I have the same problem. Diagnostic report follows:
Microsoft Windows 10.0 x64 Business Edition (Build 9200)
iTunes 12.3.0.44
QuickTime not available
FairPlay 2.9.7
Apple Application Support 4.0.2
iPod Updater Library 12.0
CD Driver 2.2.3.0
CD Driver DLL 2.1.3.1
Apple Mobile Device 9.0.0.26
Apple Mobile Device Driver 1.67.0.0
Bonjour 3.1.0.1 (333.18)
Gracenote SDK 3.06.1.3084
Gracenote MusicID 3.06.1.3084
Gracenote Submit 3.06.1.3084
Gracenote DSP 3.06.1.3084
iCloud for Windows 4.1.1.53
iTunes Serial Number 000000XXXXXXXXXX
Current user is not an administrator. Correction, the current user IS an administrator!
The current local date and time is 2015-09-20 19:01:36.
iTunes is not running in safe mode.
WebKit accelerated compositing is enabled.
HDCP is supported.
Core Media is supported.
**** External Plug-ins Information ****
No external plug-ins installed.
**** Network Connectivity Tests ****
Network Adapter Information
Adapter Name: {B7B526B7-965F-4582-908E-3A18FECF0016}
Description: Hyper-V Virtual Ethernet Adapter
IP Address: 192.168.1.198
Subnet Mask: 255.255.255.0
Default Gateway: 192.168.1.1
DHCP Enabled: Yes
DHCP Server: 192.168.1.1
Lease Obtained: Sun Sep 20 10:10:21 2015
Lease Expires: Wed Dec 31 19:00:00 1969
DNS Servers: 192.168.1.1
Active Connection: LAN Connection
Connected: Yes
Online: Yes
Using Modem: No
Using LAN: Yes
Using Proxy: No
Firewall Information
Windows Firewall is on. Actually, Norton 360 is on.
iTunes is NOT enabled in Windows Firewall.
Connection attempt to Apple web site was successful.
Connection attempt to browsing iTunes Store was successful.
Connection attempt to purchasing from iTunes Store was successful.
Connection attempt to iPhone activation server was successful.
Connection attempt to firmware update server was successful.
Connection attempt to Gracenote server was successful.
Last successful iTunes Store access was 2015-09-20 18:52:51.
**** CD/DVD Drive Tests ****
No drivers in LowerFilters.
UpperFilters: GEARAspiWDM (2.2.3.0),
D: HL-DT-ST BD-RE BH16NS40, Rev 1.01
Drive is empty.
**** Device Connectivity Tests ****
iPodService 12.3.0.44 (x64) is currently running.
iTunesHelper 12.3.0.44 is currently running.
Apple Mobile Device Service service 3.3.0.0 is currently running.
No Universal Serial Bus Controller found.
No FireWire (IEEE 1394) Host Controller found.
Most Recent Devices Not Currently Connected:
iPod touch (5th generation) running firmware version 8.4.1
Serial Number: CCQMK168FMJG
iPad (3rd Generation) (Wi-Fi) running firmware version 8.3
Serial Number: DLXH3FYDDJ8V
**** Device Sync Tests ****
No iPod, iPhone, or iPad found. At the time, my iPod (iOS 9) was connected via USB.
I have uninstalled and reinstalled iTunes; however, I REFUSE to reinstall Windows. That is NOT a solution. Everything was working up until this latest iTunes "update". It is your problem, Apple, please FIX it!