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November 27, 2022

Accounting News Roundup: Just Quit Already; Handicapping 2013 Tax Rates; IRS Gives Lindsay Lohan Some Attention | 01.11.12

Romney Wins G.O.P. Primary in New Hampshire [NYT]
 Mitt Romney swept to victory in the New Hampshire primary on Tuesday, turning back a ferocious assault from rivals who sought to disqualify him in the eyes of conservatives, in a contest that failed to anoint a strong opponent to slow his march to the Republican nomination. Mr. Romney, a former governor of Massachusetts, won by a double-digit margin, a validation of his strategy to use his neighboring state to cement his standing as the front-runner. The candidates who had hoped to use the primary to emerge as his leading rival fared poorly, leaving a fractured Republican opposition. “Tonight we celebrate. Tomorrow we go back to work,” said Mr. Romney, who strode into his victory party at Southern New Hampshire University less than 30 minutes after the final polls closed to present himself as the candidate to beat for the Republican nomination.

Hostess Brands Files for Bankruptcy Protection [AP]
Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is filing for bankruptcy protection, blaming troubles with its pension and medical benefits obligations, increased competition and tough economic conditions. The Chapter 11 filing on Wednesday comes just two years after a predecessor company emerged from bankruptcy proceedings. The privately held Irving, Texas bakery company says it will be able to maintain routine operations thanks to a $75 million financing commitment from a group of lenders.

More Firms Enjoy Tax-Free Status [WSJ]
The percentage of U.S. corporations organized as nontaxable businesses has grown from about 24% in 1986 to about 69% as of 2008, according to the latest-available Internal Revenue Service data. The percentage of all firms is far higher when partnerships and sole proprietors are included. Old-line U.S. public companies generally remain taxable, and many complain that they must pay higher effective rates than foreign competitors. They are eagerly seeking a cut in the 35% U.S. corporate-tax rate, now one of the highest in the world. But increasingly they find themselves at odds politically with the growing breed of nontaxable firms. By some estimates, more than 60% of U.S. businesses with profits of $1 million are structured as pass-throughs, the highest rate among developed countries. Their popularity is one big reason why federal corporate tax collections amounted to just 1.3% of GDP in 2010, well below their mark of 2.7% in 2006 and far beneath their peak of 6.1% in 1952.
 
Quit: Do It Now [WSJ]
Yes, you.
 
What Will Tax Rates Look Like in 2013? [WSJ]
Q: Will there be fundamental tax reform in 2012? A: Not a chance, say the experts. On this point, they were unanimous.
 
Lindsay Lohan – IRS Cracking Down Over MASSIVE Tax Debt [TMZ]
Relevancy…waning…

 

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