WASHINGTON (Reuters) – The chief of a group of more than 200 CEOs said on Thursday that President Barack Obama had told the business community last month he might back a territorial tax system, which could exempt offshore corporate profits from U.S. taxation.

Corporate America is pushing for the United States to move to such a regime, which they say would make businesses more competitive. The United States currently taxes corporate profits earned abroad only when they are brought into the country.

WASHINGTON (Reuters) – Corporations fear they will be the main course on a menu calling for hundreds of billions of dollars in new tax revenue that President Barack Obama is expected to seek in his annual budget proposal, expected within weeks.

Fresh off a political win that raised tax rates on the affluent and averted the so-called “fiscal cliff,” Obama is not likely to back away from past proposals he has sought to close tax loopholes and raise taxes on many big companies, said former advisers to the president.

WASHINGTON, Jan 30 (Reuters) – U.S. corporations fear they
will be the main course on a menu calling for hundreds of
billions of dollars in new tax revenue that President Barack
Obama is expected to seek in his annual budget proposal,
expected within weeks.

Fresh off a political win that raised tax rates on the
affluent and averted the so-called “fiscal cliff,” Obama is not
likely to back away from past proposals he has sought to close
tax loopholes and raise taxes on many big companies, said former
advisers to the president.

WASHINGTON (Reuters) – Senator Carl Levin for years tried to close U.S. corporate tax loopholes but failed to persuade many fellow Democrats. With an ax now looming over all federal spending, the veteran Michigan lawmaker hopes to gain some converts.

Levin’s committee on investigations has long used its subpoena power to produce reports on corporate tax avoidance and wrongdoing. His panel, which has oversight over government operations, has no power to enact tax law, and neither tax-writers nor Senate leadership have taken up his cause.

WASHINGTON (Reuters) – U.S.-based global companies are increasingly shifting profits into tax havens like Bermuda and Switzerland, a government report said, a finding likely to fuel debate over the taxes corporations pay and their flexibility in locating profits.

The Congressional Research Service analyzed profit data from multinational companies and compared reported profits and other business activity in lower-tax jurisdictions versus higher-tax countries like the United Kingdom and Canada.

WASHINGTON, Jan 24 (Reuters) – The Republican head of the
U.S. House of Representatives’ tax-writing panel unveiled on
Thursday options to revamp the tax treatment of derivatives and
other financial instruments amid criticism the current law
permits the system to be gamed.

The discussion draft comes from House Ways and Means
Committee Chairman Dave Camp, who has been exploring for more
than a year a tax code overhaul – a politically daunting project
made more so by deep fiscal policy divisions in Congress.

WASHINGTON, Jan 24 (Reuters) – The Republican head of the
House of Representatives’ tax-writing committee on Thursday
unveiled options to revamp tax treatment of derivatives and
other financial instruments amid criticism the current law
permits gaming the system for tax advantages.

The discussion draft comes from House Ways and Means
Committee Chairman Dave Camp, who has been exploring for more
than a year a thorough rewrite of the tax code – a politically
daunting project made even more so by this Congress’ deep
divisions.

WASHINGTON (Reuters) – The top Republican tax writer in the House of Representatives is close to releasing a draft on ways to revamp corporate taxes levied on complex financial products, a committee aide said on Wednesday.

The proposal, expected as early as this week, will come from House Ways and Means Committee Chairman Dave Camp, whose panel has been exploring a broad tax code overhaul for more than a year.

WASHINGTON (Reuters) – The tax return preparation industry was thrown into disarray on Tuesday when the U.S. Internal Revenue Service rescinded new registration and training rules affecting up to 700,000 tax return preparers.

The tax-collection agency backed away from its new program, meant to crack down on unscrupulous preparers, after a court decision on Friday barred the IRS from enforcing tax return preparer regulations.

WASHINGTON, Jan 22 (Reuters) – The U.S. Internal Revenue
Service on Tuesday rescinded new registration and training rules
that it put in place just months ago for about 700,000 tax
return preparers, bowing to a federal court’s permanent
injunction issued on Friday.

In a setback for the tax agency, the IRS said in a statement
on its web site that nonprofessional tax return preparers “are
not currently required” to register with IRS, pass a competency
test or take continuing education classes to do tax returns.