Welcome to the top tax and accounting headlines from Reuters and other sources.
* Penny-pinching in pinstripes? Yes, the Yanks are reining in pay. David Waldstein – The New York Times. The Yankees no longer want to pay Major League Baseball’s luxury tax, after spending years of happily soaring beyond the payroll threshold that determines that tax. Link
* House and Senate work simultaneously to create budgets, a rarity. Jeremy Peters – The New York Times. The Democrats plan to rely heavily on closing tax loopholes that benefit corporations and the wealthy to produce new revenue, while Republicans will focus on slashing spending to balance the budget in 10 years. Link
* Paulson eyes Puerto Rico tax haven move. Dan McCrum – The Financial Times. Billionaire John Paulson has explored abandoning his native New York for the tropics of Puerto Rico as he tries to shield his fortune from US tax collectors. Link
* Checking your home buyer tax credit status. Ann Carrins – The New York Times. The entire credit may have to be repaid if the home was sold or no longer used as a main home within 36 months from the date of purchase. Link