Welcome to the top tax and accounting headlines from Reuters and other sources.
* Swiss court ruling hampers a tax deal. David Jolly – The New York Times. In a setback for efforts to end a tax dispute between the United States and Switzerland, a Swiss court announced on Wednesday that Credit Suisse could not turn over account data of its American clients to the United States tax authorities because doing so would violate the terms of a 1996 tax treaty between the two countries. Link
* Obama dubs tax plan ‘Reagan rule’. James Politi and Richard McGregor – The Financial Times. Barack Obama suggested Ronald Reagan would be sympathetic to a minimum tax on the wealthiest Americans, saying the so-called “Buffett rule” could be renamed the “Reagan rule” in the Republican icon’s honor. Link
* Groupon accounting problems put spotlight on board. Dena Aubin – Reuters. Groupon Inc, the online coupon company that floated just months ago in the strongest IPO in years, has had recurring accounting problems that critics say show a need for more financial sophistication on its board. Link
*SEC files suit against third Chinese company. Michael Rapoport – The Wall Street Journal. U.S. regulators sued a Chinese commercial-vehicle company and 11 investors Wednesday over alleged stock manipulation, ratcheting up pressure on U.S.-traded Chinese firms with accounting problems or other issues. The SEC alleges the company and the investors boosted trading in AutoChina stock to make it seem more active than it really was to make it easier for the company to get financing. Link
* French rich look to London as tax fears grow. Chris Vellacott – Reuters. The plushest neighborhoods of central London are attracting increased interest from a new wave of super-rich migrants from France, scared by a rising tide of tax threats from presidential candidates as the election campaign comes to a climax. French socialist presidential candidate Francois Hollande has said he will target the rich with a 75 percent tax rate on annual incomes above $1.3 million. Link