Unstructured Finance

Essential reading: No sales-tax effect on Amazon in Texas, and more

September 18, 2012

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

* The sales-tax effect on Amazon: Nada. Greg Bensinger – The Wall Street Journal. A new survey by Wells Fargo analyst Matt Nemer showed that consumers in Texas, the second most populous state in the nation, essentially haven’t changed their buying habits since the online sales tax went into effect in July. Link  

* Credit Suisse to reveal more data, staff names in U.S. tax probe. Katherina Bart – Reuters. Credit Suisse said it would transfer more information on its money management arm for wealthy Americans to U.S. officials, including more names of its own employees, as part of an effort to settle a tax evasion probe. For the first time, Credit Suisse employees will be told before their names are disclosed to U.S. officials, a bank spokesman said, after previous transfers of information by banks drew criticism. Link  

* Lawyers focus on new tax crackdown. Vanessa Houlder – The Financial Times. London lawyers are set to be targeted by tax inspectors in an intensive crackdown on evasion that is expected to yield 3 million pounds ($4.88 million). HM Revenue & Customs will announce on Tuesday that the London legal profession is one of five high-risk sectors around the country to be scrutinized by specialist taskforces. Inspectors will visit premises to examine records and carry out other investigations. Link

* Behind the people who pay no income tax. Annie Lowrey – The New York Times. Mitt Romney is absolutely correct that about half of American households do not pay federal income tax. But he is missing some crucial context on why they do not pay federal income tax. Link

* Some big corporations don’t pay taxes, either. Bruce Bartlett – The New York Times opinion. Republicans always accept tax cuts at face value, because to them there is no public policy problem that isn’t caused by high taxes. Tax cuts are their solution to just about every problem. Cutting the corporate tax rate is among the key measures that all Republicans favor to stimulate growth. Link

($1 = 0.6147 British pounds)

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