Tax Break

Essential reading: Senator Baucus takes on tax code, and more

April 9, 2013

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

 * Sen. Max Baucus moves to reshape tax code. Lori Montgomery – The Washington Post. Last month, Senator Max Baucus summoned members of the Senate Finance Committee to a closed-door meeting to discuss the first full-scale rewrite of the 5,600-page U.S. tax code in more than 25 years. After two years of watching President Obama and congressional leaders take on tax policy and other areas of the committee’s vast jurisdiction, the panel’s chairman is reclaiming his turf. Link 

* KPMG fires L.A. partner over alleged insider-trading tips. Michael Rapoport – The Wall Street Journal. KPMG LLP has fired a senior partner in its Los Angeles office, saying the unidentified partner had provided inside information about its clients to someone who had used that information in stock trading. The firm has also resigned as the outside auditor of two of its clients because of the actions of the partner, who it described as the partner in charge of its audit practice in its Los Angeles business unit. Link

* Louisiana Governor Bobby Jindal delays controversial tax plan. Reuters. Jindal said he would park his plan to get rid of the state income and corporate taxes and replace the lost revenue with higher and broader sales taxes, deferring to the Legislature on the issue. Link 

* French president struggles in tax crisis. Hugh Carnegy and Robin Harding – The Financial Times. All members of France’s socialist government have been given a week to publish full details of their wealth as President François Hollande struggles to overcome a damaging scandal over a secret Swiss bank account held by his former budget minister. Link

 * Obama’s tax agenda. Jeanne Sahadi – CNNMoney. Senior administration officials have telegraphed that a series of concrete tax proposals will play a key role in Obama’s 2014 budget proposal, which is due out Wednesday. Link

Comments
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I believe (My own opinion), that the IRS has enticed common people to inform them of Fraud, Waste and Abuse. Again, by enticing the public, the IRS, should be held accountable, by a verbal contract.

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