Back to top

Daily News

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

Pittsburgh Business Times

Officials break ground on Cap Urban Connector in Lower Hill District

Fri, Jun 14, 2019

With golden shovels in hand, officials broke ground at the site of the future "Cap" Urban Connector Project Friday afternoon in the first of many projects involving the Lower Hill District.  "This day has been a long time coming," Pennsylvania State Senator and SEA Board Chairman Wayne D. Fontana said. "This park will bring back together the two neighborhoods again." The Cap project involves ...

Casey expects UPMC/Highmark agreements in 'days, not weeks'

Fri, Jun 14, 2019

He noted the acrimony between UPMC and Highmark but said the region and the state can't afford to have the same high-stakes conflict continuing. ...

PHOTOS: A closer look inside Uber's newest self-driving vehicle

Fri, Jun 14, 2019

The new car was designed to be driven by a computer. ...

Why judge's latest ruling isn't the end of the UPMC-Highmark saga

Fri, Jun 14, 2019

There's plenty left for Shapiro's office to litigate. ...

Commonwealth court sides with UPMC on June 30 end date to consent decrees

Fri, Jun 14, 2019

A Commonwealth Court judge Friday ruled in favor of UPMC, saying there's nothing in the consent decrees that allows for a modification beyond the June 30 end date. The ruling follows a two-day evidentiary hearing in Harrisburg on Attorney General Josh Shapiro's petition to modify and extend the consent decrees. Highmark, the other party to the consent decrees, had backed Shapiro's petition tha...

Are Lime e-scooters on their way to Pittsburgh?

Fri, Jun 14, 2019

First, Pennsylvania would need to pass a house bill to legalize the e-scooters by reclassifying them under the same laws that govern bicycle use. ...

Vibrant Pittsburgh CEO steps down

Fri, Jun 14, 2019

Vibrant Pittsburgh, an economic development nonprofit, announced Friday that the organization's President and CEO Melanie Harrington would be stepping down at the end of the year. In a press release, Vibrant Pittsburgh said Harrington is working with the executive committee and board of directors to develop a succession plan. Caitlin McLaughlin, the organization's executive vice president and...

Here's what UPMC, Highmark told Casey about Medicare Advantage, Hillman

Fri, Jun 14, 2019

Last week, U.S. Sen. Bob Casey, D-Pa., sent a letter to UPMC CEO Jeffery Romoff and Highmark CEO David Holmberg regarding UPMC's commitments on the Hillman Cancer Center dropping a controversial prepay rule for Highmark Medicare Advantage members. Click on the gallery above to read the letter, as well as the responses from the local health care leaders. ...

UPMC to send formal proposal to Highmark regarding Hillman next week

Fri, Jun 14, 2019

UPMC CEO Jeffrey Romoff told Sen. Bob Casey in a letter Thursday that next week, the health system is planning to send a formal proposal to Highmark on keeping the UPMC Hillman Cancer Center in-network for the insurer's members. Romoff's letter was in response to one sent earlier this week by Casey on UPMC's commitments on Hillman and dropping a controversial prepay rule for Highmark Medicare ...

PHOTOS: Oakland Corridors of Opportunity

Fri, Jun 14, 2019

More than 300 people attended the June 13 Corridors of Opportunity at Alumni Hall that focused on development opportunities and growth in Oakland. Panelists included Wanda Wilson, executive director, Oakland Planning and Development Corp.; Todd Reidbord, president and founding partner, Walnut Capital; Eli Shorak, associate vice chancellor, University of Pittsburgh; and Sean Luther, executive d...

US Tax News

Tax-News.com: US House Passes IRS Reform Bill

Thu, Jun 13, 2019

On June 10, 2019, the United States House of Representatives approved legislation which would reform the rules governing the Internal Revenue Service....

Tax-News.com: IRS To Probe Deeper Into Cost-Sharing Arrangements

Thu, Jun 13, 2019

The US Internal Revenue Service has directed its transfer pricing examiners to resume reviewing taxpayers' transfer pricing positions with respect to cost-sharing agreements in certain circumstances....

Tax-News.com: US IRS Commits To Resolve Transition Tax Issues

Wed, Jun 05, 2019

A review of the deemed repatriation tax under the United States Tax Cuts and Jobs Act 2017 by the Treasury Inspector General for Tax Administration has found that the Internal Revenue Service encountered significant problems administering the retroactive components of the tax....

Tax-News.com: Democrats Introduce US Anti-Offshoring Bills

Wed, Jun 05, 2019

Three Democratic members of the United States Senate have introduced two tax bills designed to discourage US companies from shifting their operations overseas and establishing arrangements in low-tax jurisdictions....

Tax-News.com: IRS Proposes Extra Controlled Foreign Company Rules

Wed, Jun 05, 2019

The United States Internal Revenue Service has proposed rules regarding the attribution of ownership of stock or other interests for purposes of determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under section 954(d)(3)....

Tax-News.com: Wyden Bill Would Close US Carried Interest 'Loophole'

Fri, May 31, 2019

On May 23, 2019, the Ranking Member of the United States Senate Finance Committee, Ron Wyden (D-OR), introduced a bill to change the tax treatment of income earned by investment fund managers....

Tax-News.com: IMF Advises Luxembourg On Coping With International Tax Changes

Fri, May 31, 2019

The IMF has welcomed Luxembourg's efforts to meet international tax standards but cautioned that international tax reform could hit the country's tax base....

Tax-News.com: US Companies Urge Senate To Approve Tax Treaties

Fri, May 10, 2019

In a letter published on April 29, 2019, the United States National Foreign Trade Council urged the Senate to approve several pending double tax avoidance treaties....

Tax-News.com: California Brings Out-Of-State Retailers Within Sales Tax Scope

Fri, May 10, 2019

California's Governor, Gavin Newsom, has signed into law provision to add a sales tax collection obligation on out-of-state retailers whose annual sales in California exceed USD500,000 in any year. ...

Tax-News.com: FASB Issues New Accounting Rules For Audiovisual Content Producers

Thu, Mar 14, 2019

On March 6, 2019, the Financial Accounting Standards Board issued an Accounting Standards Update that is intended to help organizations align their accounting for production costs for films and episodic content produced for television and streaming services....