Tax Break

Essential reading: Tax scandal fells IRS acting chief, and more

May 16, 2013

President Barack Obama announcing that the Internal Revenue Service acting commissioner had been ousted, May 15, 2013. REUTERS/Kevin Lamarque

Welcome to the top tax and accounting headlines.

 * Tax scandal fells IRS chief. John McKinnon – The Wall Street Journal. The acting commissioner of the Internal Revenue Service was forced to resign Wednesday in connection with the inappropriate targeting of conservative political groups. Link

* Acting chief of IRS forced out over tea party targeting. Jonathan Weisman – The New York Times. President Obama announced Wednesday night that the acting commissioner of the Internal Revenue Service had been ousted after disclosures that the agency gave special scrutiny to conservative groups. Link  

* Groups that sought tax-exempt status say IRS dealings were a nightmare. Josh Hicks and Kimberly Kindy – The Washington Post. Not only did IRS employees improperly target groups based on politics, but they also improperly demanded a host of details about the groups’ activities. Link  

* What the IRS scandal means for healthcare reform. Rachel Weiner – The Washington Post. A Republican senator, Nevada’s Dean Heller, has already announced legislation to suspend any funding for the IRS for new agents needed to deal with health-care reform until Congress is given more oversight over the implementation. Link

* Has the financial transaction tax received a mortal blow? Jason Douglas – The Wall Street Journal. Plans to introduce a tax on financial transactions in Europe may have received a mortal blow on Wednesday– it emerged the region’s central bankers aren’t keen. Link

* NC House will unveil tax plan Thursday. Gary Robertson – The Associated Press. House Republicans plan to offer their own North Carolina tax overhaul plan Thursday that would reduce personal and corporate income tax rates and expand the sales tax to cover more services. Link  

* Politics put to one side in sign of closer ties between Brazil and the US. Joe Leahy – The Financial Times. The growing relationship is leading to hopes that thorny technical issues may one day be worked out. This includes a tax treaty that would simplify business dealings between the two. Link

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