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August 2009

Issue

Date

Subject

2009-374

August 31, 2009

KPMG’s What’s News in Tax:


  • Amen for Amnesty (Again): An Overview of Current State Amnesty Programs
  • DCL Elections Restricted When Certain Double-Dip Financing Structures Are in Place
  • Increased Focus on Form 5471 Reporting Requirements
  • Update: New Hungary and Poland Income Tax Treaties
  • Alternative Fuels: Excise Tax Refund and Refundable Income Tax Credit Provisions Currently Scheduled to Expire January 1, 2010
  • Treasury Releases Guidance on Qualifying Advanced Energy Project Credit

2009-373

August 31, 2009

KPMG’s This Week in State Tax: Louisiana (Sales Tax Holiday); Minnesota (Property Factor); Washington (Bad Debt Deduction)

2009-372

August 28, 2009

IRS Updates Guidance for Electronically Filing Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding

2009-371

August 28, 2009

FASB Guidance on Measuring Liabilities at Fair Value

2009-370

August 28, 2009

IRS Announces Enhanced Oil Recovery Credit Is Phased Out Completely for 2009; Marginal Production Percentage for 2009 Remains at 15%

2009-369

August 27, 2009

Text of Rev. Proc. 2009-39: IRS Amends Procedures for Automatic Consent for Changes in Method of Accounting

2009-368

August 27, 2009

IRS Guidance on Tax Status of Public-Private Investment Funds

2009-367

August 26, 2009

FASB Decisions on Loss-Contingency Disclosures

2009-366

August 26, 2009

Massachusetts: Taxpayer Not Required to Collect Use Tax on Goods Sold to Massachusetts Residents at Its New Hampshire Stores

2009-365

August 24, 2009

Deadline for Filing Initial Cost Sharing Arrangement Statement Is September 2, 2009

2009-364

August 24, 2009

IRS Proposes to Issue a Revenue Ruling Regarding Depreciation of Ethanol Plants

2009-363

August 24, 2009

Tax Court Considers Application of Check-the-Box Regulations to Federal Gift Tax Valuation of Transfers of Interest in Single-Member LLC

2009-362

August 24, 2009

State and Local Tax Considerations Related to the 2010 Obama Budget Proposals

2009-361

August 24, 2009

Multistate Sales and Use Tax Developments

2009-360

August 24, 2009

KPMG’s This Week in State Tax: New Jersey (Nexus); New York (Information Reports); Wisconsin (Taxable Services)

2009-359

August 20, 2009

IRS LMSB Industry Director Directive on Section 936 Exit Strategies #3: Tier I Issue

2009-358

August 17, 2009

IRS Provides Exclusive Procedures for Election to Defer Recognition of Discharge of Indebtedness Income Under Section 108(i)

2009-357

August 17, 2009

KPMG’s What’s News in Tax:


  • Beware of COD Income in Related-Party Debt
  • European Union Tax Refund Developments and Potential Foreign Tax Credit Implications for U.S. Mutual Funds
  • IRS Reverses Its Policy of Denying 9100 Relief for Success-Based Fee Documentation
  • “Amazon Tax” Considered in Other States Following New York Ruling

2009-356

August 17, 2009

KPMG’s This Week in State Tax: District of Columbia (Combined Reporting); Indiana (Withholding); Michigan (Tax Base); New York (Resale Exemption)

2009-355

August 17, 2009

KPMG’s Issues In-Depth: A Closer Look at IFRS for Small and Medium-Sized Entities

2009-354

August 14, 2009

First Circuit: En Banc Panel Holds, By a Narrow 3-2 Margin, That Textron's Tax Accrual Workpapers Are Not Protected by the Work Product Doctrine

2009-353

August 13, 2009

Tax Court: Six-Year Limitations Period Applies Because Taxpayers Failed to Separately Compute Foreign Currency Gain and Loss Pursuant to Section 988

2009-352

August 13, 2009

Illinois: Personal Services Deduction No Longer Available for Computing Partnership Replacement Income Tax Liability

2009-351

August 13, 2009

IRS Notice Establishes the Qualifying Advance Energy Project Program and Initial Credit Allocation Round; Fast-Approaching Application Deadline

2009-350

August 12, 2009

IRS Requests Comments on the Proper Application of Rules Relating to Tiered Partnerships, Mergers, and Divisions

2009-349

August 12, 2009

IRS Requests Comments Concerning Eligible Combined Plans Under Section 414(x)

2009-348

August 12, 2009

IRS Clarifies Terms Under the Work Opportunity Tax Credit

2009-347

August 11, 2009

Tax Court: Overstated Bases of S Corporations Not an Omission From Gross Income That Would Invoke the Six-Year Statute of Limitations

2009-346

August 10, 2009

Legislative Update: Congressional Recess Leaves Tax Agenda Hanging

2009-345

August 10, 2009

KPMG’s This Week in State Tax: Indiana (Manufacturing Exemption); Michigan (Sales Factor); New Jersey (Nexus); North Carolina (Budget Agreement); Washington (Nexus)

2009-344

August 10, 2009

FASB Decisions on the Fair Value of Investments in Investment Companies

2009-343

August 7, 2009

IRS Provides More Time for Certain Persons to Comply with FBAR Filing Requirements (Form TD F 90-22.1) with Respect to Foreign Financial Accounts

2009-342

August 7, 2009

IRS Annual Guidance for Foreign Insurance Companies to Compute Minimum Effectively Connected Net Investment Income

2009-341

August 6, 2009

Cash-for-Clunkers Credit Includible in Dealer Income, According to IRS Release

2009-340

August 4, 2009

Legislative Update: Senate Finance Considers Options for Distributing Emissions Allowances and Revenue Under a Cap-and-Trade Program

2009-339

August 3, 2009

IRS Seeks Applications of Issues for Industry Issue Resolution Program

2009-338

August 3, 2009

Treasury Now Accepting Applications for Renewable Energy Grant in Lieu of Tax Credit Program

2009-337

August 3, 2009

KPMG’s What’s News in Tax:


  • Section 501(c)(3) Trust Liable for UBIT on Securities Purchased on Margin
  • Internal-Use Software Research Credit Claim Upheld
  • IRS Issues Additional Directive on Intersection of Section 965 Repatriations, Transfer Pricing Adjustments
  • Sales and Use Taxation of Digital Products

2009-336

August 3, 2009

KPMG’s This Week in State Tax: Iowa (Economic Nexus); Michigan (Tax Base); New York (Taxable Service); Ohio (Taxable Service)

2009-335

August 3, 2009

FASB and IASB: Financial Crisis Advisory Group’s Recommendations to Improve Financial Reporting

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