Patrick's Feed
Mar 25, 2013
via Tax Break

Essential reading: Proposals to tax trades spark financial firm lobbying, and more


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

* Trading clamps spur lobby effort. Jenny Strasburg and Scott Patterson – The Wall Street Journal. High-speed trading firms and exchanges are being forced into the lobbying game by taxes on trades in Europe, proposals for similar levies in the U.S. and beefed-up regulatory scrutiny. Link    

* U.S. seeks answers in Liechtenstein on tax cheats. Dylan Griffiths – Bloomberg. The U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from the Internal Revenue Service, a step that may threaten Swiss banks. Link

Mar 22, 2013

U.S. IRS preparing key rules ahead of healthcare law

WASHINGTON, March 22 (Reuters) – President Barack Obama’s
2010 healthcare law left many tax details to be worked out by
the U.S. Internal Revenue Service.

Here are some of the key issues ahead for the IRS as the law
nears implementation in 2014.

Mar 22, 2013

As U.S. Congress talks tax reform, corporate lobbyists crowd in

WASHINGTON, March 22 (Reuters) – The tax reform tempo is
picking up in the U.S. Congress, with lawmakers meeting, task
forces floating proposals and lobbyists scurrying to get in on
the action – a small piece of which recently took place in an
historic Capitol Hill meeting room.

There, officials from Exxon Mobil Corp, the world’s
largest publicly traded oil company, and refiner Tesoro Corp
met on March 14 for almost three hours with
Representative Kevin Brady, a Texas Republican, as well as with
Representative Mike Thompson, a California Democrat, and others.

Mar 22, 2013
via Tax Break

Essential reading: Athletes’ tough tax bills, and more


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

* Figuring athletes’ taxes is, well, taxing. Callum Borchers – The Boston Globe. The complicating factor for pro athletes is not how much they earn — though they often make millions of dollars per year — but where they earn it. With few exceptions, athletes owe income taxes in every state where they play. Link

* Renewed tax credit buoys wind-power projects. Diane Cardwell – The New York Times. Beyond the next year or so, the industry’s future remains in doubt, given the uncertainty over whether Congress will again extend the tax credit as part of an 11th-hour budget agreement or take up its purpose and ultimate fate as part of a broader corporate tax overhaul. Link 

Mar 22, 2013

U.S.-Brazil tax deal advances anti-tax evasion dragnet -lawyers

WASHINGTON/BRASILIA, March 21 (Reuters) – The United States
and Brazil are moving toward closer cooperation on fighting tax
evasion, with Brazil recently ratifying a formal tax information
exchange agreement between the two countries, tax professionals
said on Thursday.

After languishing in the Brazilian Senate for six years, the
agreement, which provides for limited sharing of tax
information, was approved last week, thus opening the door to a
pact on the more comprehensive U.S. Foreign Account Tax
Compliance Act, or FATCA.

Mar 21, 2013
via Tax Break

Essential reading: Senate votes on tax hikes in budget, and more


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

* As Senate passes spending measure, stark budget views are on display in House. Jeremy Peters and Jonathan Weisman – The New York Times. House Republicans brought to a vote the budget proposed last week by Senate Democrats in the hope that they could divide their opponents’ ranks and put them on record supporting its $1 trillion in tax increases. Link

* Rewrite of partnership tax rules could shake real estate. Richard Rubin – Bloomberg. The more dramatic of two tax proposals from Dave Camp, the top Republican tax writer in Congress, would remove some of the flexibility that has made partnerships attractive legal structures for real estate investors and hedge funds. Link

Mar 20, 2013
via Tax Break

Essential reading: Tax reform spurs bipartisan lobbying, and more


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

 * In shift, lobbyists look for a bipartisan support to repeal a tax. Eric Lipton – The New York Times. Lobbyists across Washington are redoubling their efforts to build bipartisan coalitions — not just on the 2.3 percent medical device excise tax, but other hot topics, like the possible rewriting of corporate tax laws. Link

Mar 19, 2013
via Tax Break

Essential reading: NY State near budget, tax cuts, and more


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

* Albany near deal on budget, taxes. Erica Orden and Laura Nahmias – The Wall Street Journal. Gov. Andrew Cuomo and legislative leaders were close to reaching a deal to pay for about $700 million in new tax cuts or credits proposed by Republicans. Among the options debated: extending the so-called millionaires tax to raise money for other tax cuts. Link 

 * Those returning to school can find help in the tax code. Walecia Konrad – The New York Times. Some of the existing tax credits and deductions for education that were extended as part of tax legislation passed in January are particularly well suited to continuing education students. Link    

Mar 18, 2013
via Tax Break

Essential reading: Tax breaks versus spending, and more


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

 * Tax credits or spending? Labels, but in Congress, fighting words. Annie Lowrey – The New York Times. In budget proposals put forward last week, both Democrats and Republicans called for scrubbing billions of dollars’ worth of the popular deductions, loopholes and credits that litter the tax code. But the two sides are sharply divided what should happen to any revenue raised. Link    

 * Republican Sen. Corker opens the door to new tax revenue. Sean Sullivan – The Washington Post. Republican Sen. Bob Corker of Tennessee said Sunday that he believes Republicans would consider adding new tax revenues by closing loopholes if Democrats show a willingness to embrace “true” entitlement reform. Link    

Mar 15, 2013

Golfer Garcia scores birdie, not quite eagle, in U.S. Tax Court

WASHINGTON (Reuters) – Spanish golfer Sergio Garcia has won a U.S. Tax Court ruling that could have repercussions for famous international sports stars who cash in on corporate sponsorship deals, tax professionals said on Friday.

In a dispute with the Internal Revenue Service over a $1.7 million tax bill, the court ruled largely, though not entirely, in Garcia’s favor. Lawyers said others might benefit from the ruling, depending on how their home countries tax royalties.