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Nov 5, 2014

Big Republican gains brighten outlook for U.S. business lobbyists

WASHINGTON, Nov 5 (Reuters) – Staffers at the National
Association of Manufacturers traded high-fives inside the
group’s election war room Tuesday night, as pro-business
lobbying groups enthusiastically greeted Republicans’ victory in
retaking control of the Senate.

With the Republicans’ victory, business lobbyists see a
golden opportunity to advance their clients’ interests on issues
ranging from taxes and trade to banking and energy.

Nov 4, 2014

Exclusive: U.S. lacked hard proof in tax trial of ex-UBS banker, jurors say

WASHINGTON (Reuters) – U.S. prosecutors did not present enough hard evidence to link a former top UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) banker to subordinates’ schemes to help wealthy Americans hide $20 billion in secret accounts from tax authorities, jurors from the trial told Reuters on Tuesday.

A federal jury in South Florida on Monday took a little over one hour to acquit Raoul Weil, who headed the Swiss bank’s global wealth management unit, of conspiring to defraud the Internal Revenue Service. The verdict was a major setback for Washington’s efforts to crack down on offshore tax evasion by Americans, and raised questions about how aggressively the government will pursue similar cases against senior executives.

Nov 4, 2014

U.S. lacked hard proof in tax trial of ex-UBS banker, jurors say

WASHINGTON, Nov 4 (Reuters) – U.S. prosecutors did not
present enough hard evidence to link a former top UBS AG
banker to subordinates’ schemes to help wealthy
Americans hide $20 billion in secret accounts from tax
authorities, jurors from the trial told Reuters on Tuesday.

A federal jury in South Florida on Monday took a little
over one hour to acquit Raoul Weil, who headed the Swiss bank’s
global wealth management unit, of conspiring to defraud the
Internal Revenue Service. The verdict was a major setback for
Washington’s efforts to crack down on offshore tax evasion by
Americans, and raised questions about how aggressively the
government will pursue similar cases against senior executives.

Nov 3, 2014

Expired corporate tax breaks await U.S. Congress after elections

WASHINGTON (Reuters) – When the U.S. Congress returns to work next week after Tuesday’s midterm elections, one of its first tasks will be dealing with dozens of expired corporate tax breaks, whose renewal and extension are seen as likely though not guaranteed.

Known as “extenders,” the 55 temporary laws – including tax breaks for depreciation and research – have been in limbo since the end of 2013, when their last authorized extension ran out.

Oct 2, 2014

Push for new tax math seen if Republicans seize U.S. Congress

WASHINGTON (Reuters) – A new math for tax policy is attracting fresh attention in Washington as polls suggest that Republicans could capture full control of the U.S. Congress next month.

Known as “dynamic scoring,” the approach is about how to estimate the federal budget impact of tax law changes and it has long been backed by Republicans but opposed by some Democrats.

Sep 23, 2014

New U.S. tax rules chill ‘inversion’ deal-making; shares dive

WASHINGTON/NEW YORK (Reuters) – Tough new U.S. rules on corporate “inversions” on Tuesday sent a chill through the market for the tax-avoidance deals, both pending and potential, with share prices falling sharply in nearly a dozen companies on both sides of the Atlantic.

As investors sold stocks involved in inversions, in which U.S. companies escape high taxes at home by redomiciling abroad, analysts and tax lawyers were surveying the damage to deals currently in the works and the outlook for future transactions.

Sep 22, 2014

U.S. Treasury moves against tax-avoidance ‘inversion’ deals

WASHINGTON (Reuters) – Moving against tax-avoidance by corporations, the Obama administration is taking several actions to curb deals known as “inversions” that allow companies to escape U.S. taxes by reincorporating abroad.

The Treasury Department on Monday announced new rules, effective immediately, that will reduce tax benefits accessible to companies that have inverted and make new inversions more difficult and less potentially rewarding.

Sep 18, 2014

U.S. IRS not keeping up with rise in big business partnerships

WASHINGTON (Reuters) – More large U.S. businesses are organizing as partnerships, rather than corporations, and the tax-collecting U.S. Internal Revenue Service is not doing enough to keep an eye on them, a government watchdog said on Thursday.

Echoing concerns raised by other Washington officials about the surge, the Government Accountability Office (GAO) said more than 10,000 large businesses were set up as partnerships in 2011, three time as many as in 2002.

Sep 8, 2014

Treasury’s Lew urges action on “inversion” tax deals

WASHINGTON, Sept 8 (Reuters) – Treasury Secretary Jack Lew
called on Monday for prompt action to stem the surge of U.S.
businesses reincorporating abroad in “inversion” deals to avoid
corporate U.S. income taxes, but offered no new ideas.

While proposals stacked up in Congress, Lew said the
Treasury Department was evaluating “what we can do to make these
deals less economically appealing, and we plan to make a
decision in the very near future.”

Sep 8, 2014

Treasury’s Lew urges action on corporate ‘inversion’ tax deals

WASHINGTON (Reuters) – U.S. Treasury Secretary Jack Lew on Monday called for swift action to close a federal tax code “loophole” that allows businesses to reincorporate abroad to avoid U.S. corporate taxes, but offered no new ideas for how to do that.

Amid growing concern among Washington policy-makers about these transactions known as inversions, Lew said the Treasury Department “is completing an evaluation of what we can do to make these deals less economically appealing, and we plan to make a decision in the very near future.”