* Americans living abroad say U.S. tax laws punishing them. Margaret Collins and Richard Rubin – Bloomberg news. Complexity has increased for Americans abroad with the Foreign Account Tax Compliance Act, enacted in 2010 to combat tax evasion by US taxpayers with assets offshore. Link
Some important tax and accounting events in the week ahead:
Monday, April 29 – Friday, May 3
* Tax Executives Institute federal taxation course. East Lansing, Michigan.
Tuesday, April 30
* D.C. Bar Association session on the taxation of financial derivatives. 12 noon – 1:30 p.m., D.C. Bar Conference Center. Washington.
* GOP moves away from entitlements and toward tax reform in budget deal. Lori Montgomery – The Washington Post. With another fight over the national debt brewing this summer, congressional Republicans are de-emphasizing their demand for politically painful cuts to retirement programs and focusing on a more popular prize: a thorough rewrite of the U.S. tax code. Link
* Obama officials hold early budget talks with Republicans. Jackie Calmes – The New York Times. The meeting on Thursday was an early step in a long process, with an end goal of both raising tax revenues and curbing the growth of spending for Medicare and other entitlement benefit programs. Link
* UK premier David Cameron presses EU on tax evaders. Vanessa Houlder and George Parker – The Financial Times. David Cameron on Wednesday urged European leaders to be in the vanguard of a global effort to crack down on aggressive tax avoidance and evasion, as he tries to build momentum before the G8 summit in Northern Ireland in June. Link
* Congress looks at REIT tax exemption. A.D. Pruitt – The Wall Street Journal. A powerful congressional committee is examining the tax exemption that real-estate investment trusts have enjoyed for decades as part of its comprehensive review of the tax code. Link
* Analysis of Obama’s budget finds a higher tax burden for most Americans. Zachary Goldfarb – The Washington Post. President Obama’s budget would raise taxes mainly on people earning more than $200,000 a year, although earners at nearly every income level would face a somewhat higher tax burden, according to a new nonpartisan analysis. Link
* Restyled as real estate trusts, varied businesses avoid taxes. Nathaniel Popper – The New York Times. A small but growing number of American corporations, operating in businesses as diverse as private prisons, billboards and casinos, are making an aggressive move to reduce — or even eliminate — their federal tax bills. Link