CCH TAXNEWS HEADLONES - OCTOBER 27, 2011

CCH TAXNEWS HEADLONES - OCTOBER 27, 2011 _Partnership Subject to Gross VMTMaluation Misstatement Penalties on Tax Shelter Transaction (Fidelity International Currency Advisor Fund, LLC, CA-1)_

Posted on _10/27/2011_ by _CCH_ A 40-percent penalty for tax underpayment attributable to a gross valuation misstatement was properly imposed on a partnership. The partnership?s disallowed losses arose from foreign currency options transactions that lacked economic substance. The transactions were designed to cancel each other ? _Continue reading ?_ HEADLINESPosted in _Federal Tax Headlines_ |Comments Off STATE TAX HEADLINES

_Washington ~ Business and Occupation Tax: Hospital?s Taxable Gross Income Included Amounts Paid to Emergency Room Physicians_

Posted on _10/27/2011_ by _CCH_ On remand from the Washington Supreme Court, the Court of Appeals held that money a hospital collected for professional medical emergency room services and paid to its emergency room physicians group constituted gross income of the hospital subject to business ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_Nebraska ~ Multiple Taxes: Electronic Verification of Employees for Incentives Must Occur at Time of Hiring_

Posted on _10/27/2011_ by _CCH_ The Nebraska Department of Revenue has advised that for incentive act applications filed on or after October 1, 2009, a taxpayer may not subsequently use E-Verify to veNebraska ?Multiple Taxes: Electronic Verification of Employees for Incentives Must Occur at Time ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off