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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Pittsburgh Business Times

Penguins bring in new deputy general counsel

Wed, Feb 20, 2019

With the trade deadline approaching, the Pittsburgh Penguins made a move on Wednesday — although not one that would help them on the ice. Instead, they announced a new deputy general counsel and director of human resources: Tracey McCants Lewis. She will join the team after holding the position of HR director with Peoples Gas Company, according to a press release. “Tracey is a skilled and w...

Crowd-financing startup expands to Ohio

Wed, Feb 20, 2019

Fin-tech startup Honeycomb Credit looks to help small businesses get off the ground. ...

How the new airport terminal will reflect Pittsburgh — and be its front door

Wed, Feb 20, 2019

Since an airport is one of the most recognizable parts of a city, the new landside terminal will be uniquely Pittsburgh and southwestern Pennsylvania. ...

Former Phillies slugger invests in local baseball tech company

Wed, Feb 20, 2019

Diamond Kinetics creates smart baseballs, softballs and bats. ...

GNC, Rite Aid announce partnership through 2022

Wed, Feb 20, 2019

The 20-year partnership between GNC and Rite Aid will continue for at least three more years, according to a press release from the companies on Tuesday. The Pittsburgh-based health and wellness company GNC (NYSE:GNC) will continue to operate stores within Rite Aids through 2022, continuing a partnership that has been in place since 1998. There are approximately 2,200 GNC store-within-a-store ...

GE Transportation workers question conditions of Wabtec merger

Wed, Feb 20, 2019

Wabtec Corp. (NYSE: WAB), which is set to close on a merger with GE Transportation (NYSE: GE) on Feb. 25, is seeking “massive concessions” in pending agreements with the United Electrical, Radio, and Machine Workers of America, according to a news release from the union Wednesday. The move could impact operations at the Erie Locomotive Plant, one of the division’s most profitable facilities. ...

Voci Technologies shakes up leadership

Wed, Feb 20, 2019

Strip District-based Voci Technologies announced the appointment of some new faces across many of its top leadership roles Wednesday, according to a news release from the speech analytics platform company. Michael Coney assumed the role of CEO. Coney’s industry experience includes a position as CEO of Unitrends and director roles at VERITAS Software, Sun Microsystems,, and, most r...

First Look: Pittsburgh International Airport's $1.1B new terminal project

Wed, Feb 20, 2019

It will be Pittsburgh International Airport's terminal of the future. The Allegheny County Airport Authority took the wraps off the design concept for the approximately $1.1 billion terminal project, which was approved Wednesday afternoon by a vote of the board. The terminal, which has been in the works for more than a year, will sit next to the current airside terminal and open in 2023. The ...

Beyond Westinghouse: What's next for Cranberry?

Wed, Feb 20, 2019

Cranberry Township leaders and developers look forward to opportunity to diversify economy as a smaller Westinghouse looks for tenants to take portions of its headquarters space. ...

Corridors of Opportunity/Butler: Q&A with Julie Fallon Hughes, Northwest Bank

Wed, Feb 20, 2019

Julie Fallon Hughes of Northwest Bank, a panelist for the Feb. 28 Corridors of Opportunity focused on Butler County, provides insights on the region's growth. ...

US Tax News FASB Seeks To Ease Transition To New Credit Losses Standard

Mon, Feb 18, 2019

On February 6, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would ease transition to the credit losses standard by providing the option to measure certain types of assets at fair value. ... Mexico Enacts Decree For Tax Cuts In Border States

Mon, Jan 14, 2019

Mexican President Andres Manuel Lopez Obrador has signed a decree providing for tax cuts in the Mexican states bordering the United States.... IRS Issues Proposed Regulations On BEAT

Fri, Dec 21, 2018

On December 13, 2018, the United States Internal Revenue Service issued proposed regulations on the operation of the base erosion and anti-abuse tax, contained in Section 59A of the Internal Revenue Code. ... OECD States Tapped VAT, CIT To Achieve Record Revenues In 2017

Fri, Dec 07, 2018

Last year, the tax burden in OECD countries reached its highest level recorded, at 34.2 percent of gross domestic product, up 20 basis points on 2016, largely due to increasing taxes on personal consumption and companies. ... OECD Reports Progress On Harmful Tax Regimes Work

Fri, Nov 23, 2018

Releasing a progress update, the OECD said international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide.... FASB Issues New Standard For Variable Interest Entities

Fri, Nov 02, 2018

The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights.... Estonia Tops Tax Foundation's Tax Competitiveness Index

Mon, Oct 29, 2018

Estonia has topped the Tax Foundation's International Tax Competitiveness Index for the fifth successive year, being deemed to have the "best tax code in the OECD."... Global CPA Body Calls For International Digital Tax Solution

Mon, Oct 29, 2018

The Association of International Certified Professional Accountants has issued a policy paper calling for a multilateral approach to solving the tax challenges posed by the digital economy. ... US Transition Tax Guidance Available

Fri, Oct 12, 2018

On October 10, 2018, the United States Treasury Department and the Internal Revenue Service published a Notice of Proposed Rulemaking in the Federal Register notifying taxpayers of the availability of additional guidance regarding the transition tax under Section 965.... US Urged To Trim Tax Form W-4

Mon, Jul 16, 2018

The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers....