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January 2009

Issue

Date

Subject

2009-62

January 30, 2009

FASB Proposal to Require Interim Disclosures About Fair Value of Financial Assets

2009-61

January 30, 2009

Legislative Update: Tax Proposals Affecting Banks

2009-60

January 30, 2009

Legislative Update: Text of Finance Committee Stimulus Bill Is Available

2009-59

January 30, 2009

Legislative Update: Senate Approves Children’s Health Bill with Tobacco Tax Increase; Conference Is Next Step

2009-58

January 29, 2009

IRS Memorandum Provides Insight on Allocation of Compensation Expense Attributable to Pre-Section 199 Years

2009-57

January 28, 2009

Legislative Update: House to Approve Stimulus Bill Containing Tax Relief; Discussion of Selected Tax Provisions in the Legislation

2009-56

January 27, 2009

Legislative Update: Finance Committee Nears Approval of Stimulus with AMT

2009-55

January 26, 2009

Eighth Circuit: No Deduction for Payments Made to Redeem Stock Held by ESOP; Ninth Circuit’s Position Is Rejected

2009-54

January 26, 2009

Legislative Update: Text of House Stimulus Bill Is Available

2009-53

January 26, 2009

KPMG’s This Week in State Tax: Alabama (Amnesty); Illinois (Allocable or Apportionable Income); Kentucky (Proposed Tax Legislation); Montana (Business/Nonbusiness Income)

2009-52

January 23, 2009

IRS Guidance on Time and Manner of Making Election to Accelerate General Business Credit Carryovers or AMT Credits Instead of Claiming 50% First Year Depreciation

2009-51

January 23, 2009

FASB Drops Proposal for Disclosures About Financial Assets, Adds Another

2009-50

January 23, 2009

Legislative Update: Senate Finance Chairman Releases Stimulus Description, Schedules Mark-up

2009-49

January 22, 2009

Legislative Update: Ways and Means Approves Tax Stimulus

2009-48

January 22, 2009

First Circuit Affirms Tax Accrual Workpapers Are Protected from IRS Subpoena, but Remands Whether Disclosure of Auditor’s Workpapers Would Reveal Information in Taxpayer’s Own Workpapers

2009-47

January 22, 2009

IRS Guidance for Determining Credit Rates on Tax Credit Bonds

2009-46

January 21, 2009

White House Freezes Regulatory Approvals, Publications

2009-45

January 21, 2009

Research Credit Developments; Claiming Accelerated Credits; Foreign Tax Credit vs. a Deduction for Foreign Taxes

2009-44

January 21, 2009

AMT Depletion Preference and the Tax Court; Analyzing Income from Digital Goods and Services Transactions; LCM Method and Petrochemicals Industry; IRS Guidance May Benefit Cash-Poor REITs and RICs

2009-43

January 21, 2009

Applications for 2009 Allocations of the New Markets Tax Credit Program Are Due April 8, 2009

2009-42

January 20, 2009

IRS Guidance Making the Pre-Filing Agreement Program Permanent

2009-41

January 20, 2009

KPMG’s What’s News in Tax: Research Credit Developments; Claiming Accelerated Credits; Foreign Tax Credit vs. a Deduction for Foreign Taxes

2009-40

January 19, 2009

Legislative Update: Discussion of Renewable Energy-Related Provisions in Ways and Means Committee’s Stimulus Bill

2009-39

January 19, 2009

KPMG’s What’s News in Tax: AMT Depletion; Analyzing Income from Digital Goods and Services Transactions; LCM Method and Petrochemicals Industry; IRS Guidance May Benefit Cash-Poor REITs and RICs

2009-38

January 19, 2009

KPMG’s This Week in State Tax: California (Sales and Use Tax Proposals); Maine (Throwout Rule Proposal); Massachusetts (Amnesty)

2009-37

January 19, 2009

FASB: Emerging Issues Task Force Deliberates the Scope of Statement 160

2009-36

January 16, 2009

Legislative Update: Rangel Introduces Tax Portion of Stimulus Bill; Statutory Language Available

2009-35

January 16, 2009

GAO Report on Large U.S. Corporations and Federal Contractors with Subsidiaries in Tax Havens

2009-34

January 16, 2009

FASB: Proposed Clarification of Credit-Derivative Scope Exception

2009-33

January 16, 2009

Proposed Regulations on Allocation of Consideration, Allocation and Recovery of Basis in Transactions Involving Stock or Securities

2009-32

January 16, 2009

Withdrawal of Proposed Regulations Concerning Disguised Sales of Partnership Interests

2009-31

January 16, 2009

IRS Concludes Dubai Mercantile Exchange Is Qualified Board / Exchange Under Section 1256(g)(7)

2009-30

January 16, 2009

New York: “Amazon Tax” Upheld; Out-of-State Business Must Collect Sales Tax on Sales Made to New York Residents

2009-29

January 15, 2009

Tax Court Concludes Interest Expense Reduction Under Section 291(a)(3) Applies to a Qualified Subchapter S Subsidiary Bank

2009-28

January 15, 2009

Seventh Circuit Affirms Summary Judgment Concerning When Stock Became Worthless for Purposes of Section 469

2009-27

January 15, 2009

Legislative Update: Rangel Releases Summary of Tax Provisions of Stimulus Proposal

2009-26

January 15, 2009

IRS Guidance Allocating First-Time Homebuyer Credit Between Unmarried Taxpayers

2009-25

January 15, 2009

Proposed Regulations on Electronic Filing of Certain Heavy Highway Vehicle Use Tax Returns

2009-24

January 14, 2009

FASB: Disclosures in 2009 About Post-Retirement Benefit Plan Assets

2009-23

January 14, 2009

IRS Extends Application of Relief for “Readily Marketable Securities” Under Section 956(c)(2)(J), and for the Short-Term Section 956 Liquidity Exception

2009-22

January 14, 2009

Legislative Update: House Approves Children’s Health Bill, Tobacco Tax Increase

2009-21

January 14, 2009

Final Regulations Expand Certain Rules for Postponing Tax-Related Acts Due to a Disaster

2009-20

January 13, 2009

FASB: Changes in Impairment Accounting for Some Financial Instruments

2009-19

January 13, 2009

Legislative Update: Tax Committees Prep Passage of Children’s Health Insurance Bill, Tobacco Tax Increase

2009-18

January 13, 2009

Michigan: Newly Enacted Provisions Affecting Taxpayers Subject to Michigan Business Tax

2009-17

January 13, 2009

United States, France Sign Protocol to Income Tax Treaty

2009-16

January 12, 2009

Brokers Have Until February 17, 2009, to Furnish Composite Annual Tax Reporting Statements

2009-15

January 12, 2009

KPMG’s This Week in State Tax: California (Sales Factor Computation); Massachusetts (Economic Nexus); New York (Proposed Partnership Tax Changes); Washington (Budget Proposals); Washington (Nexus)

2009-14

January 12, 2009

SEC Study Supports Fair-Value Accounting, Recommends Improvements

2009-13

January 9, 2009

IRS Guidance to Financial Institutions for Reporting Required Minimum Distributions for 2009

2009-12

January 9, 2009

Preliminary FASB-IASB Views on Revenue Recognition

2009-11

January 8, 2009

IRS Interim Guidance on Section 457A

2009-10

January 8, 2009

Unofficial “Red-Lined” Version of Reg. Section 1.954-3 Showing Changes Made by the Recent Contract Manufacturing Regulations

2009-09

January 7, 2009

Taxpayer Advocate Urges Tax Simplification, Repeal of AMT

2009-08

January 7, 2009

IRS Extends Temporary Guidance for Certain Stock Distributions by REITs to Stock Distributions by RICs

2009-07

January 6, 2009

Follow-Up Discussion of Changes Made by 2009 Temporary Regulations to 2005 Proposed Regulations on Cost Sharing Arrangements

2009-06

January 6, 2009

FASB Adds One-Year Deferral of Interpretation 48 for Nonpublic Entities

2009-05

January 5, 2009

IRS User Fees for Ruling Requests Remain Unchanged for 2009

2009-04

January 5, 2009

FASB: Proposed Disclosures about Financial Assets

2009-03

January 2, 2009

IRS Identifies “Transaction of Interest” Involving Subpart F Income of Lower-Tier CFC Held by Partnership

2009-02

January 2, 2009

IRS Guidance on Denaturants Considered to Be “Alcohol” for Purposes of Alcohol Fuel Credits

2009-01

January 2, 2009

IRS Guidance for Employers to File Quarterly, Instead of Annual, FICA Returns

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