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Jun 5, 2014

Fortune 500 execs use ‘tricks’ to avoid U.S. taxes: activists

WASHINGTON (Reuters) – Most Fortune 500 corporations have offshore tax haven units that they use to avoid paying U.S. taxes through “accounting tricks,” two left-leaning tax activist groups said on Thursday.

U.S. multinationals each year avoid paying about $90 billion in federal income tax, the groups said in a report that comes amid increased attention to corporate tax avoidance worldwide.

Jun 3, 2014

Data ‘dance’ seen as challenge to world corporate tax crackdown

WASHINGTON, June 3 (Reuters) – Cracking down on corporate
tax avoidance sounds like a winner, and officials are working on
it, but the practical challenges are formidable and they
dominated discussion at an Organisation for Economic
Co-operation and Development conference on Tuesday.

The OECD, a Paris-based club of large economies, has an
effort under way – known by the unwieldy name of the Base
Erosion and Profit Sharing (BEPS) project – to tighten tax rules
and treaties, and to increase government tax
information-sharing.

May 30, 2014

U.S. corporate lobbying up on OECD anti-tax dodging push

WASHINGTON (Reuters) – Congressional lobbying activity by major U.S. corporations is on the rise over an anti-corporate tax dodging campaign being steered by the Organisation for Economic Co-operation and Development, a Paris-based grouping of large economies.

The OECD will hold a two-day conference next week in Washington on its “Base Erosion and Profit Shifting,” project, at a time when companies such as Pfizer Inc (PFE.N: Quote, Profile, Research, Stock Buzz) have disclosed being active in congressional lobbying on BEPS.

May 30, 2014

Swiss banks risk bigger than expected fines in U.S tax case

ZURICH/WASHINGTON, May 30 (Reuters) – Swiss banks under
investigation for allegedly aiding U.S. tax evasion face the
prospect of bigger fines than they bargained for that could dent
their capital and force some to cut dividends.

The Alpine nation’s bankers got a jolt last week after
Credit Suisse agreed to plead guilty to helping
wealthy Americans evade taxes and pay a fine of $2.6 billion,
more than double the amount it had set aside for the purpose.

May 27, 2014

Supreme Court agrees to hear arguments in Maryland tax dispute

WASHINGTON (Reuters) – The Supreme Court on Tuesday agreed to hear oral arguments in a Maryland income-tax dispute that could have broad consequences for state and local governments nationwide.

The dispute between the Maryland tax agency and a small business in that state centers on whether state residents can reduce or even eliminate their Maryland income taxes based on how much they paid in taxes to other states.

May 27, 2014

MoneyGram claims bank status in tax dispute with U.S. IRS

WASHINGTON, May 27 (Reuters) – MoneyGram International Inc
is fighting in U.S. Tax Court to prove it is a bank, a
designation the Internal Revenue Service disputed when it
blocked $900 million in tax deductions by the world’s
second-largest money transfer company.

In a case with implications for many financial institutions,
especially those hurt by the 2008-2009 credit crisis, the
MoneyGram fight centers on tax deductions only banks can claim
for worthless assets, such as mortgage-backed securities (MBS).

May 20, 2014

Overseas corporate tax dodge targeted by U.S. Democrats

WASHINGTON, May 20 (Reuters) – Taking aim against corporate
tax avoidance, Democrats in the U.S. Congress called on Tuesday
for curbs on U.S. multinationals that shift tax domiciles abroad
in deals known as “inversions.”

While still rare, these deals are becoming more common, with
two recently attempted transactions by Pfizer Inc and
Omnicom Group Inc drawing attention to the strategy.

May 20, 2014

U.S. Democrats urge curbs on foreign corporate tax dodge

WASHINGTON, May 20 (Reuters) – Taking aim against corporate
tax avoidance, 14 Senate Democrats called on Tuesday for curbs
on U.S. multinationals that shift their tax domiciles abroad in
deals known as “inversions.”

While still rare, the deals are becoming more common, with
two recently attempted transactions by Pfizer Inc and
Omnicom Group Inc drawing attention to the strategy.

May 19, 2014

Senate Democrats split on private debt collectors for IRS

WASHINGTON (Reuters) – A proposal to make the Internal Revenue Service hire private companies to collect unpaid taxes is dividing Senate Democrats, with some warning it could lead to harassment of low-income people, but others saying it would boost tax revenue.

New York Democrat Charles Schumer recently offered up the plan, which would raise an estimated $4.8 billion in new tax revenue over 10 years. Schumer’s state is home to two of four firms that would likely be hired to do IRS collection work.

May 19, 2014

Senate Democrats split on private debt collectors for U.S. IRS

WASHINGTON, May 19 (Reuters) – A proposal to make the U.S.
Internal Revenue Service hire private companies to collect
unpaid taxes is dividing Senate Democrats, with some warning it
could lead to harassment of low-income people, but others saying
it would boost tax revenue.

New York Democrat Charles Schumer recently offered up the
plan, which would raise an estimated $4.8 billion in new tax
revenue over 10 years. Schumer’s state is home to two of four
firms that would likely be hired to do IRS collection work.