<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:dc="http://purl.org/dc/elements/1.1/">
	<channel>
		<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>
		<lastBuildDate>Wed, 23 May 2012 05:46:09 +0000</lastBuildDate>
        <generator>FeedCreator 1.7.3</generator>
		<item>
			<title>Tax Digest May 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-May-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-May-2012</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest Federal May 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-May-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-May-2012</guid>
			<description><![CDATA[(May 2012) Maximizing the benefits of the S corporation in turbulent timesOver the last several years, there have been significant attempts to erode the benefits of S corporations. These include proposed legislation, court cases and IRS scrutiny on such topics as proper shareholder compensation, subjecting S corporation income to self-employment tax, and limits on the use of loans to an S corporation to create tax basis. As a result, business owners operating through S corporations may wish to consider whether an S corporation is the optimal business structure from a tax savings perspective, especially since individual tax rates are scheduled to increase in 2013, while there is talk in Washington, D.C. of lowering corporate rates. Clearly, the single level of tax provided by an S corporation remains a very attractive benefit. Therefore, S corporation shareholders should be aware of the current scrutiny of S corporations and be proactive in tax planning to minimize the tax impact of any changes to the tax provisions concerning this entity type.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest State and Local May 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-May-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-May-2012</guid>
			<description><![CDATA[(May 2012) Illinois credit deadline approaching  Taxpayers operating manufacturing plants in Illinois need to be aware that June 30, 2012, is the deadline for filing the proper forms to obtain the Illinois Manufacturer's Purchase Credit (MPC) for calendar year 2011. There is no filing extension available, and the credit will be lost if the required forms are not filed by June 30, 2012. A qualifying manufacturer may earn an MPC upon the purchase of manufacturing or graphic arts machinery and equipment that qualify for the existing manufacturing tax exemptions. MPCs may be used to pay state sales or use tax on future purchases of qualifying production-related tangible personal property. All unused MPCs expire the last day of the second calendar year following the year in which the original tax-exempt purchase was made.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest International May 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-May-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-May-2012</guid>
			<description><![CDATA[(May 2012) FATCA compliance guidance for financial institutions On Feb. 8, 2012, the IRS issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities pursuant to the Foreign Account Tax Compliance Act (FATCA). The proposed regulations are designed to implement a step-by-step process for U.S. account identification, information reporting and withholding requirements for FFIs, other foreign entities and U.S. withholding agents. While the IRS has attempted to address many concerns faced by the affected industries (e.g., banks, insurance and real estate companies, hedge funds, mutual funds and private equity firms), FATCA continues to pose a significant burden. Though not yet finalized, the proposed regulations provide guidance to allow financial institutions to understand and assess what internal system changes should be made to ensure compliance. Companies that fall under the purview of FATCA should consult with their tax advisors to determine the impact that FATCA may have on their businesses and begin to implement a plan for compliance.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest April 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-April-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-April-2012</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest Federal April 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-April-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-April-2012</guid>
			<description><![CDATA[(April 2012) IRS issues directive to exam agents on tangible assets and repairs regulations Following the release of the temporary tangible assets and repairs regulations and transitional guidance for related accounting method changes, the IRS Large Business and International division recently issued a directive providing administrative guidance to examining agents. Under this directive, exam activity has been suspended for positions taken on original returns that relate to: (1) whether costs incurred to maintain, replace or improve tangible property must be capitalized versus deducted as a repairs expense; and (2) dispositions of structural components of a building or other tangible depreciable assets. This is good news for businesses currently under examination for prior repairs deductions and provides incentive for taxpayers to change to permissible accounting methods during the two-year waiver period, which begins on Jan. 1, 2012.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest State and Local April 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-April-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-April-2012</guid>
			<description><![CDATA[(April 2012) Opportunity for credits and incentivesTax jurisdictions are continuously competing to encourage taxpayers to invest and create jobs within their borders. Many jurisdictions are beginning to offer broader and more lucrative tax credits and incentives than were previously available. Taxpayers may be unaware of these credits and incentives and, therefore, are missing out on substantial opportunities to facilitate the growth of their businesses. Many of these opportunities need to be secured prior to committing to an investment. As such, taxpayers with plans that include any of the following should address these opportunities in the early planning stages: making capital expenditures; considering relocating or expanding facilities; creating and retaining jobs; renewing long term leases or acquiring a company. Consult with your tax advisor to see how you might be able to take advantage of available credits and incentives.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest International April 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-April-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-International-April-2012</guid>
			<description><![CDATA[(April 2012) Additional foreign asset disclosure form taxpayers must be aware of – Form 8938 versus FBARsThe IRS recently set out requirements for individual taxpayers to disclose their ownership of specified foreign financial assets by attaching the new Form 8938, Statement of Specified Foreign Financial Assets, to their 2011 income tax returns. Form 8938 does not replace or otherwise affect a taxpayer's obligation to file Foreign Bank Account Reports (FBARs) with the U.S. Treasury. Although information disclosed on Form 8938 does overlap with the FBAR rules, there are separate criteria and independent consequences relating to each of these forms. Because of the wide applicability of both forms and high penalties associated with failure to file, it is imperative that taxpayers pay close attention to whether they need to file one or both forms.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest March 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-March-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-March-2012</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Tax Digest Federal March 2012</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-March-2012</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-March-2012</guid>
			<description><![CDATA[(March 2012) President Obama's 2013 proposed budget includes numerous tax changes for individuals and businesses The administration's fiscal year 2013 budget proposal includes numerous business and personal tax law changes aimed at increasing revenues and achieving policy objectives. The tax proposals include replacing the alternative minimum tax with the "Buffett Rule," eliminating certain tax deductions for the oil and gas industry and allowing the Bush era tax cuts to expire for families earning over $250,000 per year.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
	</channel>
</rss>

