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    

 * Tax panel: Democrats’ budget needs to cut more tax breaks. Siobhan Hughes – The Wall Street Journal. A congressional tax report found that President Barack Obama’s strategy for raising taxes won’t fly on its own since it couldn’t raise the $975 billion called for under the Senate Democratic budget. Link    

* Experts foresee no tax overhaul in United States. Conrad de Aenlle – The New York Times. while few dispute that tax reform is a good idea, it is an idea that policy specialists doubt will be acted upon soon. Link

* Puerto Rico creates tax shelters in appeal to the rich. Lynnley Browning and Julie Creswell – The New York Times. Since the beginning of the year, the island has gone on a campaign to promote tax incentives that took effect last year, marketing its beautiful beaches, private schools and bargain costs in an effort to lure well-heeled hedge fund managers and business executives to its shores. Link    

* Nearly half of workers didn’t notice higher tax in 2013. Kathleen Madigan – The Wall Street Journal. According to a survey released Monday by personal-finance website Bankrate.com, 48 percent of U.S. consumers didn’t notice the higher tax rates in their 2013 paychecks. Link    

* UK Tax charge threatens fund manager rebates. Elaine Moore – The Financial Times. On Monday, the UK’s HM Revenue & Customs (HMRC) announced that from April 6 it will start collecting income tax on rebates negotiated by platforms on behalf of investors, and paid in the form of cash or extra units in a fund. Link    

* UK’s HMRC tightens disclosure rules. Lucy Warwick-Ching – The Financial Times. The UK’s HM Revenue & Customs is tightening disclosure rules on individuals who settle their affairs through the Liechtenstein Disclosure Facility. From April 1 the Revenue will no longer accept tax submissions for the LDF if these are missing information. Link    

* Israel restores tax transfers to Palestinians following Obama visit. Joel Greenberg – The Washington Post. Israeli Prime Minister Benjamin Netanyahu has authorized a resumption of the monthly transfer of taxes and customs duties collected by Israel for the Palestinian Authority. Link    

* How to make America a global tax haven. Ramesh Ponnuru – Bloomberg opinion. Most businesses, especially small ones, don’t pay corporate taxes. Reforming the entire code, individual and corporate alike, doesn’t hold much promise. Link 

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