All GLG News Analyses Filed Under: Tax Issues

Thomas Klein, CPAManaging MemberKleinCPA PLLC

Obama Expected to Sign Generous NOL Carryback Bill on Friday

November 5, 2009

Analysis of:  Congress Passes Unemployment Bill With Tax Items | www.journalofaccountancy.com

On Thursday, Congress sent a bill to the White House containing enhanced net operating loss (NOL) carryback opportunities for most companies. The bill contains a provision extending the NOL carryback period from two years to five years for losses incurred in 2008 or 2009. President Obama is expected...

Truth or consequences

October 31, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Obama Taking Hands-Off Stance on Citi, AIG Pay | www.bloomberg.com

By setting up Kenneth Feinberg as the bad guy, the Obama administration can claim that it is taking a hands-off stance with respect to executive pay.  Nothing can be further from the truth.  Mr Feinberg derives his authority from the same government that claims to be taking a hand-off approach. This...

Thomas Klein, CPAManaging MemberKleinCPA PLLC

Obama Administration Moves Foreign Earnings Tax Deferral Reform to Back Burner

October 13, 2009

Analysis of:  Business Fends Off Tax Hit | online.wsj.com

Once again, a proposal to reform how a U.S. based multinational company's foreign earnings are taxed has failed to gain congressional support. Similar proposals introduced over the past twenty years have consistently failed to gain traction. The current proposal was part of the Obama administration's...

Spain's growing budget deficit - a Spanish opinion

October 2, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Spain's growing budget deficit: Taxing times | www.economist.com

Mr Rodríguez Zapatero's economic policies demonstrated to be inconsistent, improvised and unsustainable.Spain needs more time and harder work than peer countries to recover.  Structural reforms on education, fighting spreading corruption and strengthening the national political tissue are much needed...

Keynes back to Spain?

September 29, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Spain's growing budget deficit: Taxing times | www.economist.com

Economic crisis in the Spanish Government undertakes a way of raising taxes to try to maintain consumption with social measures without increasing the deficit at a level insurmountable.Notwithstanding that higher taxes, especially VAT, does not seem well designed and that certain errors persist, health,...

An unique form of British Justice of International nature

September 15, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Sweeping proposals to change Indian tax laws could scare off foreign investors | www.timesonline.co.uk

Different standards for different peopleGreed, for power and Pelf.

The Consequences of The UBS Tax Evasion Cases

September 1, 2009

Analysis by:GLG Expert Contributor

Analysis of:  IRS Corporate Audit Division Will Examine UBS Tax Evasion Cases | www.bloomberg.com

As the IRS examines the 4,450 UBS AG Swiss bank accounts it would do to remember that companies offshore as well as individuals. If you do not understand the structure of the company, or the role/purpose of its offshore holdings then treat it with extreme caution. The international regulatory environment...

The Financial Services Authority Plays To The Gallery

August 28, 2009

Analysis by:GLG Expert Contributor

Analysis of:  FSA Chairman Suggests a Tax on Banks, Drawing a Lot of Fire | online.wsj.com

The Financial Services Authority (FSA), fearful of being shut down by the incoming Tory government, has indulged in popular politics and made some suggestions that play to the gallery wrt taxing bankers' bonuses. This suggestion is a non starter, as Britain (like it or not) needs a robust financial...

HMRC's Island Haven

August 26, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Closing the Havens | www.ft.com

HMRC scored something of an embarrassing own goal, when it signed up with Mapeley.

The Reality of UBS and Liechtenstein Tax Settlements

August 25, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Swiss Don't See Defeat in Deal to Give Names to U.S. | online.wsj.com

The settlement between the Internal Revenue Service and UBS AG has been hailed around the world as a victory for U.S. tax authorities. In the UK similar moves against offshore tax evaders have been made by Her Majesty's Customs and Revenue (HMRC). As HMRC resorts to increasingly desperate measures,...

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