Tax Break

Tax and accounting calendar

Some important upcoming events in the tax and accounting world:

Monday, April 16 - U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 after March 18, 2010 must report information about those accounts under FACTA using form 8938, or face stiff penalties.

Tuesday, April  17 -

    Tax day in the United States. Individual income tax returns and gift tax returns due. Tax-writing U.S. House of Representatives Committee on Ways and Means will hold a hearing on possible reforms to certain tax-favored retirement savings plans including employer-sponsored defined contribution plans and Individual Retirement Accounts (“IRAs”) that might be considered as part of comprehensive tax reform.  10 am, Room 1100 of the Longworth House Office Building.

Tuesday, April 17 – Friday, April 20 – International Accounting Standards Board meeting in London.

Tuesday, April 17 – Thursday, April 19 – The International Financial Reporting Standards (IFRS) Foundation, the World Bank and OHADA (The Organization for the Harmonization of Corporate Law in Africa) will run a workshop in the West African city of Douala, Cameroon, to support adoption of IFRS.

Thursday, April 19 – Friday, April 20 -

    The New York City Bar and Penn State School of Law institute on corporate tax topics including tax-free and taxable acquisitions, spinoffs, international transactions, tax accounting issues, and consolidated returns.  IRS Associate Chief Counsel (Corporate) William Alexander and Associate Chief Counsel (International) Steven Musher, will be among the instructors. Georgetown Law program includes Treasury and IRS updates, a Capitol Hill update, and other topics with speakers from the IRS, Treasury, the Justice Department, the Senate Finance Committee, and the Joint Committee on Taxation. Washington.

Wednesday, April 18 – Friday, April 20 - Government Accounting Standards Board meeting in Norwalk, Connecticut.

Essential reading: Islamic finance may enter accounting mainstream, tax pitfalls for fund investors, and more

 

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

 * Geithner swings back at critics of tax and regulatory policy. Damian Palleta – The Wall Street Journal. Treasury Secretary Timothy Geithner sharpened his rebuke of his political and private sector critics on Wednesday, saying many “misread the underlying dynamics of the economy today.” Geithner, in remarks at the Economic Club of Chicago, called out “business lobbyists” and others and said “many have claimed that the basic foundations of American business are in crisis, critically undermined by taxes and regulation.” Link 

* Christie leaning on tax subsidies in hunt for jobs. Charles Bagli – The New York Times. Since taking office in 2010, Republican Gov. Chris Christie has approved a record $1.57 billion in state tax breaks for dozens of New Jersey’s largest companies after they pledged to add jobs. Christie has emphasized that these are prudent measures intended to help heal the state’s economy, which lost more than 260,000 jobs in the recession. The companies often received the tax breaks after they threatened to move to New York or elsewhere. Link  

Tax and accounting calendar

Some important events in the week ahead:    Monday, March 19 – Wednesday, March 21  The Institute of Internal Auditors will hold its general audit management conference. in Orlando, Florida.    Monday, March 19 – Friday, March 23 International Accounting Standards Board meeting in London.

Tuesday, March 20  

·         The Senate Finance Committee hearing, “Tax Fraud by Identity Theft, Part 2: Status, Progress, and Potential Solutions” will start at  10 a.m. in Room 215 of the Dirksen Senate Office Building. Testifying will be Steven T. Miller, IRS deputy commissioner for services and enforcement, Ronald A. Cimino, Justice Department deputy assistant attorney general for criminal matters, and National Taxpayer Advocate Nina Olson.

 ·         The House Financial Services Committee has scheduled a hearing on the state of the international financial system that will also begin at  10 a.m. but in Room 2128 of the Rayburn House Office Building. Treasury Secretary Timothy F. Geithner will testify.

Essential tax and accounting reading: Targeting private equity taxes, IASB slows rate of change, struggling taxpayers get a break, California’s stock option addiction, and more

Hans Hoogervorst, head of the International Accounting Standards Board REUTERS/Gil Cohen Magen Welcome to the top tax and accounting headlines from Reuters and other sources.

* Tax treatment of private equity: questions over quirk. Daniel Shafer – The Financial Times. Governments in the U.S. and Germany are examining proposals to take away the preferential treatment that has helped to turn swaths of private equity managers worldwide into millionaires and a few dozens into billionaires. The prospect of lower profits as well as higher taxes not only risks denting private equity’s ability to attract talent. It also brings back to the fore accusations that buyout bosses have amassed riches by paying low taxes and taking dividends from indebted companies in their portfolio – a debate that started before the crisis but became sidelined as public anger turned towards banks. Such indictments do not come from trade unions or leftwing anti-globalization groups alone. Calpers, the California pension fund that is among the most influential investors in buyout funds, recently called the U.S. tax break on private equity managers’ profit rewards “indefensible.” Link

* IASB eyes selective reforms after frantic change. Huw Jones – Reuters. Tackling company “disclosure overload” will be among cherry-picked projects for accounting standards reform after industry calls to ease the pace of change, a top accounting rule-setter said on Wednesday. “Now we have most of the world on board, even a small change to a standard can be like dropping a pebble into still water,” International Accounting Standards Board Chairman (IASB) Hans Hoogervorst said in a speech in Mexico. Over 100 countries have introduced IASB rules for use in listed company reporting over the past decade, during which the board also worked with its U.S. peer to align each others’ standards. The aim was to persuade the world’s biggest economy to adopt IASB rules, too. But America has delayed its decision, recently prompting Singapore to put back full adoption of IASB rules. Meanwhile, the IASB is finalizing work for its next phase. Link

Tax and Accounting Calendar

Mary Schapiro, Chairman of the Securities and Exchange Commission REUTERS/Yuri Gripas

Some events in the week ahead:

Tuesday, February 21

The Taxpayer Advocacy Panel Small Business/Self-Employed Decreasing Non-Filers Project Committee telephonic open meeting, 10 a.m. EST.

Tuesday, February 21 – Thursday, February 23

The Tax Executives Institute will sponsor a three-day seminar in San Diego, California, on audits, appeals and tax controversies, covering topics including winning at appeals, international tax controversy and building an effective transfer pricing case. Sheldon M. Kay, deputy chief of IRS Appeals, will be the Tuesday luncheon speaker.