* 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
* 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
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
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.
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.
* 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
* 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
* 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