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July 2012

Issue

Date

Subject

2012-365

July 31, 2012

LB&I directive on partial worthlessness deduction for eligible securities reported by insurance companies

2012-364

July 31, 2012

Proposed regulations on reimbursed entertainment expenses

2012-363

July 31, 2012

Final regulations on disallowance rules for entertainment use of aircraft

2012-362

July 30, 2012

Legislative Update: House sets votes on competing tax-cut bills

2012-361

July 30, 2012

FASB adds optional qualitative assessment to indefinite-lived intangible asset impairment test

2012-360

July 30, 2012

KPMG analysis: Model I Intergovernmental Agreement released as alternative to FATCA regime

2012-359

July 30, 2012

Legislative Update: JCT report on tax issues and choice of business entity

2012-358

July 30, 2012

KPMG analysis: It’s only a section 332 liquidation—what possibly could go wrong?

2012-357

July 30, 2012

KPMG analysis: Another chance to cure prior-year information reporting failures

2012-356

July 30, 2012

KPMG’s This Week in State Tax:


  • Alabama (resale exemption)
  • California (city business tax)
  • Kansas (original construction exemption)

2012-355

July 27, 2012

Preliminary analysis of model intergovernmental agreement alternative to FATCA regime

2012-354

July 26, 2012

IRS guidance on reporting agents, EFTPS program

2012-353

July 26, 2012

California: Appeals court upholds taxpayer’s election to apportion income using Multistate Tax Compact

2012-352

July 26, 2012

FASB / IASB begin re-deliberations on proposed revenue recognition standard

2012-351

July 26, 2012

Model inter-governmental agreement for foreign financial institutions to use in implementing FATCA reporting requirements

2012-350

July 25, 2012

Legislative Update: Senate passes Democrats’ tax bill

2012-349

July 24, 2012

Legislative Update: Congress prepares for tax-cut votes

2012-348

July 23, 2012

KPMG’s This Week in State Tax:


  • District of Columbia (use tax return)
  • Florida (online courses)
  • Hawaii (nexus)
  • Massachusetts (telecommunication services)
  • Massachusetts (cloud computing)
  • Oregon (consolidated returns)

2012-347

July 23, 2012

FASB requests comments on disclosure framework project

2012-346

July 20, 2012

Notice requirements for funding-related benefit limits in single-employer defined benefit plans

2012-345

July 19, 2012

Tax Court: Taxpayer’s child must be U.S. citizen or resident to be claimed as dependent

2012-344

July 19, 2012

Legislative Update: JCT report on taxation of manufacturing sector

2012-343

July 19, 2012

FASB / IASB substantially complete redeliberations on accounting for leases

2012-342

July 18, 2012

OECD model tax treaty to allow for information requests concerning groups of taxpayers

2012-341

July 18, 2012

IRS posts official draft Form W-8BEN (individual) for 2012

2012-340

July 18, 2012

SEC staff issues final report on IFRS work plan

2012-339

July 17, 2012

Legislative Update: Reid unveils Democrats’ tax bill allowing high-income tax cuts to lapse

2012-338

July 17, 2012

IRS revises process, fee for requests of background file document relating to IRS National Office written determinations

2012-337

July 17, 2012

IRS guidance on allocations of Indian tribal economic development bonds

2012-336

July 16, 2012

KPMG analysis: FATCA continues to raise compliance, business, and other issues for funds classified as partnerships

2012-335

July 16, 2012

KPMG’s This Week in State Tax:


  • Missouri (sales tax on rentals)
  • New Jersey (software)
  • Ohio (political subdivision exemption)
  • Oregon (statute of limitations)
  • Pennsylvania (single-sales factor apportionment)

2012-334

July 13, 2012

IRS guidance on outbound asset reorganizations to address certain repatriation issues; regulations to be issued

2012-333

July 12, 2012

Reminder: Highway-related excise taxes are extended and continue to apply

2012-332

July 11, 2012

Federal district court rejects “zero basis” rule and declines application of the open transaction doctrine

2012-331

July 10, 2012

Legislative Update: Senate starts consideration of Democratic jobs bill

2012-330

July 10, 2012

FASB removes loss contingency disclosure project from its agenda

2012-329

July 5, 2012

FASB proposes requirements for liquidation basis of accounting; discusses next steps for going concern project

2012-328

July 5, 2012

GAO report looks at appraisals for tax purposes

2012-327

July 5, 2012

Delaware and New Jersey: New legislation concerning “unclaimed property”

2012-326

July 3, 2012

FASB proposes significant new disclosures about liquidity and interest rate risks

2012-325

July 2, 2012

Puerto Rico: Deductible vehicle expenses (effective July 2012) are business mileage-based only

2012-324

July 2, 2012

KPMG analysis: Capitalization of farming cost deductions

2012-323

July 2, 2012

KPMG analysis: Business travel, cross-border assignment considerations for employers

2012-322

July 2, 2012

KPMG’s This Week in State Tax:


  • Indiana (insurance premiums tax)
  • New York (amusement equipment)
  • North Carolina (tax legislation)
  • South Carolina (breach-of-contract damages)

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member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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