Unstructured Finance

Calendar

March 28, 2013

Some important tax and accounting events in the week ahead:

Tuesday, April 2

Internal Revenue Service hearing on the 3.8 percent investment income tax associated with the Health Care and Education Reconciliation Act of 2010, sometimes called “Obamacare.” 10 a.m. ET. IRS building. Washington.

Essential reading: Sports betting raises state coffers, and more

March 28, 2013

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

* Cash-hungry states eye sports betting, to leagues dismay. Joe Drape – The New York Times. Nevada took in more than $3.4 billion in bets on sports last year, generating $15 million to $20 million in tax revenue. Link     

Morgan Stanley decides not to tell shareholders what “priorities” are, SEC agrees to play along

March 28, 2013

Reuters reported on Friday that the Federal Reserve is taking a closer look at precisely how Wall Street CEOs get paid. This week, the SEC released correspondence between itself and Morgan Stanley that sheds some more light on the topic, and suggests that the Fed isn’t the only one questioning how bonuses are calculated. The SEC gets good marks for effort here, but the final result may leave Morgan Stanley shareholders unsatisfied.

Essential reading: TurboTax’s lobbying fight, and more

March 27, 2013

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

 * How the maker of TurboTax fought free, simple filing. Liz Day – ProPublica. Intuit has spent about $11.5 million on federal lobbying in the past five years. Although the lobbying spans a range of issues, Intuit’s disclosures pointedly note that the company “opposes IRS government tax preparation.” Link 

Daniel Loeb surfing to the top of the hedge fund charts again

March 27, 2013

Something must be in the water over at 399 Park Avenue, where Daniel Loeb’s hedge fund Third Point is headquartered. His Third Point Ultra fund has already gained 12.42 percent this year through the 13th of March, according to data from HSBC’s Private Bank.

Essential reading: Intangible assets under audit, and more

March 26, 2013

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

* Intangibles targeted in tax audits. Emily Chasan – The Wall Street Journal. Intangible assets such as intellectual property, technology processes and copyrights have grown over the past decade to account for a greater portion of corporate profits, and tax regulators are taking notice. Link    

Cash is king in housing

March 26, 2013

By Matthew Goldstein

It’s no secret that housing in the U.S. has become an investors market, especially if it’s an investor with cash to burn.

Essential reading: Proposals to tax trades spark financial firm lobbying, and more

March 25, 2013

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

* Trading clamps spur lobby effort. Jenny Strasburg and Scott Patterson – The Wall Street Journal. High-speed trading firms and exchanges are being forced into the lobbying game by taxes on trades in Europe, proposals for similar levies in the U.S. and beefed-up regulatory scrutiny. Link    

Calendar

March 22, 2013

Some important events in the week ahead:

Monday, March 25 – Tuesday, March 26

* American Institute of Certified Public Accountants’ workshop on fair value measurement of assets. New York.

Essential reading: Athletes’ tough tax bills, and more

March 22, 2013

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

* Figuring athletes’ taxes is, well, taxing. Callum Borchers – The Boston Globe. The complicating factor for pro athletes is not how much they earn — though they often make millions of dollars per year — but where they earn it. With few exceptions, athletes owe income taxes in every state where they play. Link