CEOs Call for Deficit Action [WSJ]
Chief executives of more than 80 big-name U.S. corporations, from Aetna Inc. to Weyerhaeuser Co., are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts. The CEOs, in a statement to be released on Thursday, say any fiscal plan "that can succeed both financially and politically" has to limit the growth of health-care spending, make Social Security solvent and "include comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit."
IRS delays key start dates for global tax evasion law [Reuters]
Tax authorities on Wednesday postponed implementation of new rules to force banks and financial institutions to disclose more information about U.S. clients' offshore accounts. The Foreign Account Tax Compliance Act, or FATCA, has been a source of anxiety for institutions that must comply with it or face penalties, including possible exclusion from U.S. markets. The tax-collecting U.S. Internal Revenue Service said in a brief announcement it has postponed key staggered FATCA start dates - a step that was welcomed by industry, but still left key questions about FATCA unanswered, tax experts said. The IRS did not give a reason for the delay. The U.S. Treasury Department has not yet issued final FATCA rules. So the industry does not know what specific requirements it faces, though at least it will now have more time. "The relief, while expected, is very much welcomed," said Laurie Hatten-Boyd, principal at accounting firm KPMG LLP.
Some of them aren't born that way.
"Neither candidate has done a convincing job to demonstrate that the small-business owner will be better off under his administration," says Joel Shulman, associate professor of entrepreneurship at Babson College in Wellesley, Mass. "Small-business owners don't have a clear candidate," he adds.