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No U.S. IRS audits for most big financial partnerships: report

By Patrick Temple-West WASHINGTON (Reuters) - Fewer than 1 percent of partnerships with more than $100 million in assets, including hedge funds and private equity firms, are audited by the U.S. Internal Revenue Service, a government report said on Thursday.

Pakistan publishes list to embarrass tax cheats into paying up

By Katharine Houreld ISLAMABAD (Reuters) - Desperate Pakistani tax authorities are publicly shaming defaulters by publishing their tax details in a directory for the first time, officials said on Wednesday. The cash-strapped authorities find it almost impossible to chase down the large number of defaulters - many of them powerful politicians - through the country's moribund courts.

Higher 2013 U.S. taxes surprise some investors, tax preparers say

By Patrick Temple-West WASHINGTON (Reuters) - For wealthy U.S. investors who have not been paying attention, their 2013 tax returns, which must be filed by Tuesday, may contain a rude surprise: higher taxes. With the deadline for filing hours away, tax professionals across the country said some clients have been surprised to learn the Internal Revenue Service was taking a larger bite.

Who gets audited? A look at the statistics for individuals and businesses

The Internal Revenue Service audited less than 1 per cent of the income tax returns filed last year. But your odds of getting audited vary greatly, depending on income. ___ Individuals 146 million returns. Audited: 1.4 million. Audit rate: 0.96 per cent. ___ Income under $200,000 141 million returns. Audited: 1.2 million. Audit rate: 0.88 per cent. ___ Income $200,000 and above 5.3 million returns. Audited: 172,000. Audit rate: 3.3 per cent. ___ Income $1 million and above

China grants tax cut to more small businesses

BEIJING (Reuters) - China unveiled details of income tax cuts on Tuesday that apply to more small businesses as part of policy steps to stabilise growth of the world's second-largest economy. Small companies with annual income of 100,000 yuan ($16,130) or lower can now be taxed on half that amount, at a rate of 20 percent, according to a statement on the website of the Ministry of Finance ( The policy is retroactive to January 1, 2014 and valid until the end of 2016. Earlier, the threshold was 60,000 yuan income.

Rum, race cars, windmills win Senate tax favor

WASHINGTON (Reuters) - The U.S. Senate's tax committee approved a package of special-interest tax breaks on Thursday, including three measures that were left off the list two days ago in a brief bipartisan nod toward fiscal reform. In a sign of business-as-usual on Capitol Hill, the Senate Finance Committee backed tax breaks for auto race tracks, wind energy, multinational corporations, Hollywood, school teachers, Puerto Rican rum producers, college tuition and more.

Congress renews annual temporary tax laws fight

By Kevin Drawbaugh (Reuters) - The annual battle in the U.S. Congress over renewing scores of temporary tax breaks, including the corporate research tax credit and individual deductions for teachers' supplies and college tuition costs, got under way on Tuesday. In the Senate, the new chairman of the tax-writing Finance Committee unveiled legislation that would modestly trim the list of about 55 laws known as the "tax extenders" because they expire every year or two and need to be regularly extended.

How to sort through the changes for same-sex tax filers

By Amy Feldman NEW YORK (Reuters) - Married same-sex couples this year will file their U.S. income tax returns just like heterosexual married couples because of the Supreme Court's decision in June to strike down key parts of the Defense of Marriage Act. For insight into how gay and lesbian couples should plan this tax season, we turned to Nanette Lee Miller and Janis Cowhey McDonagh, who head accounting firm Marcum's LGBT and nontraditional family practice.

U.S. state revenue growth has slowed sharply: Rockefeller Institute

WASHINGTON (Reuters) - The strong revenue growth that U.S. states enjoyed early in 2013 from taxpayers taking advantage of expiring tax breaks has ended, with revenues registering only a scant gain in the fourth quarter, the Rockefeller Institute reported on Tuesday. Revenues likely grew only 3 percent in the fourth quarter from the same period the year before, according to Rockefeller, which closely follows state budgets as the public policy research arm of the State University of New York.

Italy's Renzi says tax cuts will not imperil EU limits

ROME (Reuters) - An ambitious Italian plan for tax cuts to be announced this week will respect European Union deficit limits, Prime Minister Matteo Renzi said on Sunday. Before replacing Enrico Letta as the head of government last month, Renzi had said an EU rule that member states should not run deficits of over 3 percent of gross domestic product ceiling should be renegotiated. However, he told a Sunday television talk show that the limit was "a conceptually antiquated idea, but we will respect it as long as it is not changed".
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