CCH Tax News Headlines - October 13, 2009

Posted by TaxService on October 13, 2009, 10:01 am

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CCH Tax News Headlines - October 13, 2009

Federal Headlines:
10/13/2009 - _Banks Were Family Partnership Partners, Not Secured Lenders
(TIFD III-E, DC Conn.)_
(http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#1) State
Headlines: 10/13/2009 - _California --Corporate,
Personal Income Taxes: Governor Vetoes Conformity Legislation_
(http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#2) 10/13/2009 -
_California
--Unclaimed Property: Unclaimed Property Law Reforms Enacted_
(http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#3) 10/13/2009 -
_Pennsylvania
--Multiple Taxes: Amnesty Program, Numerous Changes Enacted_
(http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#4)
* * _Missed a headline? Click here for last week's tax
highlights_ (http://tax.cchgroup.com/News/TaxNews/default.asp?PageID=4) .

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Posted by removeps-groups@yahoo.com on October 13, 2009, 2:43 pm

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On Oct 13, 7:01 am, TaxServ...@aol.com wrote:

> CCH Tax News Headlines - October 13, 2009

> Federal Headlines:

> 10/13/2009 - _Banks Were Family Partnership Partners, Not Secured Lenders

> (TIFD III-E, DC Conn.)_

> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#1) State

Headlines: 10/13/2009 - _California --Corporate,

> Personal Income Taxes: Governor Vetoes Conformity Legislation_

What does the above mean? Will CA conform to the federal deduction
for sales tax on car?

> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#2) 10/13/2009 -

_California

> --Unclaimed Property: Unclaimed Property Law Reforms Enacted_

> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#3) 10/13/2009 -

_Pennsylvania

> --Multiple Taxes: Amnesty Program, Numerous Changes Enacted_

> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#4)

> * * _Missed a headline? Click here for last week's tax

> highlights_ (http://tax.cchgroup.com/News/TaxNews/default.asp?PageID=4) .

BTW, the new format of these emails is harder to read.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Alan on October 13, 2009, 4:39 pm

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removeps-groups@yahoo.com wrote:

> On Oct 13, 7:01 am, TaxServ...@aol.com wrote:

>> CCH Tax News Headlines - October 13, 2009

>> Federal Headlines:

>> 10/13/2009 - _Banks Were Family Partnership Partners, Not Secured Lenders

>> (TIFD III-E, DC Conn.)_

>> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#1) State

Headlines: 10/13/2009 - _California --Corporate,

>> Personal Income Taxes: Governor Vetoes Conformity Legislation_

> What does the above mean? Will CA conform to the federal deduction

> for sales tax on car?

>> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#2) 10/13/2009 -

_California

>> --Unclaimed Property: Unclaimed Property Law Reforms Enacted_

>> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#3) 10/13/2009 -

_Pennsylvania

>> --Multiple Taxes: Amnesty Program, Numerous Changes Enacted_

>> (http://tax.cchgroup.com/news/headlines/2009/nws101309.htm#4)

>> * * _Missed a headline? Click here for last week's tax

>> highlights_ (http://tax.cchgroup.com/News/TaxNews/default.asp?PageID=4) .

> BTW, the new format of these emails is harder to read.

Relative to sales taxes it is irrelevant as CA already requires
that you subtract from your federal itemized deductions the
amount of state income or state sales/use taxes.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by removeps-groups@yahoo.com on October 13, 2009, 7:57 pm

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> removeps-gro...@yahoo.com wrote:

> > On Oct 13, 7:01 am, TaxServ...@aol.com wrote:

> >> CCH Tax News Headlines - October 13, 2009

> >> California --Corporate,

> >> Personal Income Taxes: Governor Vetoes Conformity Legislation_

> > What does the above mean? Will CA conform to the federal deduction

> > for sales tax on car?

> Relative to sales taxes it is irrelevant as CA already requires

> that you subtract from your federal itemized deductions the

> amount of state income or state sales/use taxes.

Yeah but this sales tax deduction is an above the line deduction like
tuition and fees (and CA does not conform to tuition and fees).

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Arthur Kamlet on October 13, 2009, 8:32 pm

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>> removeps-gro...@yahoo.com wrote:

>> > On Oct 13, 7:01 am, TaxServ...@aol.com wrote:

>> >> CCH Tax News Headlines - October 13, 2009

>> >> California --Corporate,

>> >> Personal Income Taxes: Governor Vetoes Conformity Legislation_

>> > What does the above mean? Will CA conform to the federal deduction

>> > for sales tax on car?

>> Relative to sales taxes it is irrelevant as CA already requires

>> that you subtract from your federal itemized deductions the

>> amount of state income or state sales/use taxes.

>Yeah but this sales tax deduction is an above the line deduction like

>tuition and fees (and CA does not conform to tuition and fees).

Actually it's not an above the line deduction.

This sales tax deduction for purchase of your new car is,
your choice, either an additional line deduction on Schedule A,
or an adjustment to your standard deduction.

See Draft Form 1040 Schedule L, the Long form standard deduction
schedule. That's a promotion, as last year it was a mere worksheet.

Also see the back of new Form 1040 Schedule A. The back
of Schedule A is no longer Schedule B. It is a worksheet for the
Schedule A new car sales tax amount.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>