Essential reading: Philippine tax sheriff takes aim at cheats, and more

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Philippines’ Bureau of Internal Revenue Commissioner Kim Henares inspects her target board during target shooting, Manila, October 26, 2012. REUTERS/Romeo Ranoco.

Welcome from About Cash Flow to the top tax and accounting headlines from Reuters and other sources.

* Philippine tax sheriff takes aim at cheats to hit target. Karen Lema – Reuters. The Philippines’ chief tax collector is constantly thinking about targets. Sometimes she picks up an assault rifle and hits them. Link

* ADT sees low tax rate bolstering cash. Bob Tita and Saabria Chaudhuri – The Wall Street Journal. ADT Corp. predicted that a prolonged stretch of low taxes will help it generate cash, as the home-security service reported a 1.1 percent rise in fiscal-fourth-quarter profit. The company forecast that its actual cash tax rates will be 5 percent to 8 percent through 2019, even though its income statement will reflect rates of 36 percent to 38 percent. Link

* House Republican urges party to yield on tax cuts for most earners. Jonathan Weisman – The New York Times. Senior House Republican Tom Cole on Tuesday urged his party’s leadership to embrace the immediate extension of the Bush-era tax cuts for households earning less than $250,000, then fight out the fate of higher-income tax breaks later. Link

* Sen. Collins urges tax increase exemption for small businesses. Janet Hook – The Wall Street Journal. Senator Susan Collins sent a letter to Senate leaders Monday urging them to consider a bill she introduced this year with Democratic Senator Claire McCaskill that would impose a 2 percent surtax on taxpayer income over $1 million, with a “carve out’’ to exempt businesses with 500 or fewer employees. Link

* Fed’s Fisher warns temporary fiscal cliff fix could be destructive. Brian Blackstone – The Wall Street Journal. A temporary fix to the “horrific” U.S. federal budget deficit that fails to give businesses any clarity on tax and regulatory policy could have destructive effects on the U.S. economy, a Federal Reserve official warned Tuesday. Link

* Charitable giving up, but Sandy and tax changes expected to impact year-end donations. Elizabeth Weise – The Washington Post. The recession continued to affect how much Americans gave to charity last year, and the triple whammy of Superstorm Sandy, a national election and the looming fiscal cliff may cut how much we donate in the crucial final month of 2012, experts say. Link

* Obama vetoes a carbon tax – in Europe. The Wall Street Journal editorial. President Obama has said he’s going to continue his crusade against carbon energy in a second term, and we believe him. Yet there he was Tuesday signing a bipartisan bill shielding U.S. airlines from paying a carbon tax merely for flying to Europe. Link

* How to replace the payroll tax. Ross Douthat – The New York Times opinion. Even if we aren’t likely to ever fundamentally alter the way we pay for Social Security, the payroll tax holiday’s expiration supplies both an immediate target of opportunity and a chance to think a little bigger about our options for taxation. Link

Via Reuters: Essential reading: Philippine tax sheriff takes aim at cheats, and more

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