Daily Tax Report Index-Summary

RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS (RICO) ACT

– Online cigarette sales, RICO's application on Supreme Ct. docket, BNA Analysis & Perspective, 190:J–1 (10/5/09)

REAL ESTATE

See HOUSING
– Property taxes

See specific states

– Rehabilitation credit for buildings

See LEGISLATION, FEDERAL, HR 3715, S 1743

RECOVERY ACT

See AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)

REGULATIONS

See also FINAL IRS REGULATIONS
– IRS Chief Counsel outlines goals, including international priorities, 206:G–3 (10/28/09)
– IRS seeks public comment on various regulations, 202:G–2 (10/22/09); 207:G–9 (10/29/09)
– Limited liability companies, guidance on series LLCs, passive losses expected in new few months, 206:G–2 (10/28/09)
– OMB review of various rules sought, 190:G–6 (10/5/09); 203:G–1 (10/23/09)
– Priorities, Treasury counsel Odintz discusses, 189:G–5 (10/2/09); attention focused on international tax compliance, withholding, DiFronzo says selection process rigorous, 202:G–7 (10/22/09); Treasury attorneys say plan to focus on foreign credit, securities lending, 207:G–8 (10/29/09); IRS officials discuss plan release, future guidance projects, 208:G–3 (10/30/09); accounting issues discussed at AICPA forum, 208:G–7 (10/30/09)

RENEWABLE ENERGY

– Biofuels

See ALTERNATIVE FUELS

– Bonds, Treasury allocates $2.2B in CREBs, 206:G–8 (10/28/09)
– Cal. opens investment incentive program to green energy, 204:H–2 (10/26/09)
– Economically distressed areas

See LEGISLATION, FEDERAL, HR 3834

– Manufacturers' credit, advanced energy equipment

See MANUFACTURING

– N.M. amends rules on advanced energy tax credit, 192:H–3 (10/7/09)
– Power purchase agreements, Solar Energy Industries Ass'n seeks safe harbor guidance, 193:G–10 (10/8/09)
– Wyo. explains deadlines and eligibility for sales tax exemption, 204:H–1 (10/26/09)

REORGANIZATIONS, CORPORATE

– Cross-chain sales, IRS corrects rules to modify election by consolidated groups after liquidation of target firm, 188:G–13 (10/1/09); correction to REG-139068-08, 188:TaxCore (10/1/09); to TD 9458, 188:TaxCore (10/1/09)
– Expatriate U.S. firms

See INVERSION TRANSACTIONS

– Hot stock rules, NYSBA commends IRS for limited approach, 190:G–1 (10/5/09); NYSBA tax section comments on TD 9345, REG-150670-07, 190:TaxCore (10/5/09)
– Possessions corporations, restructuring, IRS to monitor §936 exit audits, 196:G–6 (10/14/09); LMSB directive, 196:TaxCore (10/14/09)
– Reverse “Morris trusts,” New England House Dems seek repeal of tax provision, cite Verizon deals, 204:G–1 (10/26/09); letter to Ways-Means Chrm. Rangel (D-NY), 204:TaxCore (10/26/09)
– Target corporation's downstream merger into disregarded entity subsidiary, IRS counsel defends PLR, 208:G–4 (10/30/09)

REPORTING REQUIREMENTS

See INFORMATION REPORTING

RESEARCH AND DEVELOPMENT

– Accounting for asset acquisitions, combinations, FASB seeks comment on EITF positions, 189:G–2 (10/2/09)
– Deere must include foreign branch amounts to determine §41 credit (T.C.), 203:K–1 (10/23/09); decision text, 203:TaxCore (10/23/09)
– Permanent tax credit

See LEGISLATION, FEDERAL, HR 422

– Reduced research credit, IRS cancels hearing on proposed rules, 205:G–9 (10/27/09); comments on REG-130200-08 by Rosenthal, BDO Seidman, 205:TaxCore (10/27/09)

RETAIL INDUSTRY

– Online sales

See ELECTRONIC COMMERCE

– State, local combined taxes, Tax Found. reports on highest rates, 199:H–1 (10/19/09)

RETIREMENT

See PENSIONS; SOCIAL SECURITY
– IRAs

See INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

RETURN PREPARERS

– Electronic filing mandate expected to help IRS meet congressional goal, ETA Dir. says, 197:G–7 (10/15/09); Dir. Williams says HR 3548 includes mandate, 208:G–8 (10/30/09)
– Fraudulent activities

See TAX FRAUD

– Regulation

– – CPA and attorney exemption from testing requirements sought, KPMG practitioner responds to remarks by OPR Dir. Hawkins, 188:G–5 (10/1/09)
– – Principles for preparer standards, coalition of tax preparers, consumer groups agree on, 206:G–1 (10/28/09); letter to IRS Comm'r, 206:TaxCore (10/28/09)
– – Public input phase finished, IRS expects release proposal this year, 197:G–9 (10/15/09); OPR Dir. Hawkins discusses unresolved issues, 197:G–12 (10/15/09)
– – Software industry representatives back IRS push for oversight under preparer rules, 188:G–10 (10/1/09); IRS enforcement key to successful oversight, tax software firms say, 197:G–18 (10/15/09)

– Understatement penalties

– – IRS considering plan to finalize interim penalty guidance, 203:G–4 (10/23/09)
– – IRS did not abuse discretion in sustaining levy on tax preparer (T.C.), 194:K–2 (10/9/09); decision text, 194:TaxCore (10/9/09)

RETURNS

See TAX FORMS; TAX RETURNS

RHODE ISLAND

– Estate taxes, jobs credit, other regulations, hearings announced, 206:H–1 (10/28/09)

RICO

See RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS (RICO) ACT

RUSSIA

– Export sales, VAT refund rulings issued by Russia's Supreme Arbitration Ct., 201:I–3 (10/21/09)
– Extraction regulations, revenue provision delayed until Jan., 192:I–1 (10/7/09)
– Financial transactions, income tax guidance issued, 189:I–2 (10/2/09)
– Foreign company liability for profits tax, finance ministry issues guidance, 200:I–1 (10/20/09)
– Foreign employees, guidance issued on income tax liability, 189:I–2 (10/2/09); guidance issued on employees of Russian companies outside Russia, 194:I–2 (10/9/09)
– Foreign rating, surveying services exempt from VAT, 205:I–2 (10/27/09)
– Medical expenses, deduction guidance issued for subsidiaries of foreign firms, 196:I–2 (10/14/09)
– Profit tax guidance issued, 191:I–2 (10/6/09)
– Securitization of financial assets, parliament adopts legislation, 202:I–1 (10/22/09)
– Tax evasion, Duma reviews amendments to criminal liabilities, 199:I–2 (10/19/09)
– VAT refunds, Duma reviews draft bill simplifying procedures, 204:I–1 (10/26/09)