July 26 (Reuters) – Good morning and welcome to the top tax and accounting headlines from Reuters and other sources.
* Chairman of key U.S. congressional committee has lymphoma – Reuters. U.S. Rep. Dave Camp, a Michigan Republican who chairs the powerful House Ways and Means committee, said on Saturday he will undergo treatment for non-Hodgkins lymphoma, a cancer that starts in parts of the body’s immune system. “After a recent routine yearly physical, it was discovered that I have a very early, highly treatable and curable type of non-Hodgkins lymphoma – large B-cell lymphoma,” Camp said in a statement. He said he and his doctors expect “a full recovery and cure.” http://link.reuters.com/tax69s
(Reuters) – When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants?
That this question still arises could be seen as an indictment of the 2002 Sarbanes-Oxley law, enacted 10 years ago on Monday. The law was a response to accountants’ failures to sound the alarm about financial misconduct at Enron Corp, WorldCom and a host of other companies.
WASHINGTON, July 26 (Reuters) – The U.S. Treasury Department
on Thursday spelled out different ways for countries and foreign
financial institutions to comply with new U.S. disclosure rules
on offshore accounts controlled by Americans, ramping up a
crackdown on tax evasion.
Treasury is gradually implementing 2010′s Foreign Account
Tax Compliance Act, or FATCA, a controversial statute that is
shaking the foundations of financial secrecy worldwide.
WASHINGTON (Reuters) – Republicans seized on a momentous U.S. Supreme Court ruling on Thursday to accuse President Barack Obama of hiding a tax increase in his healthcare law, an argument likely to intensify a congressional tax policy war already underway.
The court ruled the 2010 law was valid because Congress has the power to impose taxes. The Obama administration played down the tax factor, but Republican opponents pounced on the decision, seeking to elicit political points from a legal issue.
June 15 (Reuters) – Aiming to shoot holes in
Republicans’ budget plans, U.S. President Barack Obama is
challenging reporters to verify his conclusions that they can’t
slash taxes and shrink deficits without gutting popular
government programs and tax breaks.
Obama on Thursday charged that the numbers in Republican
rival Mitt Romney’s plan for taxing, spending and deficits have
been only vaguely sketched out and their math does not add up.
(Reuters) – President Barack Obama challenged reporters on Thursday to check out his analysis of the Republicans’ plan for taxes, the budget and the deficit – a plan sketched so far only in vague terms.
The president said his rival Mitt Romney and other Republicans want to keep the tax cuts approved under President George W. Bush, “add another $5 trillion in tax cuts on top of that,” cut $1 trillion from the budget, and reduce the deficit.
(Reuters) – The United States is on a “dangerous path” that could lead to a European-style fiscal crisis, warned the Senate’s top tax legislator on Monday, while calling for more tax revenue and ending corporate incentives to shift profits and jobs overseas.
Democrat Max Baucus urged fellow lawmakers to resolve by the end of 2012 a host of “crucial spending and tax decisions” that will arise immediately following the November 6 presidential and congressional elections.
WASHINGTON (Reuters) – Facebook co-founder Eduardo Saverin, under fire over the tax consequences of renouncing his U.S. citizenship, said on Thursday he is obligated to and will pay “hundreds of millions of dollars in taxes to the United States government.”
The social media entrepreneur and investor said in a statement, emailed to Reuters by a spokesman, that his decision to move to Singapore was “based solely on my interest in working and living” there. Saverin said he has been there since 2009.
(Reuters) – Facebook co-founder Eduardo Saverin, who has renounced his U.S. citizenship, was accused on Thursday by two U.S. senators of dodging taxes on Facebook stock-market profits.
When the company goes public on Friday, Saverin will make a fortune. Bloomberg first reported last week he had renounced his citizenship and, in so doing, may avoid U.S. taxes on the initial public offering.
WASHINGTON (Reuters) – China and the world’s largest audit firms face credibility risks under an order Beijing issued saying the firms must hire more Chinese citizens to manage operations there, analysts said.
Thursday’s order follows a string of accounting scandals at Chinese companies listed on U.S. stock markets and amid broader questions about China’s willingness and ability to conform with international business standards and rules.