* Tax filing is slow, but collections rise. John McKinnon – The Wall Street Journal. The fiscal-cliff deal continues to slow tax filing, thanks to changes that required the Internal Revenue Service to delay the tax season’s opening. Link
Scanning Goldman Sachs’s newly published interactive annual report on Monday, Unstructured Finance had to do a double-take upon seeing American International Group highlighted as a client success story.
*Derivatives-tax plan concerns industry. John D. McKinnon and Siobhan Hughes – The Wall Street Journal. The Obama administration’s proposal this week to change the way some derivatives are taxed signals common ground with Republicans on a potentially difficult and divisive tax issue that could have far-reaching implications for investors. Link
Sometimes it seems that insider trading cases are all about hedge funds. After all, the overwhelming majority of the federal government’s multi-year crackdown on insider trading has netted dozens of traders and analysts working in the $2.25 trillion hedge fund industry.
* Middle class tax hikes loom in Obama proposal despite pledge to avoid them. The Washington Post. President Barack Obama proposed a 2014 budget that, if adopted, would break his promise to avoid any tax increases for middle- and low-income people. Link
* Luxembourg agrees to automatic information exchange to help fight tax evasion. The Washington Post. The initiative, which is to start in 2015, follows international pressure on Luxembourg to end its policy of banking secrecy that critics say has helped people hide money from tax authorities. Link
* Sen. Max Baucus moves to reshape tax code. Lori Montgomery – The Washington Post. Last month, Senator Max Baucus summoned members of the Senate Finance Committee to a closed-door meeting to discuss the first full-scale rewrite of the 5,600-page U.S. tax code in more than 25 years. After two years of watching President Obama and congressional leaders take on tax policy and other areas of the committee’s vast jurisdiction, the panel’s chairman is reclaiming his turf. Link
* No big deal? Small business groups shrug off delays to Obamacare’s health care exchanges. J.D. Harrison – The Washington Post. The Obama administration has delayed part of the health care law designed to give small business owners and employees more flexibility when purchasing insurance, which could temporarily undermine lawmakers’ intent to drive down the cost of health coverage. Link
The SkyBridge Alternatives Conference – the annual hedge fund blowout better known as SALT, is a month away. And the official agenda for the three-day bacchanal, which sees thousands of hedge fund investors, allocators and hedge fund hangers-on descend on Las Vegas in the second week of May, has been released.