CCH TAX NEWS HEADLINES - OCTOBER 17, 2011

CCH TAX NEWS HEADLINES - OCTOBER 17, 2011 _FinCEN Proposes Amendment to Definition of Monetary Instrument (RIN

1506-AB13)_ Posted on _10/17/2011_ by _CCH_ FinCEN has proposed amending the definition of ?monetary instrument? under the Bank Secrecy Act (BSA) regulations to include tangible prepaid access devices, such as prepaid credit and debit cards, in the reporting requirements for the international transport of currency and ? _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_

_Guidance on Code Sec. 20532 Protective Claims for Refund Released (Rev. Proc. 2011-48)_

Posted on _10/17/2011_ by _CCH_ Guidance related to the filing and resolution of a protective claim for refund of estate tax based on Code Sec. 2053 claims has been provided by the IRS. Estates that follow the procedures in Rev. Proc. 2011-48 will satisfy both ? _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_

_Obama Administration Report Says Budget Deficit, Economy Still Troublesome_

Posted on _10/17/2011_ by _CCH_ A report by the Treasury Department and Office of Management and Budget (OMB) released on October 14 said the federal budget deficit minimally shrunk as a percentage of the nation?s gross domestic product (GDP) in fiscal year (FY) 2011. The ? _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ STATE TAX HEADLINES _Michigan ~ Corporate Income Tax: Sales Factor Calculation for Foreign Person Clarified_ Posted on _10/17/2011_ by _CCH_ The calculation of the sales factor for a foreign person is clarified for Michigan corporate income tax purposes. For sales of tangible personal property, only those sales where the title passes in the United States are included in the sales ? _Continue reading ?_ _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_

_Illinois ~ Personal Income Tax: Certain Taxpayers Required to E-File_

Posted on _10/17/2011_ by _CCH_ Illinois has amended the regulation for electronic personal income tax filings. Taxpayers are required to file Illinois income tax returns electronically if they are required to file federal returns electronically, beginning with returns filed for tax years ending on or ? _Continue reading ?_ _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_