Patrick's Feed
Aug 6, 2013

Tax rules could force Bezos to play active role at Wash Post

WASHINGTON, Aug 6 (Reuters) – If tax considerations played a
role in Jeff Bezos’ $250 million purchase of The Washington
Post, he may need to reconsider his hands-off approach if he
hopes to offset gains from other ventures with losses at the
newspaper.

In announcing the deal on Monday, the 49-year-old
multibillionaire founder and chief executive of Seattle-based
Amazon.com Inc told Post staff in an open letter: “I
won’t be leading The Washington Post day-to-day.”

Aug 2, 2013

Lawmaker tightens screws on IRS with Treasury subpoena

WASHINGTON (Reuters) – A senior Republican lawmaker on Friday issued a subpoena to Treasury Secretary Jack Lew seeking documents related to a nearly three-month old congressional probe of the Internal Revenue Service’s treatment of conservative political groups.

In a move to keep the pressure on the Obama administration, Darrell Issa, the top Republican on the oversight committee of the U.S. House of Representatives, said the IRS is delaying his investigation, leaving him no choice but to issue the subpoena.

Aug 2, 2013

U.S. lawmaker tightens screws on IRS with Treasury subpoena

WASHINGTON, Aug 2 (Reuters) – A senior Republican lawmaker
on Friday issued a subpoena to U.S. Treasury Secretary Jack Lew
seeking documents related to a nearly three-month old
congressional probe of the Internal Revenue Service’s treatment
of conservative political groups.

In a move to keep the pressure on the Obama administration,
Darrell Issa, the top Republican on the oversight committee of
the U.S. House of Representatives, said the IRS is delaying his
investigation, leaving him no choice but to issue the subpoena.

Aug 1, 2013

Obama picks government trouble-shooter Koskinen to lead IRS

WASHINGTON (Reuters) – President Barack Obama on Thursday nominated John Koskinen, known as a trouble-shooter of distressed organizations, to lead the Internal Revenue Service amid a controversy over the agency’s scrutiny of conservative political groups.

If confirmed by the Senate, Koskinen will take over the agency’s 90,000 employees responsible for administering the increasingly complex tax code.

Aug 1, 2013

Obama nominates John Koskinen to lead IRS

WASHINGTON (Reuters) – President Barack Obama on Thursday nominated John Koskinen, who has held a variety of roles in government, to lead the Internal Revenue Service amid a controversy over the agency’s scrutiny of conservative political groups.

If confirmed by the Senate, Koskinen will take over the agency of about 90,000 employees responsible for administering the increasingly complex tax code.

Jul 30, 2013

U.S., Liechtenstein bank reach settlement in tax evasion case

WASHINGTON, July 30 (Reuters) – U.S. federal prosecutors and
Liechtenstein’s oldest bank, Liechtensteinische Landesbank AG,
announced a $23.8 million settlement on Tuesday that halts any
criminal prosecution of the bank, which admitted to helping U.S.
clients evade taxes.

The Vaduz, Liechtenstein-based bank, which had been under
investigation since at least 2011, will face no criminal charges
for opening and maintaining undeclared bank accounts for
Americans who tried to dodge U.S. tax obligations from 2001
through 2011, both parties said in the 13-page settlement
released on Tuesday.

Jul 24, 2013

IRS pursuing ‘stateless income’ tax enforcement: official

WASHINGTON (Reuters) – The Internal Revenue Service is pursuing tax enforcement cases against companies over the issue of “stateless income,” a senior agency official said on Wednesday in a reference to corporate profits that are not taxed by any country.

Erik Corwin, an IRS deputy chief counsel, said there were international tax disputes with companies, “most involving consequences of complex restructurings designed either to create stateless income or to affect a tax efficient repatriation.”

Jul 24, 2013

U.S. IRS pursuing ‘stateless income’ tax enforcement -official

WASHINGTON, July 24 (Reuters) – The U.S. Internal Revenue
Service is pursuing tax enforcement cases against companies over
the issue of “stateless income,” a senior agency official said
on Wednesday in a reference to corporate profits that are not
taxed by any country.

Erik Corwin, an IRS deputy chief counsel, said there were
international tax disputes with companies, “most involving
consequences of complex restructurings designed either to create
stateless income or to affect a tax efficient repatriation.”

Jul 22, 2013

For some gays in America, a legal victory becomes a tax headache

WASHINGTON (Reuters) – Married Californians Jeremy Turpen and Randy Brock celebrated last month’s U.S. Supreme Court rulings on gay marriage. Now they face a tax headache.

Living in a state that recognizes gay marriage, they are entitled under the rulings to federal tax breaks enjoyed by other U.S. married couples such as tax-free, employer-provided healthcare for a spouse.

Jul 19, 2013

U.S. defends IRS tax-exempt review in pro-Israel group lawsuit

WASHINGTON (Reuters) – The Obama administration on Friday defended the Internal Revenue Service’s process for reviewing applications for tax-exempt status and contested a lawsuit filed by a pro-Israel group that is arguing its application was discriminated against.

At a federal district court hearing in Washington, a pro-Israel group, Z Street, argued that it has a legal right to sue the IRS for allegedly targeting its 2009 application for extra scrutiny. Z Street said this violated its legal rights.