Patrick's Feed
Mar 4, 2014

U.S. Senate tax chief looks to tweak code, no reform yet

WASHINGTON (Reuters) – The U.S. Senate’s tax-writing committee will begin work as soon as April on restoring a small package of tax breaks and not try to overhaul the tax code, the committee’s new chairman said on Tuesday.

Senator Ron Wyden, an Oregon Democrat who took over the Senate Finance Committee last month, said tax reform was nearly impossible in the face of a busy political year culminating in congressional elections in November.

Feb 27, 2014

Senate panel faults new U.S. law to fight offshore tax dodging

WASHINGTON (Reuters) – U.S. Senate investigators have sharply criticized the implementation of a new Obama administration law meant to fight offshore tax evasion by Americans, saying that “gaping loopholes” in the law could let shell companies skirt it.

The Senate Permanent Subcommittee on Investigations included its criticisms in a long report released on Tuesday about how Swiss bank Credit Suisse Group AG allegedly helped Americans dodge taxes over several years.

Feb 27, 2014

U.S. senators scold prosecutors, Swiss bank in tax spat

WASHINGTON (Reuters) – U.S. senators lashed out at federal prosecutors on Wednesday for a lack of zeal in going after Swiss banks that helped Americans dodge taxes, blaming both sides for billions of dollars in missed revenues.

The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland’s Credit Suisse, citing secret meetings in luxury hotels and hidden elevators one senator said belonged in a spy novel.

Feb 26, 2014

Senate scolds prosecutors, Swiss bank in tax spat

WASHINGTON (Reuters) – U.S. senators lashed out against federal prosecutors on Wednesday for a lack of zeal in going after Swiss banks that helped Americans dodge taxes, saying that offshore tax avoidance has cost billions of dollars in tax revenues.

The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland’s Credit Suisse, citing secret meetings in luxury hotels and hidden elevators, which one senator said belonged in a spy novel.

Feb 26, 2014

Many big U.S. corporations pay very little in taxes: study

By Kevin Drawbaugh and Patrick Temple-West

(Reuters) – Many of the most profitable U.S. corporations paid little or no federal income tax from 2008 to 2012, according to a five-year study issued on Tuesday by a left-leaning tax activist group.

Citizens for Tax Justice looked at 288 profitable Fortune 500 companies and said that 26 of them – including Boeing Co (BA.N: Quote, Profile, Research, Stock Buzz), General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) and Verizon Communications Inc (VZ.N: Quote, Profile, Research, Stock Buzz) – paid no federal income tax in the five-year period.

Feb 25, 2014

Senate panel blasts government lawyers on Swiss tax crackdown

WASHINGTON (Reuters) – The Justice Department is dragging its feet on prosecuting Swiss banks that helped Americans evade taxes and on collecting billions of dollars likely owed to the U.S. Treasury by tax dodgers, a powerful U.S. Senate panel said on Tuesday.

Five years after Switzerland’s largest bank, UBS AG, admitted to helping U.S. taxpayers hide money from tax authorities and agreed to provide information about its clients, federal officials have gotten only a handful of names from other Swiss banks, the Senate Permanent Subcommittee on Investigations said.

Feb 24, 2014

Credit Suisse to face U.S. Senate panel on tax dodging

WASHINGTON (Reuters) – The chief of Swiss bank Credit Suisse Group AG (CSGN.VX: Quote, Profile, Research) (CS.N: Quote, Profile, Research) will square off on Wednesday against U.S. Senator Carl Levin as the veteran congressional investigator releases his latest findings on offshore tax evasion.

For more than six years, Levin’s staff and U.S. officials have been probing how Americans dodged taxes by hiding assets in secret Swiss bank accounts, with cash-strapped governments worldwide tightening international tax law enforcement.

Feb 24, 2014

CS CEO to testify at U.S. Senate hearing on tax evasion

WASHINGTON, Feb 24 (Reuters) – Credit Suisse Group AG
Chief Executive Brady Dougan is scheduled to
testify on Wednesday at a hearing on “offshore tax evasion,” the
Senate Permanent Subcommittee on Investigations said on Monday.

Dougan will be one of four officials of the Swiss bank to
testify, along with U.S. Department of Justice officials, the
subcommittee said.

Feb 21, 2014

Obama to seek tighter tax rules for corporate offshore profits -official

WASHINGTON (Reuters) – The Obama administration said on Thursday it will seek new limits on overseas tax avoidance by corporations in its forthcoming budget proposal, reprising an approach it has made before to try to raise government revenue via a tighter corporate tax code.

With the U.S. Congress gridlocked over fiscal policy, past efforts by Democratic President Barack Obama to crack down on what he sees as offshore corporate tax loopholes have largely failed. The latest measures could meet the same fate.

Feb 20, 2014

Treasury tweaks global tax dodge law one last time

WASHINGTON (Reuters) – The Treasury Department moved on Thursday to shut the door on further 11th-hour tweaks to a new law set to take effect on July 1 that is meant to fight offshore tax evasion by Americans.

The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 and has undergone successive delays and revisions, with banks even now saying more time is needed to get ready for it.