Patrick's Feed
May 6, 2013

Online sales tax clears U.S. Senate, fight seen in House

WASHINGTON, May 6 (Reuters) – The U.S. Senate voted
overwhelmingly on Monday to give states the power to enforce
their sales tax laws on online purchases, but the legislation
faces a tougher fight in the Republican-controlled House of
Representatives.

The Democratic-controlled Senate voted 69 to 27 to back the
measure, which pits brick-and-mortar stores like Wal-Mart Stores
Inc and cash-hungry state governments against such Web
retailers as eBay Inc and Republicans wary of new tax measures.

May 6, 2013
via Tax Break

Essential reading: Tax rewrite favored by Republicans, and more

Photo

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

* Tax rewrite in play on Capitol. John McKinnon – The Wall Street Journal. Talk about overhauling the tax code is picking up across Capitol Hill this spring, with lawmakers of both parties agreeing on the need to simplify the system but remaining far apart on the details of how to do it. Link    

* In Commerce pick’s ’08 answers on finances, possible hints at road ahead. Charles Savage – The New York Times. Republican senators are likely to be interested in the Pritzker family’s reputation as innovators in the use of offshore trusts and foreign bank secrecy laws to shelter their wealth from income, capital gains and inheritance taxes. Link    

May 3, 2013
via Tax Break

Essential reading: Corporate taxes come up for review, and more

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

* The corporate tax game. Graham Bowley – The New York Times
. Despite the widespread support, the campaign for a tax reform overhaul is exposing deep fault lines within the business world that suggest it may fall apart. Link

* Senate considering bill to ban tax scofflaw contractors. Tom Vanden Brook – The USA Today. The Senate is considering a bill the House unanimously passed last month that would prevent contractors with tax debts from doing business with the federal government. Link

May 2, 2013

Healthcare law opponents sue Obama officials over IRS rules

WASHINGTON (Reuters) – A group of individuals and businesses filed a lawsuit against the Obama administration’s healthcare overhaul on Thursday, hoping to stop the law in states that have not set up new insurance exchanges.

The complaint filed in the Washington federal court challenges federal rules issued in 2012 for implementing the president’s 2010 healthcare law which goes into full force in January 2014.

May 2, 2013

U.S. healthcare law opponents sue Obama officials over IRS rules

WASHINGTON, May 2 (Reuters) – A group of individuals and
businesses filed a lawsuit against the Obama administration’s
healthcare overhaul on Thursday, hoping to stop the law in
states that have not set up new insurance exchanges.

The complaint filed in the Washington federal court
challenges federal rules issued in 2012 for implementing the
president’s 2010 healthcare law which goes into full force in
January 2014.

May 2, 2013
via Tax Break

Essential reading: State Republicans divided on tax cuts, and more

Photo

Louisiana Governor Bobby Jindal speaks after the National Governors Association meeting in Washington, February 25, 2013. REUTERS/Kevin Lamarque

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

* Governors, GOP allies clash over tax cuts. Mark Peters and Neil King – The Wall Street Journal. Republican lawmakers in several states are blunting plans by GOP governors to reduce or eliminate income taxes, putting the legislators at odds with figures many in the party see as leading voices on reshaping government. Link

May 1, 2013
via Tax Break

Essential reading: U.S. tax receipts may slow borrowing, and more

Photo

Welcome to the top tax and accounting headlines.

 * Rising tax receipts spark bets on reduced U.S. Treasury sales. Min Zeng – The Wall Street Journal. A surge in tax receipts has reduced the U.S. government’s borrowing needs, fueling speculation that a reduction of sales in notes could be coming for the first time since 2010. Link 

* To satisfy its investors, cash-rich Apple borrows money. Peter Lattman and Peter Eavis – The New York Times. By raising cheap debt for the shareholder payout, Apple also avoids a potentially big tax hit. Link 

Apr 30, 2013
via Tax Break

Essential reading: FATCA hurts Americans abroad, and more

Photo

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

 * Americans living abroad say U.S. tax laws punishing them. Margaret Collins and Richard Rubin – Bloomberg news. Complexity has increased for Americans abroad with the Foreign Account Tax Compliance Act, enacted in 2010 to combat tax evasion by US taxpayers with assets offshore. Link    

* It takes 2 votes, but Minnesota Senate approves $1.8 billion tax bill. Baird Helgeson and Jennifer Brooks – The Star Tribune. The Minnesota Senate approved $1.8 billion in tax increases on a second try Monday, but only after salvaging the measure amid an embarrassing political defeat for Democratic leaders. Link    

Apr 28, 2013

Senator Paul stirs business ire over blocking of U.S. tax treaties

WASHINGTON, April 28 (Reuters) – Senator Rand Paul is coming
under pressure from some multi-national businesses to drop his
opposition to tax treaties between the United States and other
nations.

Citing privacy concerns about Americans’ tax data, Paul, a
Republican and libertarian, has single-handedly blocked Senate
action on treaties with Hungary, Switzerland and Luxembourg that
have been signed by authorities on both sides, but have been
awaiting Senate review since 2011.

Apr 26, 2013
via Tax Break

Essential reading: Obama talks budget with Republicans, and more

Photo

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

* Obama officials hold early budget talks with Republicans. Jackie Calmes – The New York Times.  The meeting on Thursday was an early step in a long process, with an end goal of both raising tax revenues and curbing the growth of spending for Medicare and other entitlement benefit programs. Link

* U.S. official: Transfer pricing enforcement should precede new rules. Emily Chasan – The Wall Street Journal. Governments should focus on enforcing laws already the books that govern the way large multinational companies move profits between high and low tax countries before writing new legislation, a U.S. Treasury tax official said Thursday. Link