Welcome to the top tax and accounting headlines from Reuters and other sources.
* Governors, GOP allies clash over tax cuts. Mark Peters and Neil King – The Wall Street Journal. Republican lawmakers in several states are blunting plans by GOP governors to reduce or eliminate income taxes, putting the legislators at odds with figures many in the party see as leading voices on reshaping government. Link
* FATCA treaties held up in U.S. Senate. Ben DiPietro – The Wall Street Journal. The U.S. Senate is unable to ratify three Foreign Tax Account Compliance Act treaties because of a hold by Senator Rand Paul, and if the delays continue much longer they could complicate implementation of the law, which is due to take effect in January. Link
* What Apple’s insanely great bond offering has to do with the Federal Reserve. Neil Irwin – The Washington Post. Apple’s bond sale is a clever maneuver of corporate finance that will likely prove beneficial for Apple shareholders, but in ways that show what’s wrong with U.S. tax policy. Link
* Sumner Redstone faces IRS heat for delinquent 1972 tax bill. Matthew Fleischer – The Los Angeles Times. Viacom Inc. and CBS Corp. Chairman Sumner Redstone may be a billionaire, but according to the U.S. Internal Revenue Service he’s also a tax delinquent. Link