Below please find daily updates pertaining to the latest in financial, business, and tax news:
The National Society of Black Engineers will host its 44th Annual Convention in the Steel City this week. The event, with over 12,000 attendees expected, will be held March 21-25 at the David L. Lawrence Convention Center and nearby facilities in downtown Pittsburgh. The group has over 500 chapters and more than 17,000 active members abroad and in the U.S. NSBE was founded in 1975. The orga...Mon, Mar 19, 2018
Highmark Health reported $1.1 billion in net income in 2017, an improvement of nearly $1 billion over the previous year even as operating revenue stayed flat. The Pittsburgh-based insurer’s $1.1 billion in net income compared to $59 million in 2016 on revenue of $18.3 billion in 2017, compared with $18.2 billion in 2016. Its operating gain was $616 million, up from $62 million in 2016. The gai...Mon, Mar 19, 2018
Cloumbia Gas of Pennsylvania Inc. has filed a request with the state Public Utility Commission to adjust its rates. If approved, the company, a subsidiary of NiSource Inc. (NYSE: NI), will continue to upgrade and replace natural gas distribution pipelines, according to a news release. The average total bill for a residential customer could increase between 3 percent and 31 percent, depending ...Mon, Mar 19, 2018
CNX Resources Corp. completed a deal to sell a gas-gathering system in West Virginia to to its midstream MLP. CNX Midstream Partners LP (NYSE: CNXM) will now have a 95 percent interest in the Shirley-Pennsboro gathering system, according to a release. The system gathers about 180 million cubic feet of Marcellus Shale wet gas in four counties in West Virginia. The deal between CNX (NYSE: CNX)...Mon, Mar 19, 2018
Welcome to Pittsburgh Business Times' Coolest Offices. We will showcase interesting, inspiring and attractive office spaces in the Pittsburgh region every week. COMPANY: Hayes Design Group Architects ADDRESS: 100 Ryan Court, Suite 11, Pittsburgh, PA 15205 TYPE OF COMPANY: Architecture firm WHY IT'S A COOL OFFICE: Hayes Design Group Architects (HDG) has been in business 25 years, but moved ...Mon, Mar 19, 2018
Skycision, partly based in Pittsburgh, announced Monday it has raised a $1.1 million seed funding round. Skycision, founded in 2015, offers a data platform that uses drones to gather data for agriculture, aiming to help farmers make better decisions regarding their crops. The funding will help Skycision in three main areas, said CEO and founder Brendan Carroll. The company solely used drone i...Mon, Mar 19, 2018
A local banker is the new chairman of the organization representing 5,700 community banks nationwide. Timothy Zimmerman was elected chairman of the Independent Community Bankers of America on Friday during ICBA’s national convention in Las Vegas. He is leading ICBA’s 2018-2019 executive committee and board. Zimmerman is CEO of Monroeville-based Standard AVB Financial Corp., which is Pittsburg...Mon, Mar 19, 2018
Claire’s Stores Inc., a mall-based retailer that specializes in selling fashion accessories to teens, filed for bankruptcy Monday. Claire’s, known for its ear-piercing service, agreed to a restructuring plan with a group of creditors led by Elliott Management Corp. and Monarch Alternative Capital LP, according to a statement Monday reported by Bloomberg. The ad hoc group of first lien lenders ...Mon, Mar 19, 2018
The Pittsburgh metro gained 5,000 construction jobs between January 2017 and January 2018, according to Associated General Contractors of America analysis of federal employment data. The 10 percent gain ranked Pittsburgh 46th among 358 metros nationwide for employment growth in the industry over the past year. Pittsburgh had 52,800 construction employees in January 2018, compared with 47,800 ...Fri, Mar 16, 2018
The Soffer Organization continues to invest to keep SouthSide Works Class A as it negotiates a financial restructuring and a joint venture partnership with Thor Equities. ...
The Internal Revenue Service on February 28, 2018, released an updated Withholding Calculator and a new version of Form W-4 to help taxpayers check their 2018 tax withholding, following the passage of the Tax Cuts and Jobs Act in December....Wed, Feb 28, 2018
Coinbase, a virtual currency wallet and virtual currency exchange service provider, has confirmed it will soon transmit information on the transactions of 13,000 customers to the Internal Revenue Service, as a result of an earlier court ruling....Wed, Feb 28, 2018
The Government of the Netherlands has announced a comprehensive package of tax anti-avoidance proposals designed to bring the jurisdiction's rules into line with new European Union anti-avoidance laws and fulfill its obligations under the international BEPS agenda....Wed, Feb 28, 2018
Value-added tax avoidance will be considered by a new EU anti-tax avoidance committee, the creation of which is expected to be endorsed at an EU parliamentary plenary on March 1, 2018....Wed, Feb 28, 2018
Canadian think tank the C D Howe Institute has published its recommendations for Tuesday's Budget, which include measures to compete with the US on tax....Wed, Feb 28, 2018
The American Institute of CPAs has made a number of recommendations to the House Ways and Means Committee and Senate Finance Committee about areas of the Tax Cuts and Jobs Act that it believes require technical changes by Congress. ...Wed, Feb 28, 2018
The Internal Revenue Service has reminded the farming and fishing industry of the March 1, 2018, deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. ...Wed, Feb 21, 2018
The Internal Revenue Service (IRS) will issue guidance soon to close a tax loophole that is said to be enabling hedge fund managers to access lower rates of tax reserved for carried interest....Wed, Feb 21, 2018
The Canadian Government is conducting an analysis of the potential impact of the recent US tax reforms, Finance Minister Bill Morneau. ...Tue, Feb 20, 2018
Kevin Brady, Chairman of the House Ways and Means Committee, and his counterpart in the Senate, Orrin Hatch, have called on the Internal Revenue Service to better screen bonuses paid to staff. ...
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*Mark R. Exler, CPA, PFS is licensed to offer securities in the states of Arizona, California, Connecticut, District of Columbia, Florida, Georgia, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, New York, Ohio, Pennsylvania, Virginia and Washington
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