A U.S. senator from Florida called for a congressional inquiry into BP Plc’s plan to use losses from the Gulf of Mexico oil spill to reap $10 billion in tax benefits. Senator Bill Nelson said Wednesday he wants a probe …
The U.S. Supreme Court let stand an appeals court decision upholding the power of tax authorities to demand legal work papers from corporations. The lower court ruled in favor of an Internal Revenue Service bid for legal papers from corporate …
The U.S. House of Representatives passed a permanent extension of the federal estate tax on Thursday, but the measure, which taxes estates at rate of 45 percent after exempting the first $3.5 million, is likely to be changed in the …
U.S. tax authorities will start to audit 6,000 randomly selected companies to focus on employment tax issues ranging from executive compensation to fringe benefits, Internal Revenue Service officials said. The audits will begin in February 2010 and stretch across all …
Move over Switzerland. The tiny U.S. state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said. The United States, led by the eastern seaboard state, took in $2.6 …
The world’s wealthiest nations risk harming “the goose that lays the golden egg” if they overtax businesses, Bermuda’s finance minister said on Thursday, adding that her island nation had surpassed other offshore centers in meeting new tax rules. “As a …
Moody’s Corp. chief executive told lawmakers on Wednesday that his credit rating firm may agree to disclose some of its fees to regulators, but opposes a plan to impose greater liability on the sector. At a hearing to examine a …
The Obama administration on Monday will propose raising nearly $60 billion over 10 years through changes to the estate tax law and closing certain domestic tax loopholes, an administration official said. Funds raised will go to beef up a health …
The chairman of a U.S. House oversight panel said Wednesday he will soon call the chief executive of American International Group Inc. to testify, amid the committee’s ongoing probe of the fall of the insurance giant. Democratic Rep. Edolphus Towns, …
Maurice “Hank” Greenberg, former CEO of American International Group Inc. and creator of the AIG unit whose investments triggered the insurance giants’s near collapse, portrayed himself as a victim in testimony before a congressional panel Thursday. Some lawmakers questioned his …
