Patrick's Feed
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.

Apr 17, 2013
via Tax Break

Essential reading: Swiss lawyer charged in tax-evasion, and more

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

* 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  

Apr 17, 2013

Letter sent to U.S. senator tested positive for ricin

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.

Apr 16, 2013

Tax filing changes could help fight refund fraud: IRS

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.

Apr 16, 2013

U.S. tax filing changes could help fight refund fraud -IRS

WASHINGTON, April 16 (Reuters) – Changes to the U.S. tax
filing process may be needed to fight tax-refund fraud, the top
U.S. 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.

Apr 16, 2013
via Tax Break

Essential reading: Tax filings slow as collection rises, and more

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

 * Tax filing is slow, but collections rise. John McKinnon – The Wall Street Journal. The fiscal-cliff deal continues to slow tax filing, thanks to changes that required the Internal Revenue Service to delay the tax season’s opening. Link

 * House votes to crack down on tax-delinquent contractors but not individuals. Josh Hicks – The Washington Post. The House on Monday unanimously backed legislation to bar federal funding for contractors that fall behind on taxes but rejected a proposal to prohibit tax-delinquent individuals from working for the federal government. Link