CCH Tax News Headlines - September 29, 2011

CCH Tax News Headlines - September 29, 2011

_Individuals Did Not Have Cancellation of Indebtedness Income for Tax Year at Issue; They Were Not Liable for Accuracy-Related Penalty (Kleber, TCM)_

Posted on _09/29/2011_ by _CCH_ A couple who filed a joint return did not have any cancellation of indebtedness (COI) income for the tax year at issue. The taxpayers were issued a Form 1099-C in that year, which reported COI income that arose from their ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |_Leave a comment_

_Tax-Exempt Labor Organization Required to Allocate Membership Dues to Magazine Circulation Income (National Education Association of the U.S., TC)_

Posted on _09/29/2011_ by _CCH_ A tax-exempt labor organization was required to allocate a portion of its membership dues to the circulation income derived from the publication of magazines where its members had a legal right to receive those magazines as a benefit of membership. ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |_Leave a comment_ _Book Safe Harbor Method Available to Taxpayers Using Nonaccrual-Experience Method of Accounting (Rev. Proc. 2011-46)_ Posted on _09/29/2011_ by _CCH_ The IRS has provided a book safe harbor method of accounting for taxpayers using the nonaccrual-experience (NAE) method of accounting under Code Sec.

448(d)(5) and Reg. §1.448-2. To be eligible, taxpayers must also use an accrual method and must either: ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |_Leave a comment_ New State Tax Information _? Older posts_

_Wisconsin ~ Sales and Use Tax: General Information Publication Updated_

Posted on _09/29/2011_ by _CCH_ An updated Wisconsin Department of Revenue general information publication regarding sales and use taxes reflects the department?s interpretations of laws enacted by the Wisconsin Legislature and in effect as of September 1,

2011. Recent changes include the repeal of the ? _Continue reading ?_ Posted in _State Tax Headlines_ |_Leave a comment_ _North Dakota ~ Sales and Use Tax: Permit Holder Compensation, Fillable Forms, More Discussed_ Posted on _09/29/2011_ by _CCH_ A North Dakota Office of State Tax Commissioner sales tax newsletter discusses permit holder compensation, fillable forms, electronic filing, previously reported local tax changes (TAXDAY, 2011/09/14, S.15), and other matters. Permit Holder Compensation As previously reported, Act 467 (H.B. 1424), ? _Continue reading ?_ Posted in _State Tax Headlines_ |_Leave a comment_

_New York ~ Multiple Taxes: Economic Transformation and Facility Redevelopment Program Regulations Adopted_

Posted on _09/29/2011_ by _CCH_ The New York Department of Economic Development has adopted emergency regulations regarding the Economic Transformation and Facility Redevelopment Program, under which sales tax refunds and a variety of corporate franchise, bank franchise, insurance franchise, and personal income tax credits are ? _Continue reading ?_ Posted in _State Tax Headlines_ |_Leave a comment_