Tax Break

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

April 17, 2013

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  

* Tax plan may provide boost. Sarah Krouse – The Wall Street Journal. Despite the austerity mood in Washington, President Obama’s proposed budget would provide tax relief to some foreign investors, a move the U.S. real-estate industry has been seeking for years. Link  

* Most people are supposed to pay this tax, almost nobody actually does. Chana Joffe-Walt – NPR. There is one tax mistake that lots of people made: They bought tax-free things online or in another state — and they failed to pay tax on their purchase in their home state. Link  

* The wealthy keep the tax man guessing. Casey Mulligan – The New York Times opinion. The wealthy have become an even more important driver of tax revenues in recent history, as an increasing share of the nation’s income has accrued to them. Link  

* There’s no going back to the 1950s tax system. Lawrence Mone – The Wall Street Journal opinion. Democrats believe the 1950s were a sort of golden age of economic growth and greater income equality—peacefully coexisting with high taxes. Link  

* Owe taxes? Be your own savior with the IRS. Michelle Singletary – The Washington Post opinion. Blind faith in a debt-settlement company is likely to leave you deeper in debt and still stuck with a tax bill. Link

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