Tax

The G-20 group of finance ministers decided last weekend against levying a global bank tax amid fierce opposition from some countries, but that doesn’t mean the idea of taxing banks to pay for future bailouts is gone completely.

Senate-Modifies-Carried-Interest-Tax-Provision

Swiss-Lower-House-Rejects-UBS-Deal

The State of California, struggling with a $19 billion budget deficit, is considering legalizing and taxing marijuana in a referendum on the November ballot.

The Swiss Parliament’s upper house voted Thursday in favor of Switzerland’s deal with the U.S. government to share the identities of 4,450 U.S. clients of UBS with numbered bank accounts.

Both the American Institute of CPAs and the American Bar Association Tax Section have told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on the new Schedule UTP, Uncertain Tax Position Statement.

Sen. Charles Schumer, D-N.Y., wants to put a stop to U.S. companies that transfer customer service calls halfway around the world.

The House approved a bill to extend many expiring and expired tax breaks through the end of the year, as well as extend unemployment insurance benefits through the end of November.

An overwhelming majority of senior financial executives say their tax department’s top priority is not tax savings or their effective rate, but timely and accurate tax return and financial reporting, according to a new survey of CFOs and senior comptrollers by Grant Thornton LLP.

CCH has undertaken a nationwide research project on the sales and use tax treatment of drop shipment transactions, and used the information to update its tax research.