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May 2009

Issue

Date

Subject

2009-248

May 29, 2009

FASB Statement on Subsequent Events

2009-247

May 29, 2009

HUD Program to Allow First-Time Homebuyers to “Monetize” the $8,000 Tax Credit Toward Purchase Costs of FHA-Insured Home

2009-246

May 28, 2009

IRS Guidance for Businesses Seeking to Claim the Expanded Work Opportunity Tax Credit

2009-245

May 28, 2009

Georgia: Recently Enacted Legislation Adopts Penalties for Filing “Frivolous” Sales and Use Tax Refund Claims

2009-244

May 27, 2009

Initial Discussion of Ninth Circuit’s Decision in Xilinx Case

2009-243

May 27, 2009

Text of Ninth Circuit’s Decision in Xilinx Case

2009-242

May 27, 2009

North Carolina: State Appeals Court Upholds Forced Combination of Affiliated Entities

2009-241

May 27, 2009

Final Regulations Requiring Information Reporting on Lump-Sum Payments for Sales, Exchanges of Standing Timber

2009-240

May 26, 2009

Reports of New United States-Hungary Income Tax Treaty

2009-239

May 26, 2009

Federal Circuit: Refund Claim for Federal Communications Excise Tax Is Barred by Statute of Limitations Even Though the Tax Return Was Filed by Telephone Carriers and Not by the Taxpayer

2009-238

May 26, 2009

Final Regulations for Determining Which Corporations Are Included in a Controlled Group of Corporations

2009-237

May 26, 2009

IRS Notices: Q&As on Employer-Owned Life Insurance Policies; Proposed Safe Harbor for Life Insurance Contracts That Mature After the Insured Reaches Age 100 Years

2009-236

May 26, 2009

KPMG’s What’s News in Tax:


  • Court Leaves Government with Limited Options in Partnership Case
  • Did You Know: Section 1245 Recapture Rules Can Apply to Stock?
  • Eligibility for Treaty Benefits under Canada-U.S. Income Tax Treaty
  • Legislative Proposals on Carried Interests: The State of Play
  • Sourcing Receipts from Advertising on Social Networking Sites

2009-235

May 20, 2009

FASB Proposal to Reduce Interpretation 48 Disclosures and Add Guidance for Nonpublic Entities

2009-234

May 20, 2009

United States, Luxembourg Agree to Exchange of Bank Information in Tax Matters

2009-233

May 19, 2009

Tax Court: Leasehold Improvements Found to Qualify as a Substitute for Rent, and Were Deductible by Lessee as Rental Expense

2009-232

May 19, 2009

Michigan: Federal Entity Classification Not Binding for Michigan Single Business Tax

2009-231

May 19, 2009

Kansas: Pending Legislation Would Reduce Statute of Limitations on Sales and Use Tax Refunds to One Year, Expand Settlement Authority

2009-230

May 19, 2009

Puerto Rico: Recent Changes to Sales and Use Tax Law Postpone the Effective Date for Monthly Filings and Remittances, Reseller Exemption Changes

2009-229

May 18, 2009

Legislative Update: Finance Committee Releases Health Care Revenue Options

2009-228

May 18, 2009

Summary of Selected Tax Proposals in 2010 “Green Book”

2009-227

May 18, 2009

LMSB Industry Director’s Second Directive on Enhance Oil Recovery Credit as a Tier II Issue

2009-226

May 18, 2009

KPMG’s This Week in State Tax: Kansas (Refund Claims); Tennessee (Taxable Software Sales); Multistate (REIT Legislation); Streamlined Sales Tax Project (Update)

2009-225

May 15, 2009

Legislative Update: Ways and Means Committee Members Introduce Five-Year NOL Bill

2009-224

May 15, 2009

IRS Guidance for RICs and REITs That Seek to Make a Self- Determination for Purposes of Section 860(e)(4)

2009-223

May 15, 2009

Proposed Regulations Allow Employers to Reduce or Suspend Safe Harbor Nonelective Contributions Due to Substantial Business Hardship

2009-222

May 14, 2009

Legislative Update: “Green Book” Proposes Changes in Taxation of Carried Interests

2009-221

May 14, 2009

Inflation Adjustments for HSAs for Calendar Year 2010

2009-220

May 14, 2009

IRS Provides Withholding Adjustment Options for Pension Plans

2009-219

May 13, 2009

Legislative Update: “Green Book” Details Oil and Gas Tax Proposals

2009-218

May 13, 2009

Legislative Update: “Green Book” Proposes Limit on “Black Liquor” Benefit

2009-217

May 13, 2009

Legislative Update: “Green Book” Details Tax Accounting Method Proposals

2009-216

May 13, 2009

Ninth Circuit: Taxpayer May Be Able to Recover Attorneys’ Fees Under Section 7430 Even If the Fees Are Paid by a Third Party

2009-215

May 12, 2009

Legislative Update: “Green Book” Details Insurance-Related Tax Proposals

2009-214

May 12, 2009

Legislative Update: “Green Book” Details Tax Procedure and Administration Reform Proposals; Includes Codification of “Economic Substance” Doctrine and New Requirements for Qualified Intermediaries (QIs)

2009-213

May 12, 2009

Legislative Update: “Green Book” Details Estate and Gift Tax Proposals

2009-212

May 12, 2009

New York: New Mobility Tax to Fund Metropolitan Transit Authority Is a Payroll Tax

2009-211

May 12, 2009

California: Deadline for Filing Amended Returns to Avoid Corporate Understatement Penalty, and for Disclosing Deferred Intercompany Stock Transactions for Past Years Is May 31, 2009

2009-210

May 11, 2009

Legislative Update: Administration Details International Reforms

2009-209

May 11, 2009

Legislative Update: Administration Details Proposals Affecting Financial Institutions and Products

2009-208

May 11, 2009

Legislative Update: Administration Releases Fiscal 2010 Tax Proposals

2009-207

May 11, 2009

KPMG’s What’s News in Tax:


  • Goodwill Reconsidered: IRS Narrows Its Definition for Like-Kind Exchanges
  • Excise Tax on Heavy Vehicles Could Catch Some Importers Off Guard
  • Is a Telecommunications Service Provider a Manufacturer?

2009-206

May 11, 2009

KPMG’s This Week in State Tax: California (Tax Amnesty); Georgia (Tax Credits); New York (Affiliate Nexus); Ohio (Tax Credits)

2009-205

May 7, 2009

IRS Concludes When Unincorporated Entity Taxed as Partnership Becomes a Corporation, It Can Elect S Corporation Status for Its First Tax Year

2009-204

May 7, 2009

Legislative Update: Changes to Federal Refund Offset Program Would Expand the States’ Ability to Collect Delinquent Taxes

2009-203

May 7, 2009

IRS Provides FAQs on Recently Announced Voluntary Disclosure Initiative

2009-202

May 7, 2009

FASB Proposal on Measuring Liabilities at Fair Value

2009-201

May 6, 2009

Temporary Regulations on Allocating Certain Mortgage Insurance Premiums as Residential Interest Include Information Reporting Guidelines for Entities Receiving Mortgage Insurance Premiums

2009-200

May 4, 2009

Legislative Update: Administration’s International Reforms Target Deferral, Tax Havens

2009-199

May 4, 2009

IRS Pilot Program to Allow Letter Rulings with Respect to One or More Parts of a Section 355 Transaction; Requests for Rulings on the Entire Transaction Are No Longer Required

2009-198

May 4, 2009

Legislative Update: Obama Outlines Proposals to Reform Deferral and Foreign Tax Credit Rules, Limit Use of Tax Havens

2009-197

May 4, 2009

Recommendations Are Requested for Guidance to Be Included in Guidance Priority List for 2009-2010

2009-196

May 4, 2009

KPMG’s This Week in State Tax: Alabama (Addback Rules); Massachusetts (FAS 109); New York (Separate Accounting); Federal (Mobile Workforce Proposal)

2009-195

May 1, 2009

Regulations Providing Updated Mortality Tables for Valuing Annuities, Interests for Life or Terms of Years, and Remainder or Reversionary Interests

2009-194

May 1, 2009

IRS Provides Guidance to Policyholders Who Sell or Surrender Their Life Insurance Contracts, and to Investors Who Purchase Life Insurance Contracts

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