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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 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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		<item>
			<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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			<title>Tax Digest State and Local April 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-April-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-April-2013</guid>
			<description><![CDATA[(April 2013) Georgia manufacturers may qualify for a sales tax manufacturing exemption for energy starting in 2013
In March of 2012, Georgia passed HB 386, which introduced an exemption from Georgia sales tax and local taxes, except local taxes paid for educational purposes, for energy used in manufacturing. The exemption is phased-in at 25 percent per year for four years starting in calendar year 2013, and applies to transfers of artificial gas, gasoline, electricity, solid fuel, wood, waste, ice, steam, water and other materials necessary and integral for heat, light, power, refrigeration, climate control or processing. To claim the exemption, a manufacturer must file Form ST-5M with its energy suppliers and Form ST-5M Addendum with the Georgia Department of Revenue. Given the broad scope of the exemption and newness of the rules and forms, Georgia manufacturers may not be taking full advantage of this opportunity, and refunds and going-forward benefits may be available. Further, from a national perspective, many states offer similar exemptions under a variety of rules, and a multistate review of energy exemptions may be lucrative. Manufacturing companies should consult with their tax advisors to determine if they qualify for this and other energy exemptions.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest Federal April 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-April-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-Federal-April-2013</guid>
			<description><![CDATA[(April 2013) Protective claims for FICA refund for calendar year 2009 may be filed through April 15, 2013 
Recent decisions around Quality Stores, Inc. v. United States and CSX Corp. v. United States leave open the opportunity for protective refund claims for employers that made severance payments to involuntarily terminated employees during 2009. The IRS is not currently paying any claims filed by employers in the Sixth Circuit and is disallowing any claims filed by employers outside the Sixth Circuit. However, a protective claim filed by April 15, 2013, for 2009 severance payments will effectively extend the statute of limitations and preserve a company's rights to refunds based on the outcome of a presumed Supreme Court ruling to be made in 2013 or 2014.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest March 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-March-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-March-2013</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Tax Digest State and Local March 2013</title>
			<link>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-March-2013</link>
			<guid>http://mcgladrey.com/Tax-Digest/Tax-Digest-State-and-Local-March-2013</guid>
			<description><![CDATA[(March 2013) Delaware enhances incentives for participating in unclaimed property voluntary disclosure
On Jan. 30, 2013, Delaware added incentives for companies to participate in the state's new unclaimed property voluntary disclosure agreement (VDA) program. Holders that enter into the program on or before June 30, 2013, will have an extra year, until June 30, 2015, to enter into an agreement and make payment (or enter into a payment plan) and will receive a waiver of interest and penalties. Further, holders that enter into the program on or before June 30, 2013, will receive a limited look-back period to 1996, while holders that enter into the program between July 1, 2013, and June 30, 2014, will receive a limited look-back period to 1993. Holders that had entered into a VDA with Delaware prior to June 30, 2012, are eligible for the new VDA program for other property types, periods, subsidiaries, or related entities not included in the earlier VDA. Qualifying holders considering entering into the VDA program should act quickly (by June 30, 2013) in order to receive the maximum benefit of the 1996 look-back period.]]></description>
		<dc:creator>McGladrey</dc:creator>
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