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June 2009

Issue

Date

Subject

2009-298

June 30, 2009

IRS Guidance for Corporations on the Accelerated Credit Election for the First Tax Year Ending After December 31, 2008, in Lieu of 50% Additional First Year Depreciation for “Extension Property”

2009-297

June 30, 2009

Tax Court: Taxpayers Holding Interests in L.L.P.s and L.L.C.s Are Treated as General Partners for Section 469 Purposes

2009-296

June 30, 2009

KPMG's This Week in State Tax-Quarterly

2009-295

June 30, 2009

FASB Proposed Disclosures About the Credit Quality of Financing Receivables and Allowance for Credit Losses

2009-294

June 29, 2009

Legislative Update: Provision in House-Approved Climate Change Bill Would Impose New Restrictions on Credit Default Swaps

2009-293

June 29, 2009

KPMG’s This Week in State Tax: California (Proposed Revenue Raisers); Massachusetts (Nexus); New Jersey (Refund Claims); North Carolina (Proposed Unitary Combined Reporting); Oregon (Enacted Corporate Income Tax Changes)

2009-292

June 26, 2009

Legislative Update: Senator Grassley Introduces Small Business Tax Relief Bill

2009-291

June 25, 2009

IRS Update of FAQs on Voluntary Disclosure Initiative Does Not Extend June 30, 2009 Filing Deadline for 2008 FBAR, but Addresses Late-Filed 2008 FBAR

2009-290

June 22, 2009

FASB Emerging Issues Task Force Reaches Consensus on Share-Lending Arrangements Regarding Convertible Debt Offerings

2009-289

June 22, 2009

KPMG’s What’s News in Tax:


  • The Application of Section 1248 to Intercompany Transactions between Consolidated Group Members
  • IRS “Substantially Redesigns” Form 926
  • IRS Releases New Audit Technique Guide for Retail Industry
  • Oil and Gas Tax Provisions in Obama’s Budget Proposals

2009-288

June 22, 2009

KPMG’s This Week in State Tax: Georgia (Addback Statute Guidance); Maine (Expanded Sales and Use Tax Base); New Jersey (Imputed Interest on Related-Party Loans)

2009-287

June 19, 2009

United States, Switzerland Complete Negotiations for New Tax Information Exchange Agreement

2009-286

June 17, 2009

Seventh Circuit Examines Tax Practitioner-Client Privilege

2009-285

June 17, 2009

Ninth Circuit: Three-Year Limitations Period—Not Six-Year Period—Applies Because Basis Overstatement Is Not Omission of Gross Income

2009-284

June 16, 2009

Protocol to United States-New Zealand Income Tax Treaty Is Sent to the U.S. Senate for Consideration

2009-283

June 16, 2009

Additional Discussion of U.S. Supreme Court’s Decision: Local Property Tax Imposed on Oil Tankers Found to Violate Tonnage Clause

2009-282

June 16, 2009

Procedures to Obtain IRS Consent to Treat Certain Intercompany Transactions on Separate Entity Basis (or to Have Prior IRS Consent Revoked)

2009-281

June 16, 2009

FASB Final Statements on Transfers of Financial Assets and Variable Interest Entities

2009-280

June 15, 2009

Legislative Update: Senate Finance Committee Leaders and Ways and Means Committee Members Ask IRS to Suspend “Listed Transaction” Cases Against Certain Small Businesses

2009-279

June 15, 2009

U.S. Supreme Court Finds That City Ordinance Violated the Tonnage Tax Clause

2009-278

June 15, 2009

Continuing Analysis of McFerrin Decision as Vacated by the Fifth Circuit: Application of the Cohan Rule to Research Credit Is Confirmed

2009-277

June 15, 2009

Legislative Update: JCT Report on Tax Considerations for Climate-Change Legislation

2009-276

June 15, 2009

KPMG’s This Week in State Tax: Massachusetts (FAS 109); New York (Reporting Requirements); North Carolina (Unitary Combined Reporting); Tennessee (Amazon Tax); Washington (Resale Certificates)

2009-275

June 12, 2009

IRS Interim Guidance Relating to Qualified Plug-in Electric Vehicle Credit

2009-274

June 12, 2009

Text of Competent Authority Agreement, Guidelines on the Arbitration Process of the United States-Belgium Income Tax Treaty

2009-273

June 12, 2009

SEC Conforms Staff Guidance on Business Combinations and Noncontrolling Interest to FASB Standards

2009-272

June 12, 2009

IRS Guidance on Recovery Zone Bonds

2009-271

June 12, 2009

Legislative Update: Senate Finance Committee Leaders Announce Staff Draft of Bill Concerning Alternative Fuel Tax Credit and “Black Liquor”

2009-270

June 11, 2009

Legislative Update: JCT Releases Revised Estimate of President’s Budget Proposals

2009-269

June 11, 2009

Fifth Circuit: Claims for Research Tax Credit Not Barred by Taxpayer’s Failure to Maintain Certain Records

2009-268

June 10, 2009

Final Regulations on Foreign Tax Credit Treatment of Dividends from Noncontrolled 10/50 Corporations and Related Issues

2009-267

June 10, 2009

Eleventh Circuit Reverses District Court Summons Enforcement Order for Failing to Hold Evidentiary Hearing and Explaining Rationale for Denying Motion to Quash IRS Summonses

2009-266

June 10, 2009

IRS Announces Taxpayers in States Not Having Sales Tax May Qualify for the New Vehicle Sales Tax Deduction

2009-265

June 10, 2009

FASB Proposal on the Fair Value of Investments in Investment Companies

2009-264

June 9, 2009

Tax Court: Transfer to Family Partnerships Did Not Constitute Constructive Dividend to Shareholder Trusts; No Taxable Gain to Taxpayer Under Section 311(b)

2009-263

June 9, 2009

Text of Temporary Regulations Concerning When Foreign Corporation Is to Be Treated as a Surrogate Foreign Corporation

2009-262

June 9, 2009

Legislative Update: JCT Estimates Health Care Revenue Raisers

2009-261

June 8, 2009

Legislative Update: Senate Finance Members Introduce R&D Reform Bill

2009-260

June 8, 2009

Tax Court Denies IRS’s Motion to Compel Production of Documents Protected by the Federally Authorized Tax Practitioner Privilege Under Section 7525

2009-259

June 8, 2009

KPMG’s What’s News in Tax:


  • A Customs Perspective Concerning the IRS Strategic Plan for 2009-2013 for Enhanced Enforcement of International Related-Party Transactions
  • Recent Legislation Provides Limited Opportunity for S Corporations (and Possibly REITs and RICs) under Section 1374
  • Worthwhile Thoughts on Wholly or Partially Worthless Debts
  • Administration Proposals May Adversely Affect Aircraft and Vessel Lessors
  • KPMG Professionals Contribute to Comment Letter on Proposed Construction Contract Regulations
  • The New FBAR Form Raises a Stir

2009-258

June 8, 2009

KPMG’s This Week in State Tax: Alabama (Sales for Resale); California (Tax Credits); Minnesota (Economic Substance); Tennessee (Resale Exemption)

2009-257

June 5, 2009

IRS Procedures for Claiming Investment Tax Credit Under Section 48—in Lieu of Production Tax Credit Under Section 45— for Certain Renewable Energy Facilities

2009-256

June 5, 2009

Treasury Announces Conclusion of Negotiations of New Proposed United States-Hungary Income Tax Treaty

2009-255

June 5, 2009

IRS Temporarily Limits Filing Obligation for New FBAR (Form TD F 90-22.1)Persons Who Are Not U.S. Citizens, U.S. Residents, or U.S. Entities Are Not Required to Make June 30, 2009 Filing

2009-254

June 5, 2009

IRS Intends to Simplify Procedures for Employers to Substantiate Employee’s Business Use of Employer-Provided Cell Phones

2009-253

June 4, 2009

IRS LMSB Directives on Tier I Issues: New Directive Issued Relating to Petroleum Underground Storage Tanks; Bioenergy Program Payments Reassigned to Tier I Monitoring Status

2009-252

June 4, 2009

IRS Notice Clarifies Treasury Department’s Acquisition of Troubled Financial Institution’s Stock Is Not a “Change in Control” Event for Section 409A Purposes

2009-251

June 3, 2009

FASB Statement 164: New Accounting for Not-for-Profit Mergers and Acquisitions

2009-250

June 1, 2009

IRS Interim Guidance on Homeowner’s Credit for Energy Efficient Property Includes Procedures for Manufacturers to Certify Property; Rules for Taxpayers to Rely on Such Certifications

2009-249

June 1, 2009

KPMG’s This Week in State Tax: Colorado (Vendor Discount); Hawaii (Amnesty); Massachusetts (Interstate Commerce); Texas (Taxable Software)

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