufacturing Activities)
2008-489	October 10, 2008	IRS Guidance on Filing Amended Return for Hurricane-Related Casualty Losses When Taxpayers Are Subsequently Reimbursed for the Losses
2008-488	October 10, 2008	IRS Announces Credits for Qualifying Advance Coal Program for 2008-09; No Credits Are Available Under Gasification Project Program for 2008-09
2008-487	October 9, 2008	Research Credit Is Seamlessly Extended Through 2009; Speculation Begins About Its Future
2008-486	October 8, 2008	Tax Provisions in the Emergency Economic Stabilization Act of 2008
2008-485	October 8, 2008	Kentucky: State Court Finds Consolidated Election Statute Is Unconstitutional
2008-484	October 8, 2008	Treasury Announces Conclusion of Enrollment Period for Temporary Money Market Guarantee Program, and Technical Correction
2008-483	October 8, 2008	Proposed Regulations on Notice Requirements Relating to Consequences of Failing to Defer Receipt of Qualified Retirement Plan Distributions
2008-482	October 7, 2008	Tax Issues Concerning Treasury’s Temporary Guarantee Program for Money Market Funds Are Clarified
2008-481	October 6, 2008	Volkswagen, Mercedes Vehicles Certified as Qualified Advanced Lean-Burn Technology Vehicles
2008-480	October 6, 2008	KPMG’s This Week in State Tax: Alabama (Remedies), Massachusetts (Sales Tax Exemption), Michigan (Interstate Commerce), and Texas (Interstate Commerce)
2008-479	October 6, 2008	Revised IRS Form on Foreign Financial Accounts Raises Issues, Including Who Must File
2008-478	October 6, 2008	FASB: Fair Value Measurements in Inactive Markets
2008-477	October 6, 2008	IRS Expands the Short-Term Section 956 Liquidity Exception
2008-476	October 3, 2008	Legislative Update: House Approves Financial Bailout Bill; White House Is Next Stop
2008-475	October 3, 2008	IRS Guidance on Charitable Contributions of Inventory Property; Seeks Comments
2008-474	October 2, 2008	Legislative Update: Summary of Tax Provisions, Extenders in Bailout Bill
2008-473	October 2, 2008	Legislative Update: Energy Tax Provisions in Bailout Bill
2008-472	October 2, 2008	Legislative Update: Revenue Provisions in the Financial Bailout Bill
2008-471	October 2, 2008	FASB: Nonpublic Entities to Remain Subject to Interpretation 48
2008-470	October 2, 2008	IRS Provides Relief for Employee Benefit Plans Due to Damage From Hurricane Ike
2008-469	October 2, 2008	Tax Court Lacks Jurisdiction to Consider Penalty Assessments for Failure to Report Foreign Bank Accounts
2008-468	October 2, 2008	IRS Guidance for Taxpayers Maintaining a Surety Bond or Treasury Direct Account to Satisfy Low-Income Housing Tax Credit Recapture Exception
2008-467	October 1, 2008	IRS Expands Temporary Rule Allowing Governmental Issuers to Purchase Their Own Tax-Exempt Bonds
2008-466	October 1, 2008	Legislative Update: Senate Sets Vote on Bailout, Includes Approved Extenders
2008-465	October 1, 2008	President Signs Law Extending Aviation Taxes
2008-464	October 1, 2008	Text of IRS Notice on Extended Replacement Period for Livestock Sold Because of Drought
2008-463	October 1, 2008	KPMG's This Week in State Tax-Quarterly

September 2008

Issue	Date	Subject
2008-462	September 30, 2008	IRS Guidance on Deductions After Ownership Change to a Bank Concerning Losses on Loans or Bad Debts
2008-461	September 29, 2008	Legislative Update: Defeated “Bailout” Bill Includes Tax Provisions
2008-460	September 29, 2008	IRS Guidance on Distributions of Unused Amounts of Health Flexible Savings Accounts (FSAs) to Reservists Called to Active Duty
2008-459	September 29, 2008	FASB Proposal on Reporting Discontinued Operations
2008-458	September 29, 2008	KPMG’s This Week in State Tax: Georgia (Sales Tax Collection), Oklahoma (Audit Methodology), Vermont (Economic Substance), and Virginia (Nexus)
2008-457	September 26, 2008	Guidance Concerning Capital Contributions Under Section 382(l)(1); Comments Requested on Future Regulations
2008-456	September 26, 2008	California: Summary of Certain Tax Provisions in Recently Enacted Budget Bill
2008-455	September 26, 2008	Future Regulations Under Section 382(m) to Address Acquisitions of Loss Corporations by the United States
2008-454	September 26, 2008	IRS Provides Relief Under Section 1058 for Certain Security Lending Transactions
2008-453	September 26, 2008	IRS Not to Issue Rulings, Determination Letters as to Tax Consequences of Certain Section 409A Arrangements
2008-452	September 25, 2008	Legislative Update: House to Consider Two-Year Extenders, Return Volley to Senate
2008-451	September 25, 2008	FASB: Effective Date for Proposed Loss-Contingency Disclosures to Be at Least a Year Later
2008-450	September 25, 2008	IRS to Issue Guidance Under IIR Program on Technical Terminations of Publicly Traded Partnerships That Result in Multiple Short Tax Years
2008-449	September 25, 2008	Updated Rules for Determining Substantiation of Employee Lodging, Meals, and Incidental Expenses
2008-448	September 24, 2008	Legislative Update: House Calls Up AMT Bill, Ponders Separate Extenders Components
2008-447	September 24, 2008	IRS Guidance for Taxpayers Accepting Certain Settlements of Potential Claims Relating to Failed Auction Rate Securities
2008-446	September 24, 2008	Treaty Update: Senate Approves Protocol, Treaties with Canada, Iceland, and Bulgaria
2008-445	September 23, 2008	IRS Again Revises FAQs on LILO/SILO Settlement Initiative
2008-444	September 23, 2008	Legislative Update: Congress Moves in Both Houses Toward Extenders Deal
2008-443	September 23, 2008	Legislative Update: Senate Finance Prepares Amendment to Bailout Measure
2008-442	September 23, 2008	Legislative Update: House Approves Mental Health Parity Provision; House Bill Would Extend Aviation Taxes
2008-441	September 23, 2008	Ninth Circuit: Taxpayer’s Refund Is Denied Because of Untimely Mark-to-Market Election; Company Is Entitled to Interest on Wrongful Levy Judgment
2008-440	September 23, 2008	Alabama: State Supreme Court Addresses Addback Rules, Finds Taxpayer Does Not Qualify for Exception
2008-439	September 23, 2008	Text of Proposed Regulations Under the New Markets Tax Credit
2008-438	September 22, 2008	IRS Guidance for Funds Paying Exempt Interest Dividends Relating to Treasury’s Temporary Program to Support Stabilization of Money Market Funds
2008-437	September 22, 2008	KPMG’s This Week in State Tax: Massachusetts (Apportionment), New Jersey (Reduced Use Tax Rate), New York (Information Services), New York (Business Purpose), and Virginia (Telecommunications Tax)
2008-436	September 19, 2008	KPMG’s What’s News in Tax: Tax Proposals of the 2008 Presidential Candidates
2008-435	September 19, 2008	IRS Substantially Revises FAQs on LILO/SILO Settlement Initiative
2008-434	September 19, 2008	FASB: Disclosures About Credit Derivatives and Guarantees, Effective Date of Statement 161 Clarified
2008-433	September 18, 2008	IRS Provides Disaster Relief for Taxpayers in Louisiana and Texas Affected by Hurricane Ike
2008-432	September 18, 2008	KPMG’s Corporate and Indirect Tax Rate Survey 2008
2008-431	September 18, 2008	FASB Proposals on Transfers of Financial Assets and Variable Interest Entities
2008-430	September 17, 2008	Legislative Update: Senate Leaders Plan Votes on Extenders Legislation
2008-429	September 17, 2008	Text of IRS Notices Concerning Tax-Exempt Bonds
2008-428	September 17, 2008	Treaty Update: Senate Foreign Relations Committee Reports on Treaties, Protocols with Canada, Iceland, and Bulgaria
2008-427	September 17, 2008	IRS Relaxes Certain Restrictions on Opinion and Advisory Letters for New Pre-Approved Plans
2008-426	September 16, 2008	Legislative Update: House Schedules Vote on Energy Bill
2008-425	September 16, 2008	IRS Provides Initial Guidance as Q&As on First-Time Home Buyer Credit
2008-424	September 16, 2008	Federal Reserve Board to Propose Rule Allowing Banks to Reduce Goodwill Deduction from Tier I Capital by Associated Deferred Tax Liability
2008-423	September 15, 2008	GAO Recommends IRS Actions to Help Taxpayers Comply with IRA Rules
2008-422	September 15, 2008	KPMG’s What’s News in Tax: Section 305 and Redemption Plans; S Corporation Life Insurance Guidance; Wash Sale Rules and IRA Transactions; Biodiesel Excise Taxation and Tax Incentives
2008-421	September 15, 2008	KPMG’s This Week in State Tax: Arizona (Telecommunications Exemption), Illinois (Discretionary Authority), and Kentucky (First Amendment)
2008-420	September 12, 2008	IRS Allows Relief for Taxpayers in Areas to Be Affected by Hurricane Ike
2008-419	September 12, 2008	IRS Provides Guidance, Penalty Relief Concerning Widely Held Fixed Investment Trust Reporting Requirements
2008-418	September 12, 2008	IRS Revises, Updates FAQs on LILO/SILO Settlement Initiative
2008-417	September 12, 2008	FASB’s Emerging Issues Task Force Approves Consensus
2008-416	September 11, 2008	Legislative Update: Senate Finance Leaders Announce Energy Tax Measures, Offer Tax Incentives
2008-415	September 11, 2008	Legislative Update: Levin Seeks Updated Guidance on Use of Offshore Hedge Funds to Avoid U.S. Taxation of Stock Dividends
2008-414	September 10, 2008	Tax Court Denies Deduction for Payments Made to Redeem Preferred Stock Held by ESOP; Declines to Follow Ninth Circuit
2008-413	September 10, 2008	IRS Priority Guidance Plan for 2008/2009
2008-412	September 10, 2008	Regulations Relating to the Penalty Provisions for Failure to Disclose Reportable Transactions
2008-411	September 9, 2008	Text of Final Regulations on the Unified Rule for Loss on Subsidiary Stock
2008-410	September 9, 2008	Iowa: Royalty Income Found to Be Subject to Corporate Income Tax
2008-409	September 8, 2008	U.S. Multinational Corporations: GAO Reports Effective Tax Rates Are Correlated with Where Income Is Reported
2008-408	September 8, 2008	Text of Proposed Regulations on the Public Approval Process for Tax-Exempt Private Activity Bonds
2008-407	September 8, 2008	KPMG’s This Week in State Tax: Georgia (Use Tax), Missouri (Resale Exemption), and Virginia (Temporary Storage Exemption)
2008-406	September 5, 2008	IRS Indicates Change in Practice Concerning Penalty Assessments for Late Filed Forms 5471
2008-405	September 5, 2008	Legislative Update: Congress Returns to Limited Agenda
2008-404	September 4, 2008	Ohio: Commercial Activity Tax (CAT) Held Unconstitutional as Applied to Certain Food Sellers
2008-403	September 4, 2008	New York: Telecommunications Excise Tax Refund Opportunities for Certain Internet Service Providers
2008-402	September 3, 2008	IRS Provide Tax Relief for Taxpayers in Louisiana Affected by Hurricane Gustav
2008-401	September 3, 2008	Ninth Circuit: Payments Are Alimony Because Under State Law, Support Terminates on Death of Either Spouse Absent Agreement for Continued Support
2008-400	September 3, 2008	Transition Relief for Certain Small Pension Plans Is Expanded
2008-399	September 3, 2008	IRS Further Delays Effective Date for Certain Qualified Transportation Fringe Benefits
2008-398	September 3, 2008	KPMG’s What’s News in Tax: Aggregate Approach to Certain Outbound Transfers; Non-Section 381 E&P Allocation; Proposed Intercompany Debt Regulations; Year of Change for a Pending Non-Automatic Form 3115; REIT Amendments
2008-397	September 2, 2008	IRS Extends Transition Relief Measures Under Rev. Proc. 2008-52 Relating to Automatic Consent Procedures for Changes in Methods of Accounting

August 2008

Issue	Date	Subject
2008-396	August 29, 2008	IRS to Suspend Collection of Incentive Stock Option AMT Liabilities
2008-395	August 29, 2008	IRS Guidance on Increased Expensing of Assets Under Section 179 for Tax Years Beginning in 2008
2008-394	August 28, 2008	SEC to Propose Roadmap for Potential Mandatory IFRS Filings
2008-393	August 27, 2008	IRS Provides List of FAQs on LILO/SILO Settlement Initiative
2008-392	August 25, 2008	IRS Interim Guidance on Energy Credit for Fuel Cells and Microturbines
2008-391	August 25, 2008	KPMG’s This Week in State Tax: California (Tort Damage Award), Florida (Taxability), Louisiana (Telecommunications), Tennessee (Apportionment), and Texas (Penalties and Interest)
2008-390	August 22, 2008	Proposed Regulations on Election to Treat Sales of Target’s Stock as Sales of Target’s Assets
2008-389	August 19, 2008	IRS Guidance for Certain Foreign Insurance Companies to Compute Minimum Effectively Connected Net Investment Income
2008-388	August 19, 2008	Proposed Regulations on Cross-Border M&A Transactions
2008-387	August 18, 2008	IRS Guidance When Child Will Be Treated as Dependant of Both Parents
2008-386	August 18, 2008	IRS Revises Revenue Procedure for Automatic Consent to Change Method of Accounting—Text of Rev. Proc. 2008-52
2008-385	August 18, 2008	KPMG’s What’s News in Tax: Potential Impact of India’s Fringe Benefits Tax; Oil and Gas Mezzanine Level Finance Transactions
2008-384	August 18, 2008	KPMG’s This Week in State Tax: Michigan (Use of Property in State), Virginia (Nexus), and Washington (Passing Tax on to Customers)
2008-383	August 14, 2008	California: State Court of Appeal Reverses Decision Regarding Amount of Refund of Unconstitutional LLC Fee Paid
2008-382	August 14, 2008	IRS Revises, Updates Voluntary Compliance Programs for Use by Retirement Plan Sponsors to Correct Certain Plan Failures
2008-381	August 13, 2008	FASB: Proposed Changes to Earnings-per-Share Computations
2008-380	August 13, 2008	Regulations Updating the S Corporation Rules Are Finalized
2008-379	August 12, 2008	IRS Requests Comments on Expansion of Safe Harbor Valuation Rules to Foreign Financial Institutions
2008-378	August 12, 2008	GAO Report Comparing Tax Liabilities of Foreign- and U.S.-Controlled Corporations
2008-377	August 11, 2008	KPMG’s This Week in State Tax: Alabama (Use Tax), Massachusetts (Convention Center Surcharge), Ohio (Taxability), and Ohio (Intangibles Tax)
2008-376	August 8, 2008	Revenue Procedure Addresses When a Debt Instrument Is Not to Be Treated as an Applicable High Yield Discount Obligation
2008-375	August 8, 2008	Proposed Regulations Concerning New Markets Tax Credit
2008-374	August 8, 2008	United States, Malta Sign Income Tax Treaty
2008-373	August 8, 2008	SEC Roundtable Compares Application of IFRS and U.S. GAAP
2008-372	August 7, 2008	Taxpayers with 25 or More Trucks Must File Highway Use Excise Tax Returns Electronically
2008-371	August 7, 2008	IRS Requests Submissions of New Issues for Industry Issue Resolution Program by August 31st Selection Date
2008-370	August 6, 2008	IRS Settlement Initiative for LILO and SILO Transactions
2008-369	August 6, 2008	SEC Advisory Committee Issues Final Recommendations
2008-368	August 6, 2008	Transfer of Retirement Plan to Unrelated Employer Violates Exclusive Benefit Rule
2008-367	August 6, 2008	Proposed Regulations on Substantiation and Reporting Requirements for Charitable Contributions
2008-366	August 5, 2008	Proposed Regulations Concerning Section 108 Reduction of Tax Attributes for S Corporations with Discharge of Indebtedness Income
2008-365	August 4, 2008	Recently Enacted Housing Act Includes Provision Permitting Certain Research / AMT Credit Carryforwards to Be Refundable
2008-364	August 4, 2008	KPMG’s What’s News in Tax: New FICA Withholding Rules for Government Contractors; New Reporting Rules May Affect Credit Card Issuers
2008-363	August 4, 2008	KPMG’s This Week in State Tax: Maryland (Telecommunications), Massachusetts (Withholding), Oregon (Employment Tax), and Washington (Green Fees)
2008-362	August 1, 2008	Legislative Update: Extenders Pending as Congress Breaks for Summer
2008-361	August 1, 2008	Proposed Regulations on Accounting for Home Construction Contracts

July 2008

Issue	Date	Subject
2008-360	July 30, 2008	Legislative Update: JCT Reports on Tax Expenditures for Health Care
2008-359	July 30, 2008	IRS Releases Updated Draft Form 1120 and Draft Form 1065 for Public Comment
2008-358	July 30, 2008	Final Regulations on Severance of a Trust for GST Tax Purposes
2008-357	July 30, 2008	Final Regulations Provide Mortality Tables for Determining Present Value Under Pension Funding Requirements
2008-356	July 30, 2008	President Signs Housing Bill; Tax Provisions Are Enacted
2008-355	July 29, 2008	Treaty Update: Senate Foreign Relations Committee Approves Tax Treaties, Protocols with Canada, Iceland, and Bulgaria
2008-354	July 28, 2008	Final Utility Allowances Regulations Concerning the Low-Income Housing Tax Credit
2008-353	July 28, 2008	Text of Proposed Regulations Relating to Incentives for Renewable and Alternative Fuels
2008-352	July 28, 2008	KPMG’s This Week in State Tax: Alabama (Business Privilege Tax), Michigan (Single Business Tax), and FCC (Universal Service Fund)
2008-351	July 28, 2008	Proposed Regulations Relating to Options Granted Under an Employee Stock Purchase Plan
2008-350	July 28, 2008	Final Regulations on Tax Consequences of Converting Non-Roth IRA Annuity to a Roth IRA
2008-349	July 25, 2008	Legislative Update: Senate Leaders to Try New Extenders Bill; Senate Action Expected on Housing Bill
2008-348	July 25, 2008	IRS Provides Sample Forms for Inter Vivos and Testamentary Charitable Lead Unitrusts
2008-347	July 23, 2008	Legislative Update: Housing Bill Headed for Passage
2008-346	July 23, 2008	IRS Guidance for Taxpayers to Claim Bonus Depreciation for Kansas Disaster Area
2008-345	July 22, 2008	Legislative Update: House Prepares for Next Round on Housing Bill
2008-344	July 21, 2008	KPMG’s What’s News in Tax: Impact of Adding Liquidity Features to Certain Auction Rate Preferred Stock
2008-343	July 21, 2008	KPMG’s This Week in State Tax: Maryland (Corporate Reporting Requirements), New Jersey (Financial Organizations), Wisconsin (Custom Software), and Multistate (UDITPA Revision Process)
2008-342	July 17, 2008	Analysis of Temporary Regulations Addressing “Abusive” Foreign Tax Credit Arrangements
2008-341	July 16, 2008	Proposed Regulations Released Regarding Information Returns for Transfers of Stock Pursuant to an ISO or ESPP
2008-340	July 15, 2008	Temporary Regulations Address "Abusive" Foreign Tax Credit Arrangements
2008-339	July 15, 2008	Proposed Regulations Provide Guidance on Employer Comparable Contributions to HSAs and Excise Tax Filing Requirements for Employers of Group Health Plans
2008-338	July 14, 2008	IRS Extends Payment, Filing Deadlines for Natural-Disaster Victims in Six States
2008-337	July 14, 2008	KPMG’s This Week in State Tax: New York (Taxability), New York (Compliance Programs), Oregon (Disallowed Deductions), and United Kingdom (Tax-Exemptions)
2008-336	July 11, 2008	IRS Considers Future Guidance Concerning Creation of Private Trust Company by Family Members to Serve as Trustee of Trust Having Family Members as Grantors and Beneficiaries
2008-335	July 11, 2008	Massachusetts: Combined Reporting Legislation Is Enacted
2008-334	July 11, 2008	Final Regulations on Portion of Trust Includible in Estate if Grantor Retains Right to Use Trust Property or Receive Income from Trust During Lifetime
2008-333	July 11, 2008	Final Regulations Concerning REMIC Residual Interests: Accounting for REMIC Net Income by Foreign Holders
2008-332	July 10, 2008	Treasury’s Technical Explanations of Tax Treaties, Protocols with Canada, Iceland, and Bulgaria
2008-331	July 9, 2008	Final Regulations on Taxation of Income Earned on Escrow Accounts Used in Exchanges of Like-Kind Property
2008-330	July 9, 2008	JCT Explanations of Income Tax Treaties, Protocol Between the United States and Canada, Iceland, and Bulgaria
2008-329	July 8, 2008	IRS Considers Consequences of Dividing a Charitable Remainder Trust into Two or More Separate Trusts
2008-328	July 8, 2008	Modified Subprime Mortgage Loans: IRS Updates Guidance for When It Will Not Challenge Tax Status of Securitization Vehicles
2008-327	July 8, 2008	KPMG’s What’s News in Tax: Partnership Allocation; Value Added Tax vs. Retail Sales Tax; the Rescission Doctrine
2008-326	July 7, 2008	Legislative Update: Senate Schedules Votes on Housing Bill
2008-325	July 7, 2008	Regulations on Elections to Deduct Start-up, Organizational Expenditures
2008-324	July 7, 2008	Regulations Relating to Election to Expense Qualified Refinery Property
2008-323	July 3, 2008	IRS Issues Guidance for Partners, Partnerships
2008-322	July 2, 2008	Treaty Update: Senate Foreign Relations Committee Schedules Hearing on Treaties, Protocols with Canada, Iceland, and Bulgaria
2008-321	July 2, 2008	IRS Suspends Limitation for Low-Income Housing Credit in Wake of Storms in Wisconsin
2008-320	July 2, 2008	IRS Corrects Rev. Proc. 2008-40; Guidance to Remedy the Failure of Life Insurance Contract to Satisfy Certain Requirements
2008-319	July 2, 2008	Regulations Concerning Income and Assets Relating to Leasing of Aircraft, Vessels in Foreign Commerce
2008-318	July 1, 2008	Seventh Circuit Affirms Tax Court’s Determination of Computations of Carve Outs Relating to Swap Transactions
2008-317	July 1, 2008	IRS Addresses Transfers to Nonqualified Foreign Trust from Qualified Plans
2008-316	July 1, 2008	Final Regulations Concerning Custodial Parent and the Right to Claim a Child as a Dependent
2008-315	July 1, 2008	Text of Regulations, IRS Guidance Concerning Disclosure or Use of Information by Return Preparers
2008-314	July 1, 2008	IRS Considers the Effect of Life Insurance Premiums Paid by S Corporation on Key-Man Policy

June 2008

Issue	Date	Subject
2008-313	June 30, 2008	IRS Releases Five Revenue Procedures as Guidance for Taxpayers Concerning Insurance Issues
2008-312	June 30, 2008	Final Regulations on Employment Tax Adjustments and Employment Tax Refund Claims
2008-311	June 30, 2008	Regulations Generally Provide Six-Month Automatic Extension of Time to File Certain Returns; Five-Month Period to Apply for Certain Pass-Through Entities
2008-310	June 30, 2008	KPMG’s This Week in State Tax: California (Federal Preemption), California (CFCs), Michigan (Nexus), and Tennessee (Disclosure)
2008-309	June 27, 2008	KPMG's This Week in State Tax-Quarterly
2008-308	June 27, 2008	Legislative Update: Status of Tax Bills Pending at Congress’ Fourth of July Recess
2008-307	June 27, 2008	IRS Addresses Insurance Company’s Statutory Reserves When States Have Different Minimum Reserve Requirements
2008-306	June 26, 2008	Legislative Update: JCT Discussion of Proposals for International Tax Reform
2008-305	June 26, 2008	IRS Releases Notices That Temporarily Waive Limitations on Low-Income Housing Tax Credits in Indiana, Iowa
2008-304	June 26, 2008	Regulations on Expensing of Capital Costs Incurred in Complying with EPA Sulfur Rules
2008-303	June 25, 2008	IRS Accepts Rolling-Average Method of Valuing Inventory as Clearly Reflecting Income for Federal Income Tax Purposes
2008-302	June 25, 2008	Legislative Update: Senate Blocks Action on Housing Bill; House Passes Another AMT Bill
2008-301	June 25, 2008	Tax Court Addresses Determination of AMTI with Respect to Depletion Deduction for a Mine Placed in Service Before 1989
2008-300	June 25, 2008	IRS Interim Guidance on Tax Credit for Electricity Produced from Certain Renewable Resources
2008-299	June 25, 2008	IRS Revises Notice Relating to Auction Rate Preferred Stock by Shortening the Holding Period to Six Months Before Issuer Can Redeem or Repurchase Stock
2008-298	June 25, 2008	IRS Provides Additional Guidance on Health Savings Accounts
2008-297	June 25, 2008	Legislative Update: JCT Description and Analysis of Present Law Relating to IRAs; Revenue Estimates Relating to 2001 and 2003 Tax Acts
2008-296	June 24, 2008	Legislative Update: Senate Takes Step to Passage of Housing Bill
2008-295	June 24, 2008	IRS Procedures for Recovering Overpayments of Arbitrage Rebates and Similar Payments on Tax-Exempt Bonds
2008-294	June 23, 2008	Tax Court: Text of Opinion on Adjusted Current Earnings / Alternative Minimum Tax Calculations by Life-Nonlife Consolidated Group
2008-293	June 23, 2008	IRS Increases Mileage Rate to 58.5-Cents per Business Mile for the Last Six Months of 2008
2008-292	June 23, 2008	Temporary Regulations Under Section 956 Alter Basis of U.S. Property Acquired by CFCs in Certain Nonrecognition Transactions to Prevent Avoidance of Income Inclusion
2008-291	June 23, 2008	KPMG’s What’s News in Tax: Definition of Goodwill for Section 1031 Purposes; New Take on the Step-Transaction Doctrine; Searching for the Corners of the “SILO”
2008-290	June 23, 2008	KPMG’s This Week in State Tax: Maryland (Refund Claims), Maryland (Nexus), Massachusetts (Apportionment), and New York City (Corporation and Business Taxes)
2008-289	June 19, 2008	IRS Will Temporarily Waive Limits on Low-Income Housing Credit in Indiana and Iowa
2008-288	June 19, 2008	Final Regulations on Tax Effect of UBTI on Charitable Remainder Trusts
2008-287	June 19, 2008	IRS Designates China Earthquake as “Qualified Disaster” for Purposes of Section 139
2008-286	June 18, 2008	Legislative Update: Ways and Means Approves AMT Bill; Senate Finance Leaders Unveil Tax Title to Housing Bill
2008-285	June 18, 2008	FASB: Applying the Two-Class Earnings-per-Share Method to Share-Based Payments
2008-284	June 18, 2008	Multistate Legislative Update: Corporate Income Tax Changes Concerning Addback Rules and Other Items in Alabama, Kansas, Minnesota, Oklahoma, Wisconsin, and Tennessee
2008-283	June 17, 2008	Legislative Update: House Panel to Mark Up AMT Bill with Offsets; Status of Extenders Bill in Senate
2008-282	June 17, 2008	Legislative Update: JCT Report on Income Tax Issues Raised by Sovereign Wealth Fund Investment in the United States
2008-281	June 17, 2008	Filing Deadline for 2007 Report of Foreign Bank and Financial Accounts Is June 30, 2008
2008-280	June 17, 2008	Proposed Regulations on Income Ordering Rules for Estates and Trusts
2008-279	June 17, 2008	Proposed Regulations on Accrual Rules for Defined Benefit Plans—Backloading Pension Plans
2008-278	June 16, 2008	IRS Provides Additional Time to File Tax Returns, Pay Estimated Taxes for Taxpayers Affected by Storms, Flooding
2008-277	June 16, 2008	IRS Addresses When Director Who Serves as Interim CEO Is Not an “Outside Director” Under Rules for Performance-Based Compensation
2008-276	June 16, 2008	U.S. Supreme Court: Stamp-Tax Exemption in Bankruptcy Applies Only After Chapter 11 Plan Is Confirmed
2008-275	June 16, 2008	Text of Proposed Regulations on Tax Return Preparer Penalties
2008-274	June 16, 2008	KPMG’s What’s News in Tax: Charitable Giving by S Corporations
2008-273	June 16, 2008	KPMG’s This Week in State Tax: New Mexico (Attributional Nexus), New York (Nexus), New York (Credits), and Oklahoma (Voluntary Compliance Initiative)
2008-272	June 13, 2008	FASB: Emerging Issues Task Force Approves Three Consensuses
2008-271	June 13, 2008	Regulations for the Elective Alternative Simplified Credit Method of Computing the Research Credit
2008-270	June 13, 2008	Ninth Circuit: Inventory Exception Bars Refund for Amounts Included in Gross Income in Prior Tax Years
2008-269	June 13, 2008	IRS Guidance on Effect of Adding Liquidity Facilities with Respect to Equity Character of Auction Rate Preferred Stock
2008-268	June 12, 2008	FASB: Proposed Loss-Contingency Disclosures
2008-267	June 12, 2008	Legislative Update: Senate to Vote Again on Extenders Bill
2008-266	June 12, 2008	IRS Addresses When Interests in Notional Principal Contract Are U.S. Real Property Interests
2008-265	June 11, 2008	FASB: Proposed Changes to Accounting for Hedging Activities
2008-264	June 10, 2008	Legislative Update: Senate Dispatches Windfall Profits Tax, Extenders
2008-263	June 10, 2008	Comments Requested for Guidance on Elections to Allocate and Apportion Interest Expense on Worldwide Affiliated Group Basis and to Expand a Financial Institution Group of a Worldwide Affiliated Group
2008-262	June 10, 2008	New Reporting Requirements for Employer Stock Dividends Distributed from ESOPs
2008-261	June 10, 2008	Treasury Inspector General: IRS Chief Counsel Needs to Address Questions Relating to Proposed Changes in Automatic Consent Process
2008-260	June 9, 2008	Tax Governance Institute and KPMG IFRS Institute Webcast: Tax Considerations When Converting to IFRS from U.S. GAAP
2008-259	June 9, 2008	KPMG’s What’s News in Tax: Obtaining Relief for Late FIRPTA Filings; State Research Credits; Safe Harbors for Post-Reorganization Transfers
2008-258	June 9, 2008	KPMG’s This Week in State Tax: Illinois (Voluntary Disclosure), Nevada (Amnesty), Texas (Beverage Tax), and Virginia (Expense Disallowance)
2008-257	June 6, 2008	Proposed Procedures for Contesting Gift Tax Determinations in Tax Court
2008-256	June 5, 2008	FASB: Proposed Disclosures about Credit Derivatives and Financial Guarantees
2008-255	June 4, 2008	Two FASB Conceptual-Framework Documents for Public Comment
2008-254	June 4, 2008	Legislative Update: Senate Passes Budget Resolution Without Provision for Taxes; Action on Extenders Delayed
2008-253	June 4, 2008	IRS Finds Utility’s Change of Its Treatment of Customer Connection Fees Is a Change of Method of Accounting
2008-252	June 3, 2008	IRS Guidance on Contributions from IRAs to Health Savings Accounts and on Annual Contribution Limits to HSAs
2008-251	June 2, 2008	KPMG’s This Week in State Tax: NCCUSL Meeting (UDITPA Revision), Delaware (Fair Apportionment), Michigan (Penalties), New York (Sales Tax Refund), and Federal Tax (Treatment of Location Tax Incentives)
2008-250	June 2, 2008	New Jersey Tax Court Holds “Throwout Rule” Is Facially Constitutional
2008-249	June 2, 2008	KPMG’s What’s News in Tax: Stock Transfers and Check-the-Box Elections: Effective Date Issues

May 2008

Issue	Date	Subject
2008-248	May 29, 2008	FASB: New Accounting for Financial Guarantee Insurance
2008-247	May 29, 2008	Federal District Court Sustains IRS Determination That Tax Benefits from SILO Transaction Are Improper
2008-246	May 27, 2008	Tax Court: Transfer of Shares to Family Limited Partnership Is Not an Indirect Gift of the Stock
2008-245	May 27, 2008	KPMG’s What’s News in Tax: Liquidation of Solvent Subsidiary / Worthless Stock Deduction; Section 1341 Claim-of-Right Doctrine
2008-244	May 23, 2008	Puerto Rico: Proposed Incentives Package Includes Provisions Focused on the Energy Sector
2008-243	May 23, 2008	Puerto Rico: Update on Proposal to Expand “Eligible Business” Under Tax Incentives Legislation
2008-242	May 23, 2008	Regulations Implementing the Rules on the Treatment of Certain Triangular Reorganizations Involving Foreign Corporations
2008-241	May 23, 2008	Legislative Update: With Senate Approval, White House Is Next Stop for Bill Providing Tax Benefits for Military Personnel and a Mark-to-Market Regime on Individuals Who Expatriate
2008-240	May 22, 2008	Tax Court: Taxpayer’s Attempt to Recharacterize Credit Card Late-Fee Income Is Denied Because of a Lack of Consent to Change the Method of Accounting
2008-239	May 22, 2008	Legislative Update: Congress Overrides Veto of Farm Bill
2008-238	May 21, 2008	Legislative Update: House Approves Energy and Tax Extenders Bill; Administration Is Considering a Veto
2008-237	May 21, 2008	IRS Expands Guidance to Include Additional Issues to Be Resolved Under the APA Process
2008-236	May 21, 2008	Colorado: Corporate Income Tax Legislation Is Enacted
2008-235	May 21, 2008	Follow-Up Discussion: U.S. Supreme Court Upholds Kentucky’s Municipal Bond Interest Taxing Regime
2008-234	May 21, 2008	Legislative Update: President Bush Vetoes the Farm Bill
2008-233	May 20, 2008	Legislative Update: House Approves Bill Providing Tax Benefits for Military Personnel; Would Impose a Mark-to-Market Regime on Individuals Who Expatriate
2008-232	May 19, 2008	U.S. Supreme Court: State’s Exemption from Income Tax of Interest on Its Own Bonds Only Does Not Violate Commerce Clause
2008-231	May 19, 2008	Final Anti-Inversion Regulations Under Section 7874; Treasury and IRS Consider Issuing Additional Guidance
2008-230	May 19, 2008	KPMG’s This Week in State Tax: Arizona (Substantial Nexus), California (Unpaid Tax Liabilities), New York (Revised Vendor Definition), New York (Electricity Exemption), and Wisconsin (Voluntary Compliance Program)
2008-229	May 19, 2008	KPMG’s What’s News in Tax: Research Credit; Section 199 Final Regulations; Section 965 Repatriations
2008-228	May 16, 2008	SEC Proposes Mandatory XBRL Submissions
2008-227	May 16, 2008	IRS Identifies When Modifications to Mortgage Loans Will Not Result in Challenges to REMIC or Investment Trust Securities
2008-226	May 16, 2008	Proposed Regulations Clarify That Section 704(c) Anti-Abuse Rule Takes Into Account Tax Liabilities of Partners and Their Owners
2008-225	May 16, 2008	Final Regulations on Determining Partners’ Distributive Share Under Section 704(b)
2008-224	May 15, 2008	Legislative Update: Ways and Means Committee Approves Energy and Tax Extenders Bill
2008-223	May 15, 2008	Puerto Rico: Discussion of Proposed Tax Incentives to Encourage Economic Development
2008-222	May 15, 2008	Ninth Circuit: Accountant’s Draft Opinion Letter Qualifies as “Memorandum” Subject to IRS Summons
2008-221	May 15, 2008	Legislative Update: Senate Approves Farm Bill Conference Agreement; Bill Now Goes to White House
2008-220	May 14, 2008	Legislative Update: Text of Energy and Tax Extenders Act for Markup by the Ways and Means Committee
2008-219	May 14, 2008	Legislative Update: House Approves Farm Bill Conference Agreement
2008-218	May 14, 2008	FASB: GAAP Hierarchy Brought into GAAP
2008-217	May 13, 2008	Contribution Levels for Health Savings Accounts and High Deductible Health Plans Indexed for 2009
2008-216	May 13, 2008	IRS Provides Alternative Procedure for Obtaining Relief for Late Filings Involving Transfers of U.S. Real Property Interests by Foreign Persons
2008-215	May 13, 2008	Legislative Update: Tax Provisions in Farm Bill Conference Agreement
2008-214	May 12, 2008	Legislative Update: JCT Proposes Revision of Tax Expenditure Analysis
2008-213	May 12, 2008	IRS Identifies Situations When It Will Not Challenge a Security as “Readily Marketable Security” Under Section 956(c)(2)(J)
2008-212	May 12, 2008	KPMG’s This Week in State Tax: Colorado (Apportionment), New York (Internet Tax), Oregon (Nexus), and Texas (Sales Tax Refund)
2008-211	May 9, 2008	FASB: New Accounting for Many Convertible Bonds
2008-210	May 9, 2008	IRS Finds Manufacturer Rebates Are Adjustments to Sales Price, Not Ordinary and Necessary Business Expenses
2008-209	May 9, 2008	District Court Finds Tax Opinions Were Prepared in Anticipation of Litigation, and Are Protected Under Work Product Doctrine
2008-208	May 8, 2008	IRS Addresses Integrated Transaction When Stock of Target Corporation Is Acquired in Taxable Reverse Subsidiary Merger Followed by Liquidation of the Target
2008-207	May 8, 2008	Text of Amended Final Regulations on Permissible Transfers of Assets and Stock After Tax-Free Reorganizations
2008-206	May 8, 2008	Final Regulations on Assumption of Liabilities Under Section 358(h)
2008-205	May 8, 2008	FASB: Proposed Accounting for Trading Inventories
2008-204	May 7, 2008	Legislative Update: House to Consider Housing Foreclosure Bill
2008-203	May 7, 2008	Tax Court: CFC’s Accruals for Future Payment of Annuities to U.S. Shareholders Do Not Reduce E&P and Do Not Prevent Subpart F Inclusion; CFC Had No Insurance Business and No Insurance Income
2008-202	May 6, 2008	Legislative Update: Senate Shelves FAA Bill; House Prepares for Housing Foreclosure Bill
2008-201	May 5, 2008	KPMG’s This Week in State Tax: Alaska (Fair Apportionment), California (Refund Checks), Kentucky (Medical Equipment Exemption), Missouri (Sales Tax Exemption), and New Jersey (Right to Apportion)
2008-200	May 2, 2008	Legislative Update: Tax Leaders Finalize Farm Bill Provisions
2008-199	May 2, 2008	IRS Interim Guidance on Commencement Date for Mandatory Arbitration Under United States-Germany Income Tax Treaty
2008-198	May 1, 2008	Legislative Update: Senate Drops Pension Provision from Aviation Bill
2008-197	May 1, 2008	United States and New Zealand to Negotiate Protocol to Income Tax Treaty

April 2008

Issue	Date	Subject
2008-196	April 30, 2008	Legislative Update: Senate Takes Up Aviation Bill with Tax Provisions
2008-195	April 30, 2008	Taxpayers May Withdraw Economic Stimulus Payments from IRAs and Tax-Favored Accounts with No Tax or Penalty
2008-194	April 30, 2008	GAO Report on Health Savings Accounts
2008-193	April 30, 2008	Puerto Rico: Pending Legislation Intended to Stimulate Commonwealth’s Economy, Attract New Industries
2008-192	April 29, 2008	Fourth Circuit Affirms Taxpayer Failed to Establish Non-Tax Business Purpose for Structuring LILO Transaction
2008-191	April 29, 2008	Final Regulations on Third-Party and John Doe Summonses
2008-190	April 29, 2008	2008 Inflation Adjustment Factors, Reference Prices for Section 45 Credit for Renewable Electricity, Refined Coal Production
2008-189	April 28, 2008	Final Regulations on Foreign Partner’s Certification of Deductions, Losses to Reduce Section 1446 Withholding by Partnership Engaged in U.S. Trade or Business
2008-188	April 28, 2008	New York: Summary of Tax Changes in Recently Enacted Budget Bill
2008-187	April 28, 2008	KPMG’s This Week in State Tax: Georgia (Manufacturing Exemption), Kentucky (Municipal Bond Interest), Missouri (Nexus), and New York (Use Tax)
2008-186	April 25, 2008	FASB: New Guidance on Estimating the Useful Lives of Intangible Assets
2008-185	April 25, 2008	Proposed Regulations on Designated Summonses
2008-184	April 24, 2008	Maryland: Amendments to Corporate Reporting Requirements; Repeal of Computer Services Tax
2008-183	April 24, 2008	Insights on Adoption and Potential Impact of IFRS in the United States
2008-182	April 24, 2008	Proposed Regulations Clarify When Alternative Valuation Method Can Be Used for Post-Death Events
2008-181	April 22, 2008	IRS Priority Guidance Plan Is Updated
2008-180	April 22, 2008	Withdrawal of Proposed Regulations on When Accounts/Notes Receivable Are “Acquired for Services Rendered”
2008-179	April 21, 2008	KPMG’s Taxation of Cross-Border Mergers and Acquisitions for 2008
2008-178	April 21, 2008	KPMG’s This Week in State Tax: California (Refund Claims), Florida (Hotel Occupancy Taxes), Kentucky (Retroactive Legislation), and Maryland (Tax Base, Nexus)
2008-177	April 18, 2008	IRS Finds Trust Corpus Is Not Includible in Grantor’s Estate When Grantor Retains Power in a Nonfiduciary Capacity to Acquire Trust Property by Substituting Property of Equal Value
2008-176	April 17, 2008	Treasury, IRS Invite Comments, Recommendations for Items to Be Included in 2008-2009 Guidance Priority List
2008-175	April 17, 2008	Legislative Update: Senate Finance Committee Leaders Announce Intent to Combine AMT Adjustments with Extenders Through 2009
2008-174	April 17, 2008	Legislative Update: Senate Mortgage Bill Is Filed
2008-173	April 17, 2008	Follow-Up Discussion: Impact of U.S. Supreme Court’s Decision in MeadWestvaco
2008-172	April 16, 2008	IRS Expands Lists of Returns, Documents Subject to Preparer Penalty
2008-171	April 16, 2008	Federal Circuit: LLC Has Standing to Seek Refund of Taxes Paid by Pre-Conversion Corporation
2008-170	April 16, 2008	Business Taxpayers Filing Extensions for Multiple Tax Returns for Same Tax Year Need to Submit Only One Extension Electronically
2008-169	April 16, 2008	Final Regulations on Employer Obligations Concerning Health Savings Accounts of Employees
2008-168	April 16, 2008	Proposed Regulations to Replace “9100 Relief” for Failures to Allocate GST Exemption to a Trust on a Timely Filed Gift or Estate Tax Return
2008-167	April 16, 2008	Proposed Regulations Update Rules for Determining Priority of Federal Tax Liens
2008-166	April 15, 2008	Legislative Update: House Set to Approve Taxpayer Assistance Bill
2008-165	April 15, 2008	Third Circuit: Section 7502 Does Not Preempt Common-Law Mailbox Rule
2008-164	April 15, 2008	Federal Circuit: Taxpayer Not Entitled to Refund of Federal Communications Excise Tax Paid on Communications Services Used to Provide Internet Access to Customers
2008-163	April 15, 2008	U.S. Supreme Court: Refund Claim for Tax Assessed in Violation of Export Clause Must Satisfy the Limitations Period Under IRC Section 6511, and Not the Six-Year Limitations Under the Tucker Act
2008-162	April 15, 2008	U.S. Supreme Court Clarifies That "Operational Function" Is Not a Separate Test for Determining Whether Income Is Apportionable
2008-161	April 14, 2008	IRS Revenue Ruling Addresses Section 274(n) Limitation Concerning Per Diem Payments Made to Drivers Under Reimbursement Arrangements Between Professional Employer Organization and Clients
2008-160	April 14, 2008	Legislative Update: JCT Overview of the Federal Tax System
2008-159	April 14, 2008	KPMG’s This Week in State Tax: California (Sales Factor), Michigan (Tax Deadlines), Minnesota (Withholding), New York (Taxability) and New Jersey (Sales Tax Refunds)
2008-158	April 11, 2008	Court of Federal Claims: Government’s Motion for Summary Judgment Denied Because Form 870-AD Was Ambiguous as to Additional Interest
2008-157	April 11, 2008	Proposed Regulations on Minimum Funding Requirements for Single-Employer Defined Benefit Plans
2008-156	April 11, 2008	IRS to Issue Guidance on Special 50% Bonus Depreciation Allowance
2008-155	April 10, 2008	Legislative Update: Senate Approves Housing Bill; Energy Tax Credits Would Be Extended
2008-154	April 9, 2008	Legislative Update: Ways and Means Approves Housing, Taxpayer Rights Bills; Senate Debate on Housing Bill Continues
2008-153	April 9, 2008	West Virginia: Corporate Tax Law Changes Are Enacted
2008-152	April 8, 2008	Legislative Update: Ways and Means Sets Housing, Taxpayer Rights Markup; Senate Debate on Housing Bill Nears End
2008-151	April 8, 2008	Discussion: Final Regulations on Corporate Estimated Taxes Become Effective for Calendar Year Taxpayers with the April 15, 2008 Estimated Tax Payment
2008-150	April 7, 2008	Eleventh Circuit Concludes the Tax Court Failed to Give Due Deference to Special Trial Judge’s Findings
2008-149	April 7, 2008	KPMG’s This Week in State Tax: Alabama (Sales and Amusement Tax), Missouri (Taxability), New York (Taxability), New York (Forced Combination), and Nevada (Tax-Exempt Food)
2008-148	April 4, 2008	FASB Moves Toward Elimination of QSPEs
2008-147	April 4, 2008	SEC Staff Suggests MD&A Disclosures About Fair-Value Measurements
2008-146	April 4, 2008	Massachusetts: Department of Revenue Revises Look-Back Policy for Certain Nonfilers
2008-145	April 4, 2008	Final Regulations on Information Returns by Donees Relating to Qualified Intellectual Property Contributions
2008-144	April 4, 2008	Text of Final Regulations on Source of Income and Effectively Connected Income Involving U.S. Possessions
2008-143	April 2, 2008	Legislative Update: Senate Finance Leaders Propose $11 Billion in Tax Aid in Housing Bill
2008-142	April 2, 2008	Legislative Update: JCT Report Examines Estate Tax’s Partially Unified Credit
2008-141	April 1, 2008	Legislative Update: Finance Committee Seeks Comments on Proposed Information Reporting of Electronic Payment Mechanism Reimbursements
2008-140	April 1, 2008	Nonconventional Source Fuel Credit, Inflation Adjustment Factor, and Reference Price Under Section 45K for 2007

March 2008

Issue	Date	Subject
2008-139	March 31, 2008	Legislative Update: Congress Returns to Limited Tax Agenda
2008-138	March 31, 2008	KPMG’s This Week in State Tax: Alabama (Business vs. Nonbusiness Income), California (Procedure), Massachusetts (Look-Back Policy), and New Jersey (Bad Debt Deduction)
2008-137	March 28, 2008	IRS Supplements Interest Rate Tables for Use by Insurance Companies in Determining Reserves
2008-136	March 28, 2008	IRS Notice on Split-Dollar Life Insurance Arrangements
2008-135	March 27, 2008	FASB Staff Position: Separate Accounting for the Conversion Options of Many Convertible Bonds
2008-134	March 26, 2008	New York: Decision Applying Finnigan Rule Is Affirmed
2008-133	March 25, 2008	IRS Updates Recently Issued Interim Guidance on Reissuance Standards for State and Local Bonds
2008-132	March 24, 2008	Proposed FASB Staff Position: Proposed Disclosures about Postretirement Benefit Plan Assets
2008-131	March 24, 2008	FASB Statement 161: New Disclosures about Derivative Instruments and Hedging Activities
2008-130	March 24, 2008	KPMG’s This Week in State Tax: Idaho (Employees vs. Independent Contractors), Maryland (Services Tax), Tennessee (Manufacturing Exemptions), and Washington (Various Taxes)
2008-129	March 20, 2008	Proposed Timing Rules for Providing Notice of Plan Amendments That Would Significantly Reduce Future Benefit Accruals
2008-128	March 20, 2008	Bulgarian Limited Liability Company Added to List of Entities Classified as Corporations for U.S. Federal Tax Purposes
2008-127	March 19, 2008	Final Regulations on Normalization Rules for Public Utilities Benefiting from Accelerated Depreciation or Investment Tax Credit
2008-126	March 17, 2008	KPMG’s This Week in State Tax: Minnesota (Sales Price), New Hampshire (Independent Contractor vs. Employee), New York (Tax Base), and Ohio (Taxpayer Remedies)
2008-125	March 14, 2008	Protocol to United States-Canada Income Tax Treaty Is Referred to Senate Foreign Relations Committee
2008-124	March 14, 2008	FASB’s Emerging Issues Task Force Approves Consensus
2008-123	March 14, 2008	Proposed Regulations Provide Guidance for Multiemployer Defined Benefit Plans in Endangered or Critical Status
2008-122	March 14, 2008	IRS to Issue Opinion and Advisory Letters, Opening of Determination Letter Program for Pre-Approved Defined Contribution Plans
2008-121	March 13, 2008	Legislative Update: Senate Supports Middle-Class Tax Cuts; House Prepares Fast-Track Tax Bill
2008-120	March 13, 2008	IRS Revenue Procedure Addresses Partial Exchanges of Annuity Contracts
2008-119	March 12, 2008	IRS Provides Interim Guidance for Certifying Vehicles Under the New Fuel Cell Motor Vehicle Credit
2008-118	March 12, 2008	New IRS Procedures for Filing Refund Claims Relating to Research Credit Under Section 41
2008-117	March 11, 2008	IRS Provides Additional Guidance on Deduction for Energy Efficient Commercial Buildings
2008-116	March 11, 2008	IRS Requests Comments Concerning 3% Withholding on Payments Made by Government Entities for Services and Property
2008-115	March 11, 2008	Legislative Update: JCT Report Examines Alternative Wealth Transfer Tax Systems
2008-114	March 11, 2008	IRS Provides Safe Harbor Method of Accounting for Payroll Tax Liabilities of Accrual Method Taxpayers
2008-113	March 11, 2008	Final Regulations Treat Abandonment of Stock or Securities as a Sale or Exchange Resulting in Capital Loss, Rather Than Ordinary Loss
2008-112	March 10, 2008	Indiana: Income Derived from LLC Doing Business in State Not Indiana Source Income
2008-111	March 10, 2008	KPMG’s This Week in State Tax: Alabama (Uncollected Sales Tax), District of Columbia (Appeal Rights), Indiana (Sales Tax Exemptions), Kentucky (Tax Injunction Act), and New York (Separate Accounting)
2008-110	March 7, 2008	Legislative Update: JCT Description of Revenue Provisions in Administration’s FY 2009 Budget Proposal
2008-109	March 7, 2008	IRS Guidance for S Corporations Concerning When New EINs Must Be Obtained for Merging S Corporations
2008-108	March 7, 2008	IRS Provides Vehicle-Pool Method for Use by Car and Truck Dealers and Wholesalers
2008-107	March 7, 2008	New Proposed “Repair Regulations” Concerning the Deduction and Capitalization of Expenditures Related to Tangible Property
2008-106	March 7, 2008	IRS Guidance on Reinsurance Excise Tax Imposed Under Section 4371 for Foreign Insurance Companies
2008-105	March 7, 2008	IRS Updates Lists of Countries That Provide “Equivalent Exemption” for Use by Foreign Corporations Conducting International Operations of Ships or Aircraft
2008-104	March 6, 2008	Federal Circuit Concludes All Layoff Payments Made During a Reduction-in-Force Are Subject to FICA Taxes
2008-103	March 6, 2008	Text of Proposed Regulations on Tax Effect of UBTI on Charitable Remainder Trusts
2008-102	March 6, 2008	Final Regulations on Diversification Requirements for Variable Annuity, Endowment, and Life Insurance Contracts
2008-101	March 6, 2008	Section 199 Regulations for Taxpayers Who Produce Qualified Films or Who Are Members of an Expanded Affiliated Group Are Finalized Without Change
2008-100	March 6, 2008	Regulations on Redetermination of Intercompany Gain or Income on Sales of Member Group Stock
2008-99	March 5, 2008	IRS Guidance for Determining Present Values for Employees Entitled to Disability Benefits
2008-98	March 5, 2008	IRS Provides Guidance on Pension Protection Act Measures That Are Effective in 2008
2008-97	March 5, 2008	Legislative Update: House Budget Blueprint Would Require AMT Offset
2008-96	March 4, 2008	Sixth Circuit Affirms Application of Section 481 with Respect to IRS’s Correction of Consistently Repeated Inventory Accounting Error
2008-95	March 4, 2008	Legislative Update: Ways and Means Prepares for Derivatives Hearing
2008-94	March 4, 2008	Luxury Automobile Depreciation Limitations for 2008 Reflect Recently Enacted Economic Stimulus Changes
2008-93	March 4, 2008	IRS Requests Business Taxpayers and Others to Submit New Topics for the Industry Issue Resolution Program
2008-92	March 3, 2008	U.S. Supreme Court: Constructive Dividend Provisions Do Not Require Showing of Contemporaneous Intent in Criminal Tax Prosecution of Shareholder Accused of Diverting Corporate Funds
2008-91	March 3, 2008	KPMG’s This Week in State Tax: California (Apportionment), California (Resale Exemption), Indiana (S Corporation Withholding), Missouri (Manufacturing Exemption), and Texas (Reporting Requirements)

February 2008

Issue	Date	Subject
2008-90	February 29, 2008	IRS Revises Guidance for Determining Eligibility of Dwellings and Manufactured Homes for Energy Efficient Home Credit
2008-89	February 29, 2008	IRS Revenue Ruling Addresses Amount of Shareholder’s Charitable Contribution Deduction When an S Corporation Makes a Contribution of Appreciated Property
2008-88	February 27, 2008	Legislative Update: House Approves Energy Tax Bill
2008-87	February 27, 2008	Amended Voluntary Closing Agreement Procedures for Use by Issuers of Tax-Exempt Bonds and Tax Credit Bonds
2008-86	February 27, 2008	IRS Identifies Distressed Asset Trust Transaction as “Listed Transaction”
2008-85	February 27, 2008	IRS Interim Guidance on Treatment of Investment Advisory Costs That Are Bundled in Fiduciary Fees Incurred by a Trust or Estate
2008-84	February 27, 2008	Proposed Regulations Intended to Update the Contract Manufacturing Rules for CFCs
2008-83	February 25, 2008	KPMG’s This Week in State Tax: Indiana (Related-Party Expenses), Indiana (Amnesty), Florida (SRLY), Missouri (Sales Tax), and Washington (Customer Fees)
2008-82	February 22, 2008	SEC Advisory Committee Publishes Proposals
2008-81	February 22, 2008	Follow-Up Discussion: IRS Guidance on Performance-Based Compensation Provides Relief for 2008
2008-80	February 21, 2008	Text of Revenue Ruling Addressing Performance-Based Compensation
2008-79	February 21, 2008	IRS Guidance for Banks to Change from Reserve Method of Accounting for Bad Debts on Becoming an S Corporation
2008-78	February 21, 2008	Temporary Increase in Section 179 Limitations on Expensing Certain Assets by Small Businesses
2008-77	February 20, 2008	Portion of Proposed Consolidated Group Regulations Relating to the Treatment of Transactions Involving Insurance Between Group Members Is Withdrawn
2008-76	February 20, 2008	Third Circuit Reverses Tax Court, and Holds That Timely Filing Requirement in Treasury Regulations Under Section 882 Is Valid
2008-75	February 19, 2008	The New Bonus Depreciation Rules for 2008
2008-74	February 19, 2008	Tax Court Addresses Application of Doctrine of Equitable Recoupment
2008-73	February 19, 2008	U.S. Supreme Court Denies Certiorari in Taxpayer’s Challenge to “Check-the-Box” Regulations
2008-72	February 19, 2008	IRS Revenue Ruling on Partner’s Treatment of Distributive Share of Interest Expense Incurred in the Securities Trading Business of the Partnership
2008-71	February 19, 2008	IRS Provides Interim Guidance on Reissuance Standards for State and Local Bonds
2008-70	February 18, 2008	FASB Staff Positions on Statement 157’s Applicability, SOP 07-1’s Effective Date
2008-69	February 18, 2008	Further Delay of Sarbanes-Oxley Act Section 404(b) Requirements Proposed for Non-Accelerated Filers
2008-68	February 18, 2008	Louisiana: Appeals Court Upholds Imposition of Taxes on Out-of-State Company Licensing Intangible Property to In-State Affiliates
2008-67	February 18, 2008	Alabama: Taxpayer Must Add Back Royalty Payments Made to Related Parties, Appeals Court Concludes
2008-66	February 18, 2008	KPMG’s This Week in State Tax: Alaska (Voluntary Disclosure), California (Combined Reporting), Louisiana (Sales and Use Tax Exemption), and Virginia (Mixed Transactions)
2008-65	February 15, 2008	Like-Kind Exchange Safe Harbor: Exchange of Residential Real Estate
2008-64	February 14, 2008	Final Regulations Under Section 199 Concerning the Deduction for Income Attributable to Domestic Production Activities
2008-63	February 13, 2008	IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate
2008-62	February 13, 2008	Legislative Update: President Signs Stimulus Bill
2008-61	February 13, 2008	Qualifying Advanced Coal Project Program: Special Allocation Round
2008-60	February 12, 2008	Legislative Update: House Approves Extension of FAA Taxes
2008-59	February 12, 2008	Mortgage Workouts Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
2008-58	February 11, 2008	Explanation of How Bonus Depreciation Recapture Rules Apply to GO Zone Property Relinquished in a Like-Kind Exchange or as a Result of an Involuntary Conversion
2008-57	February 11, 2008	KPMG’s This Week in State Tax: Alabama (Manufacturing Exemption), California (Nexus), California (Mixed Transactions), Massachusetts (Manufacturing and R&D Corporations), and Pennsylvania (Telecommunications Services)
2008-56	February 8, 2008	IRS Announces Energy Bond Allocations
2008-55	February 8, 2008	Tax Returns from Seven States Go to Different Centers
2008-54	February 8, 2008	Legislative Update: Senate and House Approve Bipartisan Economic Stimulus Bill; Ready to Send to President Bush for Signature
2008-53	February 7, 2008	Legislative Update: Senate Passes Expanded Bipartisan Economic Stimulus Bill
2008-52	February 7, 2008	Temporary Regulations Provide that an Election to Treat Gain on Sale of an Original Musical Composition as Capital Gain Is Made on a Timely Filed Schedule
2008-51	February 5, 2008	Provision in Employment Agreement Causes 162(m) Problems for Incentive Plan
2008-50	February 4, 2008	Legislative Update: President Bush Proposes $2.4 Trillion in Tax Cuts
2008-49	February 4, 2008	KPMG’s This Week in State Tax: California (Fair Apportionment), California (Apportionment), Idaho (Allocable v. Apportionable), Illinois (Amnesty), Maryland (Reporting Requirements), and Wisconsin (Sales Factor)
2008-48	February 1, 2008	Guidance Released on Backloading Pension Plans

January 2008

Issue	Date	Subject
2008-47	January 31, 2008	IRS Notice Provides Transition Guidance on Pension Protection Act Funding Rules
2008-46	January 30, 2008	Legislative Update: Senate Finance Adopts Stimulus Alternative
2008-45	January 29, 2008	Legislative Update: House Approves Stimulus; Senate Finance to Consider Alternative
2008-44	January 28, 2008	Legislative Update: Senate Finance Committee to Consider Economic Stimulus Provisions
2008-43	January 28, 2008	KPMG’s This Week in State Tax: Alabama (Allocable or Apportionable), Indiana (Combined Reporting), Kentucky (Consolidated Returns), Ohio (Commercial Activity Tax), and Texas (Due Date Changes)
2008-42	January 25, 2008	IRS Updates Guidance When Disclosure on Tax Return Is Adequate for Reducing Accuracy-Related Penalty and for Avoiding Preparer Penalty
2008-41	January 24, 2008	Legislative Update: White House, House Leaders Reach Agreement on Economic Stimulus
2008-40	January 24, 2008	Tax Court Addresses Effect of Disclaimer on Estate’s Claim for Charitable Deduction
2008-39	January 23, 2008	FASB Defers Interpretation 48 for Nonpublic Entities
2008-38	January 22, 2008	Final Regulations Under Sections 197 and 338 Concerning Deemed Sale or Acquisition of Insurance Company’s Assets
2008-37	January 22, 2008	Legislative Update: Senate Finance Committee Holds Hearing on Fiscal Stimulus, Including Tax Proposals
2008-36	January 21, 2008	KPMG’s This Week in State Tax: Massachusetts (Nexus and Apportionment), Missouri (Taxability), and Wisconsin (Apportionable v. Allocable)
2008-35	January 21, 2008	FASB Releases Draft Accounting Standards Clarification
2008-34	January 17, 2008	IRS Enforcement and Service Statistics for FY 2007
2008-33	January 17, 2008	IRS Identifies Components of an Intermediary Transaction Tax Shelter
2008-32	January 17, 2008	Proposed Guidance on Qualified Tuition Programs Under Section 529
2008-31	January 17, 2008	New FASB Guidance on Applying the “Shortcut Method” of Hedge Accounting
2008-30	January 17, 2008	Illinois: Discussion of Provisions Included in Recently Enacted Technical Corrections Legislation
2008-29	January 16, 2008	U.S. Supreme Court: Investment Advisory Fees Incurred by a Trust Are Subject to the 2% Floor
2008-28	January 15, 2008	Ninth Circuit: Person Not Identified in IRS Summons Lacks Standing to File a Petition to Quash
2008-27	January 15, 2008	Federal Circuit Affirms Judgment of Court of Federal Claims in NatWest Case (Taxation of Branch Income Under the 1975 United States-United Kingdom Income Tax Treaty)
2008-26	January 15, 2008	IRS Examines Whether Certain Arrangements with Cells of a Protected Cell Company Qualify as “Insurance” for Federal Income Tax Purposes
2008-25	January 15, 2008	Preliminary Analysis of Final Regulations Regarding How a Consolidated Group Treats a Liquidating Corporation’s Items
2008-24	January 14, 2008	Text of Final Regulations Under Section 1502 Concerning Succession to Certain Items of a Liquidating Corporation
2008-23	January 14, 2008	IRS Addresses Tax Implications of Two Reserve Method Proposals Being Considered for Use by Life Insurance Companies
2008-22	January 14, 2008	Ohio: Board of Tax Appeals Addresses Application of Subject-to-Tax Exception to Add-Back Rules
2008-21	January 14, 2008	KPMG’s This Week in State Tax: Alabama (Lease v. Sale), California (Unclaimed Property), and Illinois (Technical Corrections)
2008-20	January 14, 2008	Legislative Update: Status of Tax Legislation as Congress Returns
2008-19	January 11, 2008	OECD Report Examines Role of Tax Intermediaries in Tax Compliance, Tax Planning Arrangements
2008-18	January 11, 2008	Tax Governance Institute Webcast: New Tax Return Preparer Standards
2008-17	January 11, 2008	Legislative Update: JCT Releases List of Expiring Provisions
2008-16	January 9, 2008	North Carolina: State Court Upholds Forced Combination of Affiliated Entities
2008-15	January 9, 2008	Federal Circuit Reverses Judgment for Taxpayer Under “Claim of Right” Doctrine of Section 1341
2008-14	January 8, 2008	IRS Guidance Relating to Prepaid Qualified Mortgage Insurance Premiums for Use by Individuals and Reporting Entities
2008-13	January 8, 2008	IRS Provides Interim Rules for Substantiating Charitable Contributions Made via the United Way, CFC, or Similar Programs
2008-12	January 8, 2008	Michigan: Discussion of Recently Enacted Technical Corrections Bills
2008-11	January 7, 2008	Certain IRS User Fees for Ruling Requests to Increase After January 31, 2008
2008-10	January 7, 2008	KPMG’s This Week in State Tax: Alabama (Sales Tax), Illinois (Amusement Tax Exemption), Massachusetts (Tax Reform Recommendations), and New York (Exclusion of Subsidiary Capital)
2008-09	January 4, 2008	SEC Extends Permissibility of “Simplified” Method for Some Share Option Grants
2008-08	January 4, 2008	Future Guidance for Integrated Utility Companies in Calculating the Section 199 Deduction for Domestic Production of Electricity, Natural Gas Provides Opportunities for Taxpayer Participation
2008-07	January 3, 2008	Final Regulations, IRS Guidance on Disclosure and Use of Tax Return Information by Return Preparers
2008-06	January 3, 2008	Proposals to Change U.S. Standard-Setting Process Would Affect FASB’s Organization
2008-05	January 3, 2008	Michigan: Administrative Bulletins Address Filing Requirements of Final Single Business Tax Return for Fiscal Year Taxpayers; and Define “Actively Solicits”
2008-04	January 2, 2008	Tax Court Rejects IRS’s Claim That Transaction Lacked Economic Substance
2008-03	January 2, 2008	Treasury’s Overview of Protocols, New Income Tax Treaty That Recently Entered into Force
2008-02	January 2, 2008	Easier SEC Filing Requirements for Smaller Public Companies
2008-01	January 2, 2008	Proposed Regulations on Diversification Rules for Qualified Defined Contribution Plans Holding Publicly Traded Employer Securities

Privacy | Legal