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Dec 3, 2014

‘Extenders’ tax breaks renewal expected in U.S. House

WASHINGTON (Reuters) – Dozens of special-interest tax breaks would be renewed under a bill expected to win U.S. House of Representatives approval on Wednesday, in a move to let taxpayers claim the tax breaks for 2014 while kicking a broader debate about them into 2015.

Known as the “extenders” package, the temporary tax breaks, affecting a wide range of corporations and ordinary Americans, have been in limbo since they expired at the end of 2013.

Dec 2, 2014

Brief renewal ahead for U.S. ‘extenders’ tax breaks

WASHINGTON (Reuters) – Congressional Republicans stepped back on Tuesday from a fight to overhaul a package of special-interest U.S. tax breaks, known as the “extenders,” by saying all of them would soon be renewed retroactively, but only through the end of this year.

The Obama administration also weighed in, with Treasury Secretary Jacob Lew meeting with congressional Democrats and saying in a statement that the White House was “open to supporting shorter-term alternatives” on the extenders.

Nov 18, 2014

Seven big U.S. companies paid CEOs more than Uncle Sam in 2013-study

WASHINGTON, Nov 18 (Reuters) – Seven of the 30 largest U.S.
corporations paid more money to their chief executive officers
last year than they paid in U.S. federal income taxes, according
to a study released on Tuesday that was disputed by at least one
of the companies.

Amid talk in Washington about corporate tax reform, the
study said the seven companies, which in 2013 reported more than
$74 billion in combined U.S. pre-tax profits, came out ahead on
their taxes, gaining $1.9 billion more than they owed.

Nov 12, 2014

Republican knives out for Obama’s medical devices tax

WASHINGTON, Nov 12 (Reuters) – Republicans in the U.S.
Congress will move soon to kill a medical device tax that was
imposed less than two years ago under President Barack Obama’s
healthcare law, congressional aides and analysts said on
Wednesday.

The 2.3-percent excise tax on sales of most medical devices
sold in the United States helps fund the healthcare law, known
as Obamacare, and applies to products ranging from bedpans to
costly heart pacemakers. It took effect in January 2013.

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.