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Jun 25, 2014

U.S. senator warns as Walgreen weighs overseas tax deal

WASHINGTON, June 25 (Reuters) – As Walgreen Co, the
largest U.S. drugstore chain, edged closer to potentially moving
its tax home base abroad, the senior U.S. senator from its home
state said on Wednesday that he hoped the company would not take
such a step.

Illinois Democrat Richard Durbin told Reuters in an
interview that he spoke with a Walgreen lobbyist on Tuesday. “I
told him I hope that the rumor’s not true,” Durbin said.

Jun 24, 2014

Archivist faults U.S. IRS over missing emails in Tea Party inquiry

WASHINGTON (Reuters) – The U.S. Internal Revenue Service was criticized by the government’s chief archivist on Tuesday over emails that the tax agency has lost, the latest focus of a Republican inquiry into past IRS treatment of conservative groups.

U.S. Archivist David Ferriero told lawmakers at a hearing that the IRS did not inform his agency, the National Archives and Records Administration (NARA), as required by law, when it discovered that a former senior IRS official’s computer crash had wiped out some of her emails.

Jun 24, 2014

Republican lawmaker slams U.S. IRS over emails in Tea Party affair

WASHINGTON (Reuters) – The Republican chairman of a congressional panel accused the U.S. Internal Revenue Service on Monday of hiding a former official’s emails related to a 2013 controversy involving IRS treatment of conservative groups.

Representative Darrell Issa criticized what he called “obstruction by the IRS” over emails written by Lois Lerner that the committee wants for review. The agency said last week it lost some of Lerner’s emails in a computer crash.

Jun 20, 2014

U.S. tax chief won’t apologize to Republicans in ‘Tea Party’ probe

WASHINGTON (Reuters) – The head of the U.S. Internal Revenue Service refused to apologize on Friday for the loss of emails that Republican investigators want as part of a year-old inquiry into the tax agency’s scrutiny of politically conservative groups.

“I don’t think an apology is owed,” IRS Commissioner John Koskinen told Republican Representative Dave Camp in a tense exchange at a hearing about the emails, the latest fallout from 2013’s so-called IRS Tea Party targeting affair.

Jun 19, 2014

Congressional Democrats fault U.S. IRS fumbling in ‘Tea Party’ probe

WASHINGTON (Reuters) – Congressional Democrats are frustrated with the U.S. Internal Revenue Service’s handling of a year-old, Republican-led investigation of the tax agency’s scrutiny of Tea Party-aligned political groups, said a senior Democrat and aides on Thursday.

The head of the IRS is set to testify on Friday and Monday on the affair before two Republican-controlled panels.

Jun 18, 2014

U.S. senators want to hike gasoline tax for first time since 1993

WASHINGTON (Reuters) – Two U.S. senators on Wednesday said they want to raise the federal gasoline and diesel tax by 12 cents a gallon to prevent a fund that pays for about half of the country’s transportation projects from running out of money in August.

Republican Senator Bob Corker and Democrat Chris Murphy called for raising the tax 6 cents a year for two years and linking future fuel tax increases to inflation.

Jun 11, 2014

U.S. activists slam possible Walgreen tax move as ‘unpatriotic’

WASHINGTON, June 11 (Reuters) – If Walgreen Co were
to relocate its tax home-base to Switzerland, as some of its
investors want, the United States would lose about $4 billion in
tax revenue over five years, activist groups said on Wednesday.

The nation’s largest drugstore chain, based in Illinois, is
under pressure from some of its shareholders to do a deal known
as a tax inversion with Alliance Boots Holdings Ltd
that would shift Walgreen’s tax domicile overseas.

Jun 5, 2014

Most big US companies use offshore ‘tricks’ to avoid taxes-activists

WASHINGTON, June 5 (Reuters) – Most Fortune 500 corporations
have offshore tax haven units that they use to avoid paying U.S.
taxes through “accounting tricks,” two left-leaning tax activist
groups said on Thursday.

U.S. multinationals each year avoid paying about $90 billion
in federal income tax, the groups said in a report that comes
amid increased attention to corporate tax avoidance worldwide.

Jun 3, 2014

Data ‘dance’ seen as challenge to world corporate tax crackdown

WASHINGTON, June 3 (Reuters) – Cracking down on corporate
tax avoidance sounds like a winner, and officials are working on
it, but the practical challenges are formidable and they
dominated discussion at an Organisation for Economic
Co-operation and Development conference on Tuesday.

The OECD, a Paris-based club of large economies, has an
effort under way – known by the unwieldy name of the Base
Erosion and Profit Sharing (BEPS) project – to tighten tax rules
and treaties, and to increase government tax

May 20, 2014

Overseas corporate tax dodge targeted by U.S. Democrats

WASHINGTON, May 20 (Reuters) – Taking aim against corporate
tax avoidance, Democrats in the U.S. Congress called on Tuesday
for curbs on U.S. multinationals that shift tax domiciles abroad
in deals known as “inversions.”

While still rare, these deals are becoming more common, with
two recently attempted transactions by Pfizer Inc and
Omnicom Group Inc drawing attention to the strategy.