CCH Headline News - April 14, 2010

Apr 15, 2010 1 Replies
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CCH Headline News - April 14, 2010 Federal Headlines:



4/14/2010 - _FinCEN Final Rule Includes Mutual Funds in Definition of Financial Institution in Regulations Implementing Bank Secrecy Act (RIN
1506-AA93)_
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4/14/2010 - _Haiti Relief Workers Granted Extensions of Time to File Returns (IR-2010-47)_
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4/14/2010 - _Land Surveying Corporation Engaged in Field of Engineering (Kaatz & Craig Surveying Inc., TC)_
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4/14/2010 - _Individual with Benefits, Burdens of Property Ownership Allowed Mortgage Interest Deduction; Penalties Not Imposed (Adams, TCM)_
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State Headlines:
4/14/2010 - _California --Personal Income Tax: Mortgage Forgiveness Debt Relief Enacted_
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4/14/2010 - _California --Corporate, Personal Income Taxes: Governor Signs Conformity Legislation_
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4/14/2010 - _Washington --Sales and Use, Business and Occupation Taxes: Legislature Passes Package of Tax Increases and Preference Modifications_
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Anyone knows if California conforms to this rule?

-- increasing the notification period for purposes of California's interest suspension

-- provision from 18 months to 36 months, applicable to notices provided after 2010;

What is the above talking about?

-- increasing the minimum amount of the late-filing penalty for individuals and fiduciaries

-- from (1) $100 to $135 or (2) 100% of the amount of tax due;

When is the penalty applied? There is an automatic six month extension (and it's really automatic, no form to file) from 4/15 to

10/15. So will the $135 penalty kick in 10/15? And is the the penalty the smaller of (1) and (2) above?
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