Patrick's Feed
Apr 26, 2013
via Tax Break

Essential reading: Obama talks budget with Republicans, and more

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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

Apr 25, 2013
via Tax Break

Essential reading: UK’s Cameron fights tax evasion, and more

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

 * UK premier David Cameron presses EU on tax evaders. Vanessa Houlder and George Parker – The Financial Times. David Cameron on Wednesday urged European leaders to be in the vanguard of a global effort to crack down on aggressive tax avoidance and evasion, as he tries to build momentum before the G8 summit in Northern Ireland in June. Link    

* States push to get the most out of marijuana taxes. Dan Frosch – The New York Times. If marijuana is legalized and properly regulated, its proponents have long said, it could generate millions of dollars in state tax revenue. But how the drug should be taxed has proved to be a thorny question. Link    

Apr 24, 2013
via Tax Break

Essential reading: Congress looks at REIT tax exemption, and more

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

* Congress looks at REIT tax exemption. A.D. Pruitt – The Wall Street Journal. A powerful congressional committee is examining the tax exemption that real-estate investment trusts have enjoyed for decades as part of its comprehensive review of the tax code. Link    

* Backers and opponents of online sales tax ramp up lobbying. John McKinnon – The Wall Street Journal. Both sides in the online sales tax debate were ramping up lobbying efforts and forming new alliances Tuesday in hopes of swaying a coming Senate vote on a bill that would effectively end tax-free Internet shopping in most states. Link 

Apr 23, 2013
via Tax Break

Essential reading: Obama budget taxes more Americans, and more

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

* 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

Apr 22, 2013

IRS weighs U.S. health coverage rules in tax lobbying fight

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.

Apr 22, 2013
via Tax Break

Essential reading: Businesses become REITs to avoid taxes, and more

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

* 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    

Apr 19, 2013
via Tax Break

Essential reading: Verizon seeks way around tax bill, and more

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

* 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

Apr 18, 2013
via Tax Break

Essential reading: Tax extension after Boston attack, and more

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

* 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   

Apr 17, 2013

Senate may vote next week on online sales tax: aides

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.

Apr 17, 2013

U.S. Senate may vote next week on online sales tax -aides

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.