Patrick's Feed
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

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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

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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

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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

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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.