Tax Break

Essential reading: Despite tax rules, companies stick with U.S., and more

June 7, 2013

Welcome to the top tax and accounting headlines.

 * Despite tax rules, companies stick with U.S. Victor Fleischer – The New York Times. The tactics that multinational companies like Apple, Microsoft and Hewlett-Packard use to avoid paying corporate income taxes might make one wonder why they incorporate in the United States in the first place. Link  

* Ray Lane signs deal to pay $100 million tax bill. Shira Ovide and Yuliya Chernova – The Wall Street Journal. Ray Lane, the prominent technology investor and former chairman of Hewlett-Packard Co., is facing a tax bill of up to $100 million stemming from his investments during the dotcom-boom era. Link  

* Blasted by Congress, IRS apologizes for lavish events. Gregory Korte – USA Today. The tax official responsible for a lavish, $4.1 million conference in Anaheim apologized to Congress for spending at the conference — and for his performance as Mr. Spock in a Star Trek parody video. Link  

* Art imitates IRS, or vice versa. Lynnley Browning – The New York Times. Yet another Internal Revenue Service training video has surfaced, this one a thinly veiled parody of the hit television show “Mad Men.” Link

* Impact of proposed tax bill outlined. John Frank – The News and Observer. The median North Carolina family would get a modest tax break while wealthy taxpayers may see a significant cut under a sweeping bill primed for a landmark House vote Friday. Link  

* UK Crown dependencies to sign up to convention fighting tax evasion. Vanessa Houlder – The Financial Times. The Crown Dependencies have announced plans to join a multilateral convention to fight tax evasion amid growing tension over whether the UK’s other offshore centres will sign up. Link  

* About those Swiss bank accounts. Josef Ackermann – The Wall Street Journal opinion. The cliché has it that Switzerland’s financial sector was built solely by sheltering tax cheats and illicit money. While this is a gross distortion, public perceptions—including those popularized by fiction—die hard. Link

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