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		<title>McGladrey: Tax Digest</title>
		<description><![CDATA[McGladrey's Tax Digest summarizes relevant current state and local tax developments and provides insight and information regarding state practices and trends in taxation.]]></description>
		<link>http://mcgladrey.com/</link>
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			<title>Tax Digest September 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-September-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-September-2010</guid>
			<description><![CDATA[(September 2010) LEGISLATION 

HIRE Act
Health Care Reform Acts

FEDERAL

Merger and Acquisition Transaction Costs: Who Gets the Benefit?
Proposed Carried Interest Legislation and its Affect on Family Limited Partnerships
S Corporation Planning for Additional Medicare Payroll Tax
Government Wins another Case Applying the Disguised Sales Rules
Construction Projects Eligible for Energy Grant Program
Favorable Guidance for Research Tax Credit and Intercompany Sales

STATE AND LOCAL

Illinois Enacts Angel Investment Credit
Illinois Small Business Job Creation Tax Credit

INTERNATIONAL

Tax Relief for Taxpayers Affected by Hurricane Alex
Refund Opportunity for U.S. Limited Liability Companies Filing in Canada]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>Legislation September 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/Legislation-September-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Legislation-September-2010</guid>
			<description><![CDATA[(August 2010) HIRE ActThe Hiring Incentives to Restore Employment (HIRE) Act’s main  purpose is to reduce the ranks of the unemployed, but creating a tax credit for  creating jobs is only one avenue in which your business may benefit from the  $18B tax legislation. Our article, HIRE Act Offers Incentives for Employers,  outlines the benefits possible for your company.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
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		<item>
			<title>Tax Digest August 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-August-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-August-2010</guid>
			<description><![CDATA[(August 2010) LEGISLATION 

House Energy Tax Bill Based on Section 48C Likely to be Released Soon

FEDERAL

Change in Financial Accounting Standards for Multiple-Deliverable Revenue Arrangements
Intangible Asset Disposals
Extended NOL Carryback Rules for Consolidated Groups
Single and Multi-Employer Defined Benefit Plans

STATE AND LOCAL

Tax Amnesty Programs in Full Swing

INTERNATIONAL

Operations in Cash and Traveler’s Checks in Foreign Currency and Statutory Audit]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>Legislation August 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/Legislation-August-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Legislation-August-2010</guid>
			<description><![CDATA[(August 2010) House Energy Tax Bill Based on Section 48C Likely to be Released Soon
The Chairman of the House Ways and Means Committee, Sander Levin (D-Mich), expects to release an energy tax bill soon. Levin recently told reporters that the legislative language for such a bill would "start with" the section 48C advanced energy property manufacturing tax credit program. Section 48C provides a 30 percent investment credit to the manufacturers of solar panels, wind turbines, geothermal systems, and other mechanisms used in clean energy production. Levin added that "there are other direct tax credits, direct payments, for wind, for solar, so it's essentially going to focus in on manufacturing." Rep. Chris Van Hollen (D-Md.), a Ways and Means member and assistant to House Speaker Nancy Pelosi (D-Calif.), added that it is important to continue other incentives, including the ARRA Section 1603 energy grant program.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>Federal August 2010 </title>
			<link>http://mcgladrey.com/Tax-Digest/Federal-August-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Federal-August-2010</guid>
			<description><![CDATA[(August 2010) Change in Financial Accounting Standards for Multiple-Deliverable Revenue Arrangements
The Emerging Issues Task Force (EITF) and the FASB recently revised the guidance on accounting for multiple-deliverable revenue arrangements (Accounting Standards Update (ASU) No. 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (a consensus of the FASB Emerging Issues Task Force)). ASU 2009-13 represents a significant shift from the existing guidance, and its application is expected to enable vendors to account for products or services (deliverables) separately rather than as a combined unit. This change in the U.S. GAAP rules for revenue recognition for multiple-deliverable arrangements will necessitate companies to determine whether any change in book practices will result in a change in method of accounting for tax purposes, which may require consent of the IRS National Office. For more information, see our extended article, Multiple-Deliverable Revenue Arrangements.

Intangible Asset Disposals Recent ruling may provide tax savings opportunities 
In PLR 201016053, the Service ruled that where a taxpayer could separately identify and distinguish acquired customer-based intangibles from self-created customer-based intangibles, the taxpayer could separately calculate gains on the sale of each, thereby avoiding section 1245 ordinary income recapture on the sale of the self-created customer-based intangibles. To receive this favorable treatment the taxpayer was required to show that the assets had a readily ascertainable value separate and distinct from goodwill and useful life. The underlying technical analysis in the ruling could also provide tax advantages when trying to avoid section 197 anti-churning limitations and the...]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>State and Local August 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/State-and-Local-August-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/State-and-Local-August-2010</guid>
			<description><![CDATA[(August 2010) Tax Amnesty Programs in Full Swing
As reported in the July 2010 issue of  the McGladrey Tax Digest, Florida has a tax amnesty program, which began in  July and ends on Sept. 30, 2010, whereby eligible participants can have  interest and penalties waived as part of their participation in the program.  There are now a few other states which are offering penalty and/or interest  waivers as part of amnesty programs aimed at raising revenue. Read our extended  article, Tax Amnesty Programs in Full  Swing, for details about amnesty programs initiated by various states.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>International Tax August 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/International-Tax-August-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/International-Tax-August-2010</guid>
			<description><![CDATA[(August 2010) Operations in Cash and Traveler’s Checks in Foreign Currency  and Statutory Audit
During June 2010, the Mexican Government issued two separate decrees that modify tax rules that will be relevant for U.S. companies and individuals doing business or visiting Mexico. A decree has the force of law from the date of pronouncement. See our extended article, Mexico Releases New Tax Decrees, for more information.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest July 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-July-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-July-2010</guid>
			<description><![CDATA[(July 2010) Final Regulations Issued Regarding Anti-abuse for Contributed Property
Examination Procedure Documents are Updated
Employer-Sponsored Cafeteria Plan Amendments 
Service Favorably Disregards Transitory Share Issuance in Debt Restructuring
Mechanics of Extended NOL Carryback Calculation When Previous NOLs Were Claimed
Proper Timing of Pension Contribution Payments
Congress Proposes Application of Self-employment Tax to S Corporation Income

STATE AND LOCAL

Florida Tax Amnesty Underway 

INTERNATIONAL

International Tax Modifications]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>International Tax July 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/International-Tax-July-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/International-Tax-July-2010</guid>
			<description><![CDATA[(July 2010) International Tax Modifications
Congress  is considering several international tax modifications as part of the “American  Jobs and Closing Tax Loopholes Act” as submitted to the House on May 21 of this  year. The following are most significant.

Prevention  of “splitting” foreign tax credits by implementing a matching rule that  suspends credits unless the income earned is also recognized
Limitations  on foreign source income computations considered “inflated” 
Limit  certain redemptions by foreign subsidiaries to prevent avoiding U.S. tax on  repatriated earnings
Modify  or limit a variety of perceived loopholes to reduce potential tax benefit of  foreign tax credits

Taxpayers  should immediately address any transactions in their business that may have  these types of transactions and make adjustments to avoid the adverse  consequences of the bill.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
		</item>
		<item>
			<title>State and Local July 2010</title>
			<link>http://mcgladrey.com/Tax-Digest/State-and-Local-July-2010</link>
			<guid>http://mcgladrey.com/Tax-Digest/State-and-Local-July-2010</guid>
			<description><![CDATA[(July 2010) Florida Tax Amnesty Underway
The Florida Department of Revenue  (Department) on May 28, 2010, established a tax amnesty program (H.B. 5801) that  runs July 1, 2010 through Sept. 30, 2010. Amnesty applies to tax liabilities  due before July 1, 2010. Taxpayers that participate in, and fully comply  with the terms of the amnesty program, will have penalties and 50 or 25 percent  of the interest waived, and will not be subject to criminal prosecution. In  addition, if the Department has issued a notice of intent to conduct an audit  that has not yet started, eligible taxpayers may participate in the certified  audits program. More details on this amnesty program and the certified audits program  are available in our extended article, Florida Tax Amnesty Underway.]]></description>
		<dc:creator>RSM McGladrey</dc:creator>
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