Unstructured Finance

Essential reading: Google and Starbucks face tax questions in the UK, and more

October 31, 2012

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

 * Google and Starbucks face tax questions. Jim Pickard and Vanessa Houlder – The Financial Times. Google and Starbucks will be subjected to United Kingdom parliamentary scrutiny over their tax affairs for the first time next Monday with the public accounts committee set to demand that the two US corporate giants give evidence. Members of the influential committee agreed on Monday evening to call in the two companies to give evidence at a session into Revenue & Customs where inspectors will be asked about their contributions to the exchequer. Link 

Essential reading: Fiscal cliff forces all sides to jockey, and more

October 30, 2012

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

* Fiscal cliff forces all sides to jockey. Damian Paletta – The Wall Street Journal. Lawmakers, CEOs, business groups and charities are scrambling to shape the debate over tax and spending policy after the November elections, staking out negotiating positions for what could be a fast-paced brawl. The jockeying is intensifying as Election Day approaches, despite a halt in talks between party leaders about how to avoid a total of $500 billion in annual tax increases and federal spending cuts set to begin in January. Link

Essential reading: Washington Post reports Obama administration looking at new tax cut, and more

October 29, 2012

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

* Obama administration looking at new tax cut-Washington Post. Mark Felsenthal – Reuters. The Obama administration is considering a possible tax cut that would increase workers’ take-home salaries and replace the payroll tax reduction set to expire at the end of the year, The Washington Post reported on Friday. The White House said no new tax policy suggestion had been formulated. Link

Becoming comfortably numb to income inequality

October 26, 2012

By Matthew Goldstein and Jennifer Ablan

About a year ago, Nobel Prize-winning liberal economist Joseph Stiglitz made a surprise appearance at the Occupy Wall Street camp site in Zuccotti Park, giving a speech to rally the protestors and support their causes of bringing attention to the economic divide between the 1 percent and everyone else in the U.S.

Essential reading: Treasury says firm with ties to President discussed tax break, and more

October 26, 2012

U.S. Treasury Secretary Timothy Geithner outside the Treasury Department in Washington.

Calendar

October 26, 2012

Some important tax and accounting events in the week ahead:

Monday, Oct. 29

U.S. Public Company Accounting Oversight Board member Lewis H. Ferguson speaks to the annual meeting of the National Association of State Boards of Accountancy. 11:15 a.m. EDT, Walt Disney World Swan hotel. Orlando, Florida.

Essential reading: CEOs call for deficit action, and more

October 25, 2012

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

* CEOs call for deficit action. David Wessel – The Wall Street Journal. Chief executives of more than 80 big-name U.S. corporations, from Aetna Inc. to Weyerhaeuser Co., are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts. The CEOs who signed the manifesto deem tax increases inevitable no matter which party succeeds at the polls in November. Link

Most overvalued asset in the rich world is?

By Jennifer Ablan
October 25, 2012

The following is a contribution from our chief Federal Reserve reporter, who is out in the field  at The Economist magazine’s annual economics conference:

Essential reading: For some of the wealthy, a 0 percent tax on capital gains, and more

October 24, 2012

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

* For some of the wealthy, a 0 percent tax on capital gains. Arden Dale – The Wall Street Journal. Financial advisers are helping a surprising group take advantage of a 0 percent capital-gains rate set to rise to 10 percent next year: affluent retirees, business owners and even some wealthy philanthropists. The rate only applies to those in the bottom two tax brackets, a group not usually associated with the wealthy. Link

Essential reading: Checking tax facts from the presidential debate, and more

October 23, 2012

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

 * Fact check: The ‘territorial tax.’ Josh Hicks – The Washington Post. The president said on Monday that Mitt Romney wants to provide more tax breaks for companies that move overseas. He was referring to Romney’s proposal to enact a “territorial tax” system that would allow U.S.-based companies to bring foreign-earned profits back home without paying U.S. taxes. Link