Internal Revenue Service News
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Mitt Romney has long had close ties to hotel operator Marriott International Inc. The candidate for the Republican presidential nomination, whose full name is Willard Mitt Romney, was named after the chain’s founder, J. Willard Marriott, a friend of his father. He joined the company’s board in 1993, and has served on it for 11 of the past 19 years, including six as chairman of the audit committee.
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President Barack Obama and Republican presidential contender Rick Santorum have finally managed to find something they agree on. Despite their many differences, they see eye to eye on the notion that the tax system should favor manufacturing over other sectors of the economy.
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U.S. stocks fell, a day after the Standard & Poor’s 500 Index failed to hold at an almost four- year high, as sales of previously owned houses missed estimates and data from Europe and China spurred economic concern.
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Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 4 p.m. in New York.
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The U.S. dropped the biggest prosecution of individuals accused of foreign bribery after two trials in the case ended with three acquittals and seven mistrials.
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Internal Revenue Service auditors knew about hundreds of millions of dollars R. Allen Stanford borrowed from his Antiguan bank to fund an array of private ventures, according to a tax lawyer who worked on the audits.
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Medtronic Inc., the world’s biggest- maker of heart rhythm devices, said it is planning for a U.S. tax on medical products that will cost the company $125 million to $175 million annually starting next year.
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UBS AG, Switzerland’s biggest bank, sought immunity from prosecution by Canadian regulators probing a potential conspiracy to rig the price of derivatives globally, three people with knowledge of the inquiry said.
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Business-backed efforts to extend dozens of expired U.S. tax breaks including those for corporate research, teachers’ out-of-pocket expenses and energy-efficient appliances probably won’t be considered until a post-election session of Congress, lawmakers and lobbyists said.
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A juror who helped convict four defendants in a 10-year tax shelter scheme said she lied about her background to make herself “more marketable” to serve on the panel.
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