Nanette's Feed
Jul 30, 2012
via Tax Break

Olympic medals: gold to the IRS too?

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When the lucky (and good) Americans who medal at the London Games bow their head to receive the gold, silver or bronze, one can only hope the tax man is the last person on their mind.

They’d be unwise to forget him altogether, however. As with so much in life, Olympic glory comes at a price, and by price, we mean tax.

Jul 30, 2012
via Tax Break

Calendar

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Some important tax and accounting dates in the weeks ahead: Tuesday, July 31- Thursday, August 2

* IRS hearing on proposed regulations that implement fees associated with the Patient Protection and Affordable Care Act on some insurance policies and self-insured health plans. 10 a.m. EDT, IRS Auditorium. Washington.

Jul 13, 2012
via Tax Break

Calendar

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Some important tax and accounting events in the week ahead:

Monday, July 16 • New York University two-week conference begins on corporate income tax, international taxation, wealth-planning and other topics. New York City.

Tuesday, July 17 and Thursday, July 19 • IRS conferences in Buffalo, New York, on July 17 and in Erie, Pennsylvania, on July 19 on the benefits and responsibilities of tax-exempt status, and what must be done to maintain it.

Jul 12, 2012

Soccer’s Manchester United move to Caymans could benefit Glazers in IPO

By Nanette Byrnes and Lynnley Browning

(Reuters) – Companies often incorporate in the Cayman Islands for tax reasons. But in the case of Manchester United, the English soccer team seeking an initial public offering on the New York Stock Exchange, the advantage accrues to its controlling family, the Glazers, at the expense of new public investors.

As part of its IPO, the legendary sports franchise will use a new Cayman Islands company to sell shares, even though the club’s operations are in Britain.

Jul 12, 2012

Manchester United move to Caymans could benefit Glazers in IPO

By Nanette Byrnes and Lynnley Browning

(Reuters) – Companies often incorporate in the Cayman Islands for tax reasons. But in the case of Manchester United, the football team seeking an initial public offering on the New York Stock Exchange, the advantage accrues to its controlling family, the Glazers, at the expense of new public investors.

As part of its IPO, the legendary sports franchise will use a new Cayman Islands company to sell shares, even though the club’s operations are in Britain.

Jul 12, 2012

Man United move to Caymans could benefit Glazers in IPO

By Nanette Byrnes and Lynnley Browning

(Reuters) – Companies often incorporate in the Cayman Islands for tax reasons. But in the case of Manchester United, the English soccer team seeking an initial public offering on the New York Stock Exchange, the advantage accrues to its controlling family, the Glazers, at the expense of new public investors.

As part of its IPO, the legendary sports franchise will use a new Cayman Islands company to sell shares, even though the club’s operations are in Britain.

Jul 12, 2012

Soccer’s Man United move to Caymans could benefit Glazers in IPO

July 12 (Reuters) – Companies often incorporate in the
Cayman Islands for tax reasons. But in the case of Manchester
United, the English soccer team seeking an initial public
offering on the New York Stock Exchange, the advantage accrues
to its controlling family, the Glazers, at the expense of new
public investors.

As part of its IPO, the legendary sports franchise will use
a new Cayman Islands company to sell shares, even though the
club’s operations are in Britain.

Jul 11, 2012
via Tax Break

Essential reading: Attacks on Romney for offshore assets, taxes heat up, and more

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Welcome to the top tax and accounting headlines from Reuters and other sources.

* Attacks on Romney for offshore assets, taxes heat up. Jeff Mason and Steve Holland – Reuters. President Barack Obama’s re-election team stepped up attacks on Mitt Romney for holding offshore assets and urged him to release more tax returns, pushing hard on an issue that could be a weak point for the Republican presidential candidate. The Obama campaign and top Democrats took to the Internet and airwaves on Tuesday with accusations that Romney is being secretive about his wealth as they sought to cement an image of the Republican candidate as a multi-millionaire who is out of touch with ordinary Americans. Link 

* Romney tax plan would eat into popular breaks: study. Kim Dixon – Reuters. Republican presidential candidate Mitt Romney’s pitch to slash taxes by 20 percent across-the-board would require cuts of about $320 billion in popular tax breaks to avoid adding to the deficit, a nonpartisan analysis said on Tuesday. The report by the Tax Policy Center found that to pare tax rates to the level promised by Romney, a third of the $1.1 trillion in so-called federal tax expenditures would have to be axed to prevent the federal budget deficit from growing. Link

Jul 10, 2012

Analysis: Little-known US board stokes hot pension debate

By Nanette Byrnes

(Reuters) – The feedback was swift and often scathing when a little-known public board signaled its intent to toughen the accounting rules governing state and local pension funds of millions of U.S. public employees, intensifying worries over a shortfall of billions of dollars.

The plan by the Governmental Accounting Standards Board (GASB) – which was approved on June 25 – drew praise from the American Institute of Certified Public Accountants and from investors looking for transparency in the $3.7 trillion municipal bond markets.

Jul 9, 2012
via Tax Break

Study: Companies of Republican CEOs pay more tax than Democrats’

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Boeing CEO James McNerney (L) introduces U.S. Republican Presidential candidate Mitt Romney to speak to company leaders at a gathering sponsored by the Business Roundtable. Washington, June 13, 2012. REUTERS/Jason Reed

Despite Democratic attempts to paint the Republicans as the party of the tax dodger, companies run by CEOs with Republican political leanings typically pay more in taxes than those run by Democrats, according to a new study.