Taxes
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Discussing what's next for IRS official Lois Lerner, and whether it's time for an IRS special counsel, with Tom Curran, Peckar & Abramson and John Eastman, Chapman University.
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*Irish government calls Senate report "wrong and misleading". Ireland has been forced to defend its corporate tax rate after the Senate said on Monday that Apple paid little or no tax on tens of billions of dollars in profits channelled through Irish subsidiaries and that it had negotiated a special corporate tax rate of less than 2 percent. 1/ 2 ID: nL2N0E20Y1 3/ 8.
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Every spring hundreds of yachts migrate from the Caribbean to the Mediterranean and some of them do it by boat, reports CNBC's Robert Frank. (1:00)
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ROME/ MILAN, May 22- Milan prosecutors are investigating the chairman of Italian steel group Riva for tax evasion and police have seized 1.2 billion euros of cash from a tax haven, judicial sources said on Wednesday. Emilio Riva, whose company controls Europe's largest steel plant in southern Italy, is being probed along with his brother Adriano, the sources said.
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*Ireland takes rare aim at multinationals' tax rates. Bruton's call for an international clampdown on aggressive tax planning by large corporates is a rare negative shot at a sector that Ireland has courted for decades and underscores the high stakes for Dublin, which faces pressure to act alone.
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Rep. Sean Duffy asks the Fed's Bernanke if from a policy perspective if there a way to negotiate a bipartisan solution to rising health care costs.
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Sen. Robert Casey, (D-PA), asks the Fed Chairman if he can see any way to reach a bipartisan solution to reforming the current tax law. The ideal solution is to "broaden the base" and "lower the tax rate," Bernanke said.
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DUBLIN, May 22- Ireland's finance minister said on Wednesday the country did not want to become the' whipping boy' for what he called a flawed U.S. Senate report into the level of corporate tax Apple Inc pays in Ireland.
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NEW YORK-- Shares of Intuit advanced Wednesday after the maker of TurboTax tax-filing software reported higher net income for its third quarter, beating Wall Street expectations. For the quarter, earnings rose to $822 million, or $2.71 per share, from $734 million, or $2.42 per share, a year ago.
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*Apple, Amazon, Google among corporations in the spotlight. BRUSSELS, May 22- Britain, France and Germany called for stricter rules to stop companies such as Google, Apple and Amazon aggressively avoiding taxes in austerity bitten Europe, while acknowledging they had done nothing unlawful.
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*Google's tax affairs in spotlight in Britain. LONDON, May 22- Google Inc's tax affairs came under renewed scrutiny in Britain on Wednesday when the leader of the opposition Labour party accused the Internet company of wrongly going to "extraordinary lengths" to avoid paying tax.
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"I have not done anything wrong," asserts IRS official Lois Lerner, invoking her Fifth Amendment right, refusing to answer questions about her involvement in the improper targeting of conservative groups by the IRS.
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Attorney Booth Goodwin says 60- year-old Daniel Hovis and 63- year-old Janice Hensley each pleaded guilty Tuesday in federal court in Charleston to failure to pay trust fund taxes. The corporation had primary bookkeeping offices in Charleston and Wheeling. Hovis and Hensley both worked out of the Charleston location.
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*U.S. investigators pursuing banks like Credit Suisse, Julius Baer. Finance Minister Eveline Widmer-Schlumpf said on Saturday that Switzerland was on the brink of a deal that would be painful for banks, although she declined to say how big fines might be.
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Sen. Rob Portman, (R-OH), discusses the tech giant's tax policy and explains why corporate tax reform is needed.
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*Austria to end bank secrecy for foreigners this year. BRUSSELS, May 22- Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland.
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*Google's tax affairs in spotlight in Britain. LONDON, May 22- Google Inc's tax affairs came under renewed scrutiny in Britain on Wednesday when the leader of the opposition Labour party accused the Internet company of wrongly going to "extraordinary lengths" to avoid paying tax.
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DUBLIN, May 22- Ireland called on Wednesday for an international clampdown on multinationals shifting profits around the world to avoid tax, after criticism that Irish loopholes helped technology giant Apple to shrink its tax bill.
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David Cameron, British prime minister, tells CNBC ahead of the EU Summit on tax fraud that he 'believes in low taxes for businesses' and highlights that international cooperation is crucial to tackle tax evasion.
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Even as Apple faced a grilling from lawmakers over its tax avoidance schemes, two more companies revealed they would move jurisdictions to lighten their tax burden.
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Tony Fratto, managing director at Hamilton Place Strategies, comments on the IRS scandal and its impact on the Obama administration and how complex it would be to reform the tax system.