Tax Break

Essential reading: Obama talks budget with Republicans, and more

April 26, 2013

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

* Obama officials hold early budget talks with Republicans. Jackie Calmes – The New York Times.  The meeting on Thursday was an early step in a long process, with an end goal of both raising tax revenues and curbing the growth of spending for Medicare and other entitlement benefit programs. Link

* U.S. official: Transfer pricing enforcement should precede new rules. Emily Chasan – The Wall Street Journal. Governments should focus on enforcing laws already the books that govern the way large multinational companies move profits between high and low tax countries before writing new legislation, a U.S. Treasury tax official said Thursday. Link

* Carbon tax on the table in the Senate. Stephen Stromberg – The Washington Post. On Thursday, the Senate Finance Committee released a package of ideas that would involve reforming the tax code for infrastructure, energy and natural resources. Link

* Shopping tax free on the web nears end. Ann Zimmerman and Greg Bensinger – The Wall Street Journal. Online shoppers, beware. Freedom from sales taxes is on the way out. Link

* Tax surprises can follow when payroll firms implode. Angus Loten – The Wall Street Journal. In the past five years federal officials have prosecuted at least two dozen mostly small payroll firms that together allegedly pocketed more than $300 million in taxes from their clients, according to an IRS tally based on public records. Link

* What Apple’s stock buyback shows about corporate tax games. Allan Sloan – The Washington Post. With tax rates at 35 percent, it’s considerably cheaper for Apple to borrow money in the United States than it would be for it to repatriate cash held in foreign subsidiaries. Link

* How subtracting leaders adds to tax-reform effort. Gerald Seib – The Wall Street Journal opinion. Those wanting an overhaul of America’s tax system actually are taking heart from the announcement this week that Senate Finance Committee Chairman Max Baucus is going to retire rather than seek re-election next year. Link

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