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May 2012 Federal Maximizing the benefits of the S corporation in turbulent times Tax Court ruling highlights need for adequate supporting documentation in research tax credit claims Claiming bonus depreciation for 2011 IRS intends tougher, speedier audits of middle market and flow-throughs Cancellation of indebtedness issues for partnerships Capitalized interest included for purposes of bonus depreciation safe harbor rule Expanded work opportunity tax credit available for hiring qualified veterans State and Local Illinois credit deadline approaching Ohio amnesty program State attempts to apply alternative apportionment formulas Potential NYC audit position for investment partnerships International FATCA compliance guidance for financial institutions Companies in limbo after sunset of CFC look-through rule