WASHINGTON (Reuters) – Taxation of large U.S. multinational corporations would be dramatically overhauled by a raft of initial proposals unveiled on Tuesday by the U.S. Senate’s top tax writer, though there is broad skepticism that they could become law anytime soon.
Democratic Senator Max Baucus issued a “discussion draft” that called for, among other things, repealing the present tax code provision that allows U.S. multinationals to park hundreds of billions of dollars in foreign profits offshore tax-free.
WASHINGTON/NEW YORK (Reuters) – A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said on Tuesday.
The Texas Bankers Association and the Florida Bankers Association, both industry groups, have filed a lawsuit attempting to block a new U.S. Treasury Department rule governing accounts held by foreigners in U.S. banks.
(Reuters) – PricewaterhouseCoopers said on Wednesday it agreed to buy Booz & Co., ratcheting up an aggressive move by large audit firms back into the lucrative consulting business more than 10 years after U.S. regulators tried to tease apart the two sectors.
PwC PWC.UL, one of the world’s Big Four audit firms, said it will buy corporate consultancy Booz for undisclosed terms. Subject to approval by Booz’s partners, the transaction was the latest in a string of similar acquisitions.
(Reuters) – A divided Senate on Tuesday confirmed a former union lawyer picked by President Barack Obama to be the top prosecutor at the National Labor Relations Board.
With Obama’s Democrats rejecting Republican fears that Richard Griffin would bring an unfair labor bias to the board, the Senate approved him as the NLRB’s general counsel on a mostly party-line vote of 55-44.
(Reuters) – President Barack Obama’s pick of a former union lawyer to be the top prosecutor at the National Labor Relations Board narrowly cleared a Republican procedural hurdle on Tuesday and headed toward near-certain confirmation.
The vote to end debate on the nomination of Richard Griffin was 62-37, two more than the needed 60. It was not immediately clear when the Senate confirmation vote would be held, but it could be later in the day.
WASHINGTON (Reuters) – Foes of President Barack Obama’s healthcare law lost a bid on Tuesday to put an immediate stop to a key part of the law – the insurance subsidies in the 34 U.S. states that declined to establish their own online marketplaces.
At a court hearing, U.S. District Judge Paul Friedman in Washington, D.C., declined to grant a preliminary injunction sought by a group of individuals and small businesses that in a lawsuit call the subsidies unlawful.
(Reuters) – Two senior U.S. senators on Tuesday lauded Ireland for its decision to close a loophole used by Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz) to shelter over $40 billion from taxation, but stressed questions linger about Dublin’s role in corporate tax dodging.
“Ireland’s promise to reform its tax rules to stop multinationals from using Irish subsidiaries to escape or defer paying taxes anywhere in the world is encouraging,” senators Carl Levin and John McCain said in a joint statement.
WASHINGTON (Reuters) – The federal government shutdown has interrupted U.S. efforts to negotiate agreements with other countries on implementing an anti-tax evasion law that is to take effect next year, tax lawyers said on Friday.
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is to take effect next July. It will require foreign financial institutions to tell the U.S. Internal Revenue Service about Americans’ offshore accounts worth more than $50,000.
WASHINGTON (Reuters) – The U.S. government, stepping up its pursuit of American offshore tax dodgers worldwide, stands to gather an abundance of leads through a bank information-sharing deal between the United States and Switzerland, tax lawyers said on Tuesday.
The pact last week marked a turning point in a lengthy dispute between Bern and Washington, and opened the door for about 100 second-tier Swiss banks to turn over information about American account holders to the U.S. government.
WASHINGTON (Reuters) – All legal same-sex marriages will be recognized for U.S. federal tax purposes, the Obama administration said on Thursday, allowing married gay couples to claim the same tax benefits as their heterosexual peers.
As expected after a landmark Supreme Court ruling in June, the U.S. Treasury and Internal Revenue Service said: