Unstructured Finance

Essential reading: Medical device tax repeal gains ground, and more

May 31, 2012

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

* Medical device tax repeal gains some ground. N.C. Aizenman – The Washington Post. Makers of medical devices are gaining some momentum in a vigorous campaign to persuade Congress to scrap a tax imposed on their industry by the 2010 healthcare law. A bill to void the tax sponsored by Rep. Erik Paulsen will be marked up in the House Ways and Means Committee on Thursday. Republican House leaders say a floor vote could be scheduled as soon as next week. Link

And the winner is….

May 31, 2012

By Matthew Goldstein

Four months ago, the regulator for Fannie Mae announced with much fanfare that it would accept bids for 2,500 single-family homes owned by Fannie Mae. The process has drawn a lot of interest from hedge funds, private equity firms and other big money players, but it’s been a slow one.

Tax Foundation: Kansas tax cut plays favorites

May 30, 2012

Kansas Governor Sam Brownback REUTERS/Dave Kaup

Kansas Governor Sam Brownback cut his state’s income taxes on May 22, bringing the highest rate down from 6.45 percent to 4.9 percent and doubling the standard deduction to $9,000 for both heads of household and married couples. Overall $800 million of taxes per year are being eliminated beginning in 2014.

Essential reading: As governor, Romney picked winners and losers, no taxes for Lagarde, and more

May 30, 2012

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

* As governor, Romney picked winners and losers of his own. Andy Sullivan – Reuters. Massachusetts Gov. Mitt Romney’s June 2006 announcement that drugmaker Bristol-Myers Squibb was moving into his state served as a signature accomplishment. The new facility came with a price tag: Romney and other state officials agreed to $67 million in tax breaks and other inducements to ensure the New York-based company picked Massachusetts over rival states like North Carolina. Romney backed tax breaks for film makers and biotech and medical-device manufacturers. His administration promoted venture capital-style funds that extended loans to start-up companies, some of which subsequently went out of business. Link

Essential reading: Lawmakers work with Simpson-Bowles for tax deal, and more

May 29, 2012
 

Fiscal Commission co-chairs Alan Simpson (L) and Erskine Bowles speak to reporters in Washington April 14, 2011. REUTERS/Kevin Lamarque

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

FASB under political heat from Congress over lease accounting

May 29, 2012

U.S. and international accounting rule-makers have been struggling for years to come up with a common standard for lease accounting. Now they have a new hurdle: U.S. lawmakers.

Wall Street gold rush in foreclosed homes heads north

May 29, 2012

By Matthew Goldstein and Jennifer Ablan

The state of Alaska is looking to cash in on the growing demand for renting out foreclosed single-family homes.

Companies anticipated dividend tax hikes in 2010- lessons for 2012?

May 29, 2012

Dividend tax rates, currently 15 percent, are due to expire at the end of this year, one of a host of tax breaks going away unless Congress takes action.

Tax and accounting calendar

May 25, 2012

Some important tax and accounting dates in the week ahead:

Wednesday, May 30
•    Financial Accounting Standards Board meeting will cover feedback on a proposal regarding real estate investment properties, impairment of indefinite-lived intangible assets and the definition of a nonpublic entity. Norwalk, Connecticut.

Essential reading: Union, liberal coalition pushes Obama tax plan, and more

May 25, 2012

Union supporters in Las Vegas, September, 2008. REUTERS/David Allio

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

* Union, liberal coalition pushes Obama tax plan. John McKinnon – The Wall Street Journal. A coalition of big unions and left-leaning activist groups has formed to support President Barack Obama’s proposal to raise tax rates on families earning more than $250,000, amid growing signs that Democratic lawmakers want to limit tax increases to people making $1 million or more. Link