CCH TAX NEWS HEADLINES - OCTOBER 7, 2011

CCH TAX NEWS HEADLINES - OCTOBER 7, 2011

_Changes Proposed to EIC Due Diligence Requirements for Tax Return Preparers (IR-2011-98; NPRM REG-140280-09)_

Posted on _10/07/2011_ by _CCH_ The IRS has proposed amendments to the regulations under Code Sec. 6695(g) to aid in enforcement of the due diligence requirement for tax return preparers preparing returns that claim the Earned Income Credit (EIC). The proposed regulations change ?signing tax ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |_Leave a comment_ _IRS Proposes Amendments to Retail Inventory Accounting Method Regs (NPRM REG-125949-10)_ Posted on _10/07/2011_ by _CCH_ The IRS has released proposed amendments to the retail inventory accounting method regulations that restate and clarify the computation of ending inventory values under the retail inventory method and provide a special rule for certain taxpayers that receive margin protection ? _Continue reading ? _ Posted in _Federal Tax Headlines_ |_Leave a comment_ STATE TAX HEADLINES _Illinois ~ Sales and Use Tax: Online Ticket Reseller Not Liable for Local Amusement Tax_ Posted on _10/07/2011_ by _CCH_ Illinois municipalities may not require an Internet auction listing service that resells tickets to entertainment events to collect and remit amusement taxes on resold tickets, the Illinois Supreme Court has held. In

2002, Illinois amended a law prohibiting the resale ? _Continue reading ?_ Posted in _State Tax Headlines_ |_Leave a comment_

_California ~ Multiple Taxes: Delinquent Taxpayers Subject to Expanded Exposure, Penalties_

Posted on _10/07/2011_ by _CCH_ Taxpayers who are delinquent in paying California corporate and personal income taxes and sales and use taxes will be subject to increased public exposure and may have any state licenses revoked or suspended. In addition, both the State Board of ? _Continue reading ?_ Posted in _State Tax Headlines_ |_Leave a comment_