Daily Tax Report Index-Summary

IDENTITY THEFT

– Refund fraud

– – CPA gets 33 months for stealing clients' refund checks (S.D.N.Y.), 195:K–8 (10/13/09)
– – IRS initiatives, GAO issues report, Grassley (R-Iowa) seeks greater efforts, 194:G–12 (10/9/09)

ILLINOIS

– Aircraft repair, retrofit, new exemption takes effect in 2010, 194:H–3 (10/9/09)
– College scholarships, lawmakers reject new tax revenues to fund rescue plan, 200:H–1 (10/20/09)
– Income tax, nonpartisan think tank recommends implementation of competing proposals of gubernatorial candidates, 200:H–3 (10/20/09)
– Ponzi losses, Ill. does not follow federal deduction treatment, 208:H–2 (10/30/09)
– Tax code modifications to be debated during General Assembly's fall veto session, 196:H–4 (10/14/09)

INDIANA

– Nonresident passthrough entities, refund guidance related to Riverboat Development ruling issued, 201:H–2 (10/21/09)
– Property devaluations, new tax caps mean less revenue for municipalities, study finds, 193:H–1 (10/8/09)
– Vendor parking space rental fees exempt from sales tax, 207:H–2 (10/29/09)

INDIANS, AMERICAN

See NATIVE AMERICANS

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

– Distributions to fund trust for grandson not prohibited, DOL opinion, 192:G–4 (10/7/09)
– Fee disclosure proposal discussed by DOL official, 194:G–7 (10/9/09)
– N.Y. exempts distribution from tax when IRA funded from assets rolled over from N.Y. annuity plan, 199:H–2 (10/19/09)
– Required minimum distributions, practitioners raise questions about RMDs, 2009 waiver at IRS phone forum, 208:G–8 (10/30/09)
– Roth IRAs, IRS counsel discusses model notice for rollovers from qualified pension plans, 194:G–11 (10/9/09)

INFORMATION REPORTING

– Corporate reporting of services, property providers expanded in Senate health care reform bill, 196:GG–1 (10/14/09); House bill, 208:GG–1 (10/30/09)
– Electronic filing, IRS corrects specifications for returns, 195:G–7 (10/13/09)
– Exempt entities, Form 990

See EXEMPT ORGANIZATIONS

– Foreign accounts

– – Bank, trust, corporate disclosures

See LEGISLATION, FEDERAL, HR 3933, S 1934

– – Pension plans and trusts, stakeholders say FBAR reporting should be limited, 193:G–5 (10/8/09); comment letters, Groom Law Group, 193:TaxCore (10/8/09); ABA section of Real Property, Trust and Estate Law, 193:TaxCore (10/8/09)
– – Swiss accounts, litigation

See SWITZERLAND

– – Voluntary disclosure initiative

See OFFSHORE HAVENS

– – Ways-Means subcommittee hearing, Neal (D-Mass) announces, 208:G–13 (10/30/09)

– Foreign firms, subsidiaries, Appeals official says IRS working on appeal right options for reporting penalties, 201:G–6 (10/21/09); Appeals working to handle international, shelter penalties on pre-assessment basis, 208:G–10 (10/30/09)
– IRPAC makes recommendations on credit card transactions, securities transfers, tax evasion, 207:G–7 (10/29/09); IRS news release, 207:TaxCore (10/29/09); text of Information Reporting Program Advisory Comm. 2009 report, 207:TaxCore (10/29/09)
– Securities transactions, reporting of customer's basis on IRPAC meeting agenda, 191:G–1 (10/6/09); IRS notice with agenda, 191:TaxCore (10/6/09)
– Tax shelter transactions

See TAX SHELTERS

– Tip income, employer e-filing instructions updated, 199:G–10 (10/19/09)

INSURANCE

See also HEALTH INSURANCE
– Accounting for contracts

– – FASB seeks comment on EITF position on “separate account” issue, 189:G–2 (10/2/09)
– – IASB shifts stance on expensing acquisition costs, 207:I–4 (10/29/09)

– Centenarians, ACLI asks IRS to finalize insurance contract safe harbor, 193:G–1 (10/8/09)
– Life settlements, Treasury official discusses recent rulings, 188:G–2 (10/1/09)
– Reinsurance, Treasury official discusses recent guidance, 188:G–2 (10/1/09)
– Tex. court rules dividends applied to premium renewals taxable (Tex. App.), 196:K–3 (10/14/09); decision text, 196:TaxCore (10/14/09)
– Unemployment insurance

See UNEMPLOYMENT INSURANCE

INTELLECTUAL PROPERTY

– Tax avoidance, patented strategies

See TAX PRACTICE

INTEREST RATES

– Applicable, adjusted federal interest rates for Nov., IRS Rev. Rul., 200:G–1 (10/20/09)
– Pension plans, minimum funding standard

See PENSIONS

– Placed-in-service date for new buildings cited in AFR tables for Aug. and Sept. corrected, 199:G–10 (10/19/09)
– State rates

See specific states

INTERNAL CONTROLS

See CORPORATE GOVERNANCE

INTERNAL REVENUE SERVICE (IRS)

– Commissioner succession, IRS issues delegation order, 195:G–7 (10/13/09)
– Personnel

– – LMSB Comm'r, Maloy appointed, 199:G–1 (10/19/09)
– – Tax compliance, SBSE hires 4,000 this year, 205:G–6 (10/27/09)
– – Travel, TIGTA says controls over premium class travel generally effective, 197:G–4 (10/15/09)

INTERNATIONAL FINANCE

– Currency transactions, Tobin tax would do little to stabilize financial markets, IMF's Strauss-Kahn says, 190:I–2 (10/5/09)
– Foreign bank, trust reporting

See LEGISLATION, FEDERAL, HR 3933, S 1934

– Loan origination by foreign firm in U.S., IRS ruling unique to facts, officials stress, 198:G–6 (10/16/09); text of Advice Memorandum, 193:TaxCore (10/8/09); IRS memo stands on shaky authority, demonstrates need for formal published guidance, Viewpoint, 199:J–1 (10/19/09)

INTERNATIONAL TAX

See also TAX TREATIES, specific countries, trade blocs, and regions
– Carbon emissions

See CLIMATE CHANGE

– CFCs

See CONTROLLED FOREIGN CORPORATIONS (CFCs)

– Corporations, KPMG survey finds governments turning to indirect taxes, ending rate cuts, 203:I–1 (10/23/09)
– Cross-border business, LMSB devoting increased attention to compliance issues, official tells TEI, 206:G–3 (10/28/09)
– Expatriates

– – Individuals

See EXPATRIATES

– – U.S. firms

See INVERSION TRANSACTIONS

– FBAR reporting

See INFORMATION REPORTING

– Financial institutions, OECD chief Gurria urges “light touch” on sector taxation to support recovery, 206:I–1 (10/28/09)
– Foreign firms, subsidiaries, Appeals official says IRS working on appeal right options for reporting penalties, 201:G–6 (10/21/09); Appeals working to handle international, shelter penalties on pre-assessment basis, 208:G–10 (10/30/09)
– Foreign income

– – Countries that exempt foreign income face compliance risks similar to those in U.S., GAO finds, 199:G–8 (10/19/09)
– – Credits for taxes paid

See FOREIGN TAX CREDIT

– High-wealth industry group to use holistic assessments, IRS Comm'r Shulman says, 205:G–3 (10/27/09); SBSE Deputy Comm'r Fink says high-income, high-wealth individuals are top enforcement priority, 205:G–6 (10/27/09); Shulman's prepared remarks for AICPA conference, 205:TaxCore (10/27/09)
– IRS guidance plan to emphasize international tax compliance, withholding, DiFronzo says, 202:G–7 (10/22/09); Treasury attorneys say plan to focus on foreign credit, securities lending, 207:G–8 (10/29/09)
– IRS, GWU conference on compliance, treaty issues set for Dec. 10 and 11, 195:G–1 (10/13/09)
– Obama's proposals to curb tax abuse still on table, Neal (D-Mass) aide, industry expert say, 196:G–5 (10/14/09); numerous issues remain to be worked out, Treasury official says, 200:G–4 (10/20/09)
– Offshore tax havens

See OFFSHORE HAVENS

– Possessions, U.S.

See specific territories

– Transfer pricing

See TRANSFER PRICING

– Value-added tax, easing compliance of small and medium-sized firms, OECD issues policy study, 198:I–2 (10/16/09)

INTERNATIONAL TRADE

– Excise taxes on imports, proposed TTB rules clarify link between tax payment under Code, drawback of tax, 197:G–1 (10/15/09)
– Shipping

See SHIPS AND SHIPPING

INTERNET

– Ed. Note: For the electronic sales of goods and services, see ELECTRONIC COMMERCE. For a list of electronic resources and websites, see Electronic Resources section of each issue.

INTERVIEWS

– Accounting, new SEC Chief Accountant Kroeker focuses on IFRS road map, convergence, and independence issues, 200:J–1 (10/20/09)
– Transfer pricing, OECD's Silberztein defends arm's-length standard, discusses restructuring project, 189:J–1 (10/2/09); written response, 189:J–2 (10/2/09)

INVENTORIES

– Charitable donation of food inventory

See LEGISLATION, FEDERAL, HR 3227, S 1313

– LIFO guidance, IRS seeks public comment on, 205:G–9 (10/27/09)

INVERSION TRANSACTIONS

– Domestic tax treatment

See LEGISLATION, FEDERAL, S 506

– Safe harbor, IRS looking at new safe harbor for §7874 inversions, 191:G–1 (10/6/09)

IOWA

– Economic development tax credits available yearly limited, final rules take effect, 204:H–1 (10/26/09)
– Film production credits, Iowa Atty. Gen. begins criminal investigation into state program, 192:H–2 (10/7/09)
– Interest rate for delinquent taxes to decline in 2010, 196:H–3 (10/14/09)
– Property values, annual assessment limits for agricultural, residential properties released, 204:H–1 (10/26/09)
– State's tax credit liabilities could grow through FY2011, revenue dep't report says, 195:H–3 (10/13/09)
– Targeted jobs withholding tax credit, changes to definitions, rules take effect Oct. 28, 201:H–1 (10/21/09)

IRAs

See INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

IRS

See INTERNAL REVENUE SERVICE (IRS)

ITALY

– Regional business tax, PM Berlusconi announces plans for phasing out IRAP, 204:I–2 (10/26/09); parliament begins debate, 206:I–1 (10/28/09)
– Sicily

– – Business tax incentives, European Comm'n approves, 189:I–4 (10/2/09)
– – Flooding, government to grant tax relief, 192:I–1 (10/7/09)

– Tax amnesty program spurs record repatriations, 196:I–1 (10/14/09)