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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 June 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-June-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-June-2013</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest State and Local June 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-June-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-June-2013</guid>
			<description><![CDATA[(June 2013) Florida expands sales tax exemption for manufacturing machinery and equipment
On May 17, 2013, Florida enacted HB 7007, which creates a new sales and use tax exemption for industrial machinery and equipment purchased by an eligible manufacturing business. The exemption is available for purchases made from the date of enactment on April 30, 2014, through April 30, 2017, at which time it expires. For the purposes of this exemption, the term "industrial machinery and equipment" generally means tangible personal property or other property that has a depreciable life of three years or more and is used as an integral part in the manufacturing, processing, compounding or production of tangible personal property for sale. The term "eligible manufacturing business" means any business, at the location where the industrial machinery and equipment is located, the primary activity of which is classified under NAICS code 31, 32 or 33. Prior to the enactment of HB 7007, purchases of industrial machinery and equipment were only exempt if made by new and expanding businesses.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest International June 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-June-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-June-2013</guid>
			<description><![CDATA[(June 2013) IRS releases draft Forms W-8BEN and W-8BEN-E in light  of upcoming FATCA deadlines
Under the provisions of the  Foreign Account Taxpayer Compliance Act (FATCA), U.S. withholding agents on  Jan. 1 2014, must begin withholding an amount equal to 30 percent of certain U.S.  source payments made to a wide variety of foreign entities unless the U.S.  withholding agent receives appropriate documentation showing that the payee is  entitled to an exemption or reduced rate of withholding. In light of this  upcoming deadline, the IRS has released new draft Forms W-8BEN and W-8BEN-E  that taxpayers must use to document any claim to a reduced rate related to or  an exemption from the FATCA tax. At eight pages, Form W-8BEN-E is substantially  longer than the one-page form it replaces and reflects the dozens of new  regulatory categories that the final FATCA regulations require U.S. withholding  agents (including both financial and non-financial firms) to apply in  classifying payees. Taxpayers will generally be required to use the forms  beginning six months after the forms are finalized. The forms will likely be  finalized in time for U.S. withholding agents to use them as documentation for  payees that are documented on or after Jan. 1, 2014, the date FATCA withholding  is set to begin. Because substantial penalties exist for failure to properly  withhold without collecting valid payee documentation, all U.S. withholding...]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest Federal June 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-June-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-June-2013</guid>
			<description><![CDATA[(June 2013) IRS releases guidance on repairs of steam or electric power generation property 
On April 30, 2013, the IRS released Rev. Proc. 2013-24, providing guidance for determining whether expenditures to maintain, replace or improve steam or electric power generation property constitute capitalizable improvements versus deductible repairs. Revenue Proc. 2013-24 also provides procedures for obtaining automatic consent to change to a method of accounting that uses all or some of the unit of property and major component definitions provided in the revenue procedure. This comes as welcome and significant guidance for taxpayers that own applicable steam or electric power generation property. Taxpayers with a depreciable interest in such property should consult with their tax advisors on whether adopting or changing to one or more of the definitions provided in Rev. Proc. 2013-24 is advisable for tax years ending on or after Dec. 31, 2012. Rev. Proc. 2013-24 notably does not apply to property used to produce electricity from alternative energy sources (e.g., wind or photovoltaic).]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest May 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-May-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-May-2013</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest State and Local May 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-May-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-May-2013</guid>
			<description><![CDATA[(May 2013) Idaho legislation creates broad property tax exemptions
On April 3, 2013, Idaho enacted H0315, implementing two broadly applicable personal property tax exemptions. The first exemption applies to any item of taxable personal property that is purchased on or after Jan. 1, 2013, and has an acquisition cost of $3,000 or less. For the purpose of this exemption, "acquisition cost" is defined as all costs required to put the item of taxable personal property into service and includes the purchase price, the cost of freight, shipping, installation, engineering, erection and assembly, and the amount of sales and use taxes paid on the item. The term "item of taxable personal property" is defined as equipment, machinery, furniture or other personal property that is functioning at its highest and best use for the purpose for which it was designed and constructed and is generally capable of performing that function without being combined with other items of personal property. The second exemption applies to the first $100,000 of a taxpayer's total taxable personal property located in a taxing county that is not otherwise exempt from taxation, not including vehicles, recreational vehicles, aircraft and boats that are not registered with Idaho and for which registration fees have not been paid. A taxpayer must file an application to claim this second exemption. Because the first exemption makes property with an acquisition cost of $3,000 or less "otherwise exempt from taxation" for the purposes of the second exemption, the benefit...]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest International May 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-May-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-May-2013</guid>
			<description><![CDATA[(May 2013) Government officials say time is running out to disclose offshore income
Earlier this month, government officials stated that time is running out to take advantage of amnesty programs available to taxpayers that have undisclosed offshore income or accounts. The current Offshore Voluntary Compliance Program (OVDP), while currently open indefinitely, is not available if the IRS contacts the taxpayer before entering the program. Officials have noted that a wealth of information is flowing to the government and have expanded their investigations as a result. Taxpayers, whether individuals or entities, with previously unreported foreign assets, accounts or income should take steps as soon as possible to properly report such activity because the OVDP program may end at any time. Several options may exist for taxpayers if the IRS has not yet contacted them; including enrollment in the OVDP or filing amended tax returns along with delinquent forms if no unpaid tax liability exists. In some cases, taxpayers may wish to consult an attorney to receive advice regarding potential criminal and civil liability.
Ramon Camacho, Principal, Washington National Tax]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest Federal May 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-May-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-May-2013</guid>
			<description><![CDATA[(May 2013) IRS issues updated directive to exam agents on tangible asset and repair regulations
On March 22, 2013, the IRS issued a directive providing administrative guidance to agents conducting examinations of the repair versus capitalization issue under sections 162(a) and 263(a). This directive replaces a previous directive and follows amendments to the temporary regulations regarding the deduction and capitalization of expenditures related to tangible property which delayed the effective date of the temporary and pending final regulations until taxable years beginning on or after Jan. 1, 2014. As in the prior directive, the new directive provides for the suspension of exam activity for positions taken on original returns relating to repair expenditures and correlative dispositions of tangible depreciable assets and applies to exams for tax years beginning before Jan. 1, 2014. The directive should provide comfort for taxpayers currently under exam for years in which repair expenditures and correlative dispositions were recognized. Taxpayers not currently under exam are encouraged to evaluate existing methods to determine whether filing Forms 3115 to adopt the temporary (or pending final) regulations during tax years beginning on or after Jan. 1, 2012, or before Jan. 1, 2014, is advantageous.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest April 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-April-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-April-2013</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest International April 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-April-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-April-2013</guid>
			<description><![CDATA[(April 2013) Proposed rule changes would allow third-party preparers to complete FBARs
The Financial Crimes Enforcement Network (FinCEN) recently requested comments on proposed changes to Form TD F 90-22.1. This form, commonly referred to as the FBAR, is used to report information on foreign financial accounts in which a U.S. person has signature or other authority and has a balance in excess of $10,000. The proposed changes would allow the FBAR to be completed and filed by third-party preparers, as is the case for other FinCEN forms. Currently, the FBAR does not provide a space for third-party preparers to sign, and filers who wish to electronically file the FBAR must personally register on the FinCEN e-filing system to submit the form electronically. If finalized, the proposal will be a welcome change since all FBARs submitted after July 1, 2013, will be required to be electronically filed. If the proposal is finalized, the burden placed on individual filers to individually register with FinCEN should be significantly reduced.]]></description>
		<dc:creator>McGladrey</dc:creator>
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