July 26 (Reuters) – Good morning and welcome to the top tax and accounting headlines from Reuters and other sources.
* IRS hearing on proposed regulations that implement fees associated with the Patient Protection and Affordable Care Act on some insurance policies and self-insured health plans. 10 a.m. EDT, IRS Auditorium. Washington.
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Tax haven clampdown yields cash but secrecy still thrives. Chris Vellacott and Sinead Cruise – Reuters. A global campaign to tax trillions of dollars hidden in offshore tax havens has made revolutionary progress, an official leading the drive said, rejecting suggestions that the super rich are running rings around Western authorities. Leaders of the G20 group of leading Western and developing nations launched the campaign three years ago, aiming to claw back billions in lost tax revenue at a time when many governments are trying to cut huge budget deficits. Link
Daniel Loeb, who runs $8.7 billion at his hedge fund Third Point, has been an opportunistic buyer in the bonds of Chesapeake Energy, the embattled natural gas producer, according to sources familiar with the matter.
* Democrats aren’t all on same page before vote on Bush-era tax cuts. Jonathan Weisman – The New York Times. On the eve of the first showdown vote on expiring Bush-era tax cuts, it’s the Democrats who appear to be splintering. The Senate will vote Wednesday on whether to proceed to a tax bill that would extend current tax rates and other tax breaks for the middle class and working poor, while allowing income tax, capital gains and dividend rates to rise on earnings over $250,000. The measure will almost certainly fall to a Republican filibuster. Democratic leaders are hoping to get the support of 50 of the 53 Democrats and Democratic-leaning independents in the Senate. Link
* Firms pass up tax breaks, citing hassles, complexity. John McKinnon – The Wall Street Journal. Many companies are saying “no, thanks” to tax breaks and are likely paying more taxes than legally required. Corporate breaks that Washington hopes will boost the economy often prove ineffective. Firms are leaving tens of billions of dollars on the table every year. Out of 1.78 million corporate tax returns in the United States, only about 20,000 claimed any of the three dozen main business tax credits in the code, according to Internal Revenue Service estimates. Link
Monday, July 23 – Wednesday, July 25 * American Institute of Certified Public Accountants conference on gift and estate taxation, the generation-skipping transfer tax, income tax considerations related to trusts, estates, and large IRAs, and more. Las Vegas.