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Accounting News Roundup: Apple Wins Again (in Tax Planning, Anyway); ‘Tax reform isn’t going anywhere’; IRS Commish Job Expectations | 07.02.13

Apple paid no UK corporation tax in 2012 [Telegraph]
No gimmicks here!

Zero-Based Tax Reform [Economix/NYT]
Bruce Bartlett: "Until a specific proposal on the table can be discussed, analyzed and amended, tax reform isn’t going anywhere. Senators Baucus and Hatch are not helping; they are just wasting time."

Tax Reform or Shotgun Wedding? [Tax Analysts]
Clint Stretch: "With his pending retirement, it’s understandable that Baucus would want to talk the country into a sort of shotgun-wedding approach to tax reform. Sadly, the real groundwork has yet to be laid, so the rehearsal dinner promises to be a food fight that threatens the whole effort." 

XBRL is Not Just Another Compliance Burden [CFO]

Lew: There's a 'deficit of confidence' in the IRS that must be rebuilt [The Hill]
All IRS Commish candidates should take note of what your new boss will expect of you: "It has to become a better customer service experience, it has to work well, and we know there's a deficit of confidence now that has to be rebuilt and that will be the job for the new commissioner of the IRS." 
Accounting Is Not the Language of Business [Thriveal]
It's Latin. Who knew it was still useful?
China Law Forces Adults To Visit Parents [CP]

Mothers and fathers aren't the only ones urging adult children to visit their parents. China's lawbooks are now issuing the same imperative. New wording in the law requiring people to visit or keep in touch with their elderly parents or risk being sued and facing penalties came into force Monday, as China faces increasing difficulty in caring for its aging population. It remains to be seen how much the amended law changes the status quo, however. Elderly parents in China already have been suing their adult children for emotional support, and the new wording does not specify how often people must visit or clarify penalties for those who do not.


Posted in ANR