Tax regulations

The Senate Finance Committee has dropped a provision for regulating tax preparers from legislation that would curb identity theft and tax fraud.

Why would anyone spend $24 million to buy a 1 percent stake in the New York Yankees? Minority ownership seems like a lose-lose proposition: A lot of money for very little power. For wealthy sports fans, though, it’s cool—and can be one heck of a tax shelter.

European Union regulators sought to shame big global companies into paying their full tax bill by forcing them to publish how much they divert to offshore havens.

Escalating a 19-month regulatory assault against U.S. companies’ shifting their tax addresses offshore, President Barack Obama’s administration last week also went after companies that have always been overseas.

Among the issues that are keeping tax executives up at night are anti-inversion rules that don’t address the root cause: an anti-competitive U.S. tax system.

The White House traded accusations of unpatriotic behavior with the CEO of a major drugmaker after unexpectedly tough new rules from the U.S. Treasury Department on corporate inversions derailed a $160 billion merger between Pfizer Inc. and Allergan Plc.

The biggest deal in drug industry history is dead. Pfizer Inc. and Allergan Plc terminated their $160 billion merger on Wednesday after the U.S. government proposed regulations to crack down on corporate tax inversions, stymieing New York-based Pfizer’s long effort to get out from under the highest corporate tax rate in the developed world.

President Barack Obama issued a forceful denunciation of companies that shield profit overseas through corporate inversions, praising new rules that would curb what he called one of the U.S. tax system’s most insidious loopholes.

As the U.S. took tougher steps Monday to limit the tax-cutting power of corporate inversions, analysts said the new rules may put a planned $160 billion merger between Pfizer Inc. and Allergan Plc in jeopardy.

The Treasury Department issued temporary regulations to curb corporate tax inversions while continuing to call on Congress to pass legislation to limit the ability of companies to merge with foreign partners to avoid taxes.