* Analysis of Obama’s budget finds a higher tax burden for most Americans. Zachary Goldfarb – The Washington Post. President Obama’s budget would raise taxes mainly on people earning more than $200,000 a year, although earners at nearly every income level would face a somewhat higher tax burden, according to a new nonpartisan analysis. Link
* The incredible shrinking budget deficit. Annie Lowrey – The New York Times. The growing economy is bolstering tax revenue and reducing the need for spending on programs like unemployment insurance. Link
WASHINGTON, April 22 (Reuters) – Are ski instructors
seasonal workers that should get health care coverage by their
employer under President Barack Obama’s healthcare overhaul?
That is just one of many details the U.S. Internal Revenue
Service has to work out by January 2014, with hordes of special
interest groups lobbying the agency between now and then.
* Restyled as real estate trusts, varied businesses avoid taxes. Nathaniel Popper – The New York Times. A small but growing number of American corporations, operating in businesses as diverse as private prisons, billboards and casinos, are making an aggressive move to reduce — or even eliminate — their federal tax bills. Link
* European FTT could cost U.S. funds ‘up to $35 billion.’ Mark Cobley – The Wall Street Journal. Europe’s proposed levy on financial transactions could cost U.S. money market funds up to $35bn, according to the first quantitative analysis of the impact of the tax on the U.S. funds industry. Link
* Not-so-taxing talk at Verizon. Miriam Gottfried – The Wall Street Journal. Nothing is certain but death and taxes. Yet Verizon Communications seems to think it has a way around the latter. Link
* Advisers, IRS help on taxes after Boston bombings. Arden Dale – The Wall Street Journal. The IRS has told Boston-area taxpayers they have until July 15 to file 2012 returns and pay taxes that would normally be due on April 15. Link
* IRS announces three-month tax extension after attack. Laura Saunders – The Wall Street Journal. The Internal Revenue Service announced a three-month tax filing and payment extension for Boston-area taxpayers following Monday’s explosions during the Boston Marathon. Link
* The tax implications of starting a business with retirement money. Josh Patrick – The New York Times. Retirement money is being used to finance thousands of businesses, but it has yet to receive the full blessing of either the Internal Revenue Service or the Department of Labor. Link
WASHINGTON (Reuters) – Senators could vote as early as next week on legislation that would give states the authority to collect sales taxes from online purchases, Democratic Senate aides said on Wednesday, a significant step forward after years of false starts.
Though the legal change provided by the bill has enjoyed bipartisan support for years, previous versions of this legislation have languished in Congress, facing opposition from some online retail companies and lawmakers from both parties.
WASHINGTON, April 17 (Reuters) – U.S. senators could vote as
early as next week on legislation that would give states the
authority to collect sales taxes from online purchases,
Democratic Senate aides said on Wednesday, a significant step
forward after years of false starts.
Though the legal change provided by the bill has enjoyed
bipartisan support for years, previous versions of this
legislation have languished in Congress, facing opposition from
some online retail companies and lawmakers from both parties.
* Prosecutors charge Swiss lawyer, banker in tax-evasion case. Reed Albergotti – The Wall Street Journal. In the latest move in their crackdown on overseas tax evasion, federal prosecutors filed criminal charges against a lawyer and a banker from Switzerland and accused them of helping Americans hide assets. Link
* FATCA emerging as global standard. C.M. Matthews – The Wall Street Journal. If you didn’t report assets held overseas, it’s looking like you may regret it. The United States’ Foreign Account Tax Compliance Act appears to be emerging as an international standard. Link
WASHINGTON, April 16 (Reuters) – U.S. officials said they
intercepted a letter sent to Republican Senator Roger Wicker on
Tuesday that tested positive for the deadly poison ricin, and
that the U.S. Capitol police, FBI and other agencies had
launched an investigation.
The letter was postmarked from Memphis, Tennessee, and had
no return address, Terrance Gaines, the Senate sergeant at arms,
said in a warning to members of the Senate.
WASHINGTON (Reuters) – Changes to the tax filing process may be needed to fight tax-refund fraud, the top tax collector told a congressional panel on Tuesday, a day after the federal tax filing deadline.
In steps that could lead to slower processing of tax refunds, Internal Revenue Service Acting Commissioner Steven Miller said a delay in the start of the tax filing season could help fight refund fraud.