CBO: Ending Corporate Tax Deferral Could Raise $100 Billion [WSJ, CBO Study]
A new Congressional Budget Office study throws some cold water on the idea of overhauling U.S. corporate tax policy to make it more like other developed countries’ tax policies. The study suggests that the current U.S. system is bad enough, but some of the alternatives being advanced by businesses likely would be worse. The U.S. currently is one of the few developed countries that tries to tax businesses on their worldwide profits. The majority of developed countries have moved to taxing firms only on the money they earn domestically–a so-called territorial approach. As a compromise, the government allows U.S. businesses to defer tax on overseas earnings as long as the money stays offshore–a policy that many critics regard as harmful to the economy.
U.S. IRS delays start of tax filing season to Jan. 30 [Reuters]
The U.S. Internal Revenue Service said on Tuesday it will begin accepting 2012 tax filings on Jan. 30, eight days later than originally planned, meaning millions of early-filing taxpayers will have to wait until February at the earliest for a refund. More than 120 million households should be able to start filing tax returns on Jan. 30, the agency said. "This date ensures we have the time we need to update and test our processing systems," IRS acting Commissioner Steven Miller said in a statement. The delay stems from the Jan. 2 enactment of tax law changes made to resolve the "fiscal cliff," the package of automatic tax increases and federal spending cuts scheduled to start in the new year until averted by last-minute legislation. The IRS could not write certain tax forms and tables without knowing how the law might reshape the U.S. tax code.
Is the SEC suing the wrong audit firm? [China Accounting Blog]
Paul Gillis: "Basically, Deloitte argues it would be mean to Deloitte to continue this case, since it might result in them getting punished ahead of the other firms that have since been charged with similar misconduct. I recall using a similar argument when I was in the third grade to defer punishment, and my appeal was denied. I expect that Deloitte gets the same treatment from the judge that I got from my third grade teacher."
IRS quietly delays CPE requirement under new preparer regulation scheme. [Tax Update]
FYI.
Good — and Not so Good — Corporate Tax Ideas from New Mexico [David Brunori]
Reading for SALT nerds from the Land of Enchantment.
The Biggest Schmuck on Earth Left This As a Tip [Gawker]
A note that explains why California and President Obama's tax policy prevents him from tipping.
Deloitte Recognized as a "Best Place to Work for LGBT Equality" for Seventh Consecutive Year [Deloitte]
So that's nice.
Dog shaved to look like lion sparks 911 call in Norfolk [TVP]
The 911 caller reported that the baby lion was walking down Colley Avenue, possibly looking for food, near 50th Street. So police called the Virginia Zoo around 10:15 a.m. to make sure the lions were all accounted for, said Winfield Danielson, a zoo spokesman. Mramba, the male lion, and Zola, the female, were in their habitats. As it turns out, it was Charles the Monarch that was out and about. Neighborhood regulars know Charles, who hangs out with his owner at Daniel Painter's business, Daniel's Lawn & Garden Center, on Colley Avenue. Charles is a cross of Labrador retriever and poodle shaved to look like the mascot of Old Dominion University. He likes to dine at University Pizza.
