Nanette's Feed
Nov 16, 2012

New U.S. exchange targets online trading of state tax credits

Nov 16 (Reuters) – A new online exchange in New Orleans
allows participants to trade transferable state tax credits, an
estimated $5-billion annual market that has been generating more
complaints about the costs of taxpayer-backed incentives that
aim to attract targeted industries to states.

Up and running for just four weeks, the Online Incentives
Exchange (OIX) has traded more than $1 million in Louisiana tax
credits. It hopes to offer credits from 45 states by the end of
2013, according to management.

Nov 15, 2012

“Fiscal cliff” budget cuts could devastate states, cities

By Nanette Byrnes

(Reuters) – U.S. states, cities and towns, still wounded by losses of jobs and tax revenue during the recession, warned Washington on Thursday that they are in poor shape to withstand another hit if Congress takes no action to stave off sharp automatic budget cuts mandated at the “fiscal cliff” deadline.

Conveying concern to Congress, 14 U.S. mayors visited Capitol Hill on Thursday, while the Pew Center on the States, a think tank, released a study saying some jurisdictions would fare far worse than others.

Nov 15, 2012

U.S. “fiscal cliff” budget cuts could devastate states, cities

Nov 15 (Reuters) – U.S. states, cities and towns, still
wounded by losses of jobs and tax revenue during the recession,
warned Washington on Thursday that they are in poor shape to
withstand another hit if Congress takes no action to stave off
sharp automatic budget cuts mandated at the “fiscal cliff”
deadline.

Conveying concern to Congress, 14 U.S. mayors visited
Capitol Hill on Thursday, while the Pew Center on the States, a
think tank, released a study saying some jurisdictions would
fare far worse than others.

Nov 13, 2012
via Tax Break

Billions in tax savings a goal of anti-debt group, according to think tank

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When a group of 86 large U.S. companies came out in late October in favor of fixing the debt it was seen as a rare example of corporate unity, and a wake up call on just how urgent an issue the growing federal deficit has become for business.

In a new report, the Institute for Policy Studies (IPS),  a liberal Washington think tank,  argues that the group, called “Fix the Debt” is basically a larger version of an earlier Washington corporate lobbying group called “Win America”, and shares its focus on getting corporate money now being held overseas back into the United States with little or no taxes taken out.

Nov 7, 2012

Voters in three states split on gambling expansion measures

By Nanette Byrnes

(Reuters) – Proposals on the ballot in three states to expand gambling got mixed results from voters on Tuesday.

A Maryland proposal for casino expansion was approved; one in Oregon was rejected; and in Rhode Island, voters split, backing only one of two expansions.

Nov 7, 2012

Voters in 3 U.S. states split on gambling expansion measures

Nov 7 (Reuters) – Proposals on the ballot in three U.S.
states to expand gambling got mixed results from voters on
Tuesday.

A Maryland proposal for casino expansion was approved; one
in Oregon was rejected; and in Rhode Island, voters split,
backing only one of two expansions.

Nov 7, 2012

What Obama’s win may mean for personal tax planning

Nov 7 (Reuters) – Uncertainty about who will occupy the
White House is over now that U.S. President Barack Obama has
been re-elected, but uncertainty about taxes is still with us.
There is no need to feel paralyzed though.

Tax advisers say it is possible now to suggest tax planning
moves that could be a smart way for individuals to play a second
Obama presidency, though a lot of variables remain.

Nov 5, 2012

As US gambling spreads, Maryland ponders doubling down

Nov 5 (Reuters) – On Election Day, Marylanders will vote on
a proposal to expand casinos in their state, choosing whether to
raise their bet on the hottest hand going in state government -
gambling revenues.

Like many U.S. states, Maryland in recent years has upped
its ante, responding to competition from neighbors such as West
Virginia and trying to keep gamblers interested. First came the
lottery, then video slot machines. Now the state is weighing an
embrace of full-on, Las Vegas-style gaming 24 hours a day.

Oct 29, 2012

Behavioral economics taps power of persuasion for tax compliance

By Nanette Byrnes

(Reuters) – Can peer pressure make delinquent taxpayers pony up what they owe the government?

Behavioral economists say it can, and some tax agencies in both the United States and Britain are taking their advice to heart — and finding that they are reaping rewards.

Oct 15, 2012
via Tax Break

When it comes to auditing, just what does familiarity breed?

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Financial Times  columnist Lucy Kellaway has published a piece encouraging UK regulators to see the positives in the fact that many leading financial executives come from one of the Big Four audit firms – Deloitte, Ernst & Young, KMPG and PwC. 

Following on a UK Competition Commission report published last week that found two-thirds of all chief financial officers used to work for a Big Four firm,  hampering competition, Kellaway writes that there could be under-appreciated benefits to such closeness. Someone who once worked at an audit firm — or a newspaper — knows more about how their work is done and where the potential weaknesses lie, she writes.