Below please find daily updates pertaining to the latest in financial, business, and tax news:
WesBanco Bank Inc. announced an agreement and merger plan with Old Line Bancshares Inc., a $500 million all stock transaction that will take Wheeling, West Virginia-based WesBanco into the Baltimore and Washington, D.C., markets. Old Line is based in Bowie, Maryland. The deal, announced on Tuesday after market close, will merge Old Line (Nasdaq:OLBK) into WesBanco (Nasdaq:WSBC), which is Pitts...Tue, Jul 23, 2019
SAP's move to the North Shore leaves void in the central business district. ...Tue, Jul 23, 2019
Allegheny Health Network's Forbes Hospital announced Tuesday that it had completed a 55,000-square-foot, $17 million expansion. The new section, called the Perioperative Center, will expand the hospital's capacity and improve the experience of patients undergoing surgical, gastrointestinal and cardiac procedures at the Monroeville campus. The Perioperative Center features a renovated waiting...Tue, Jul 23, 2019
One of the biggest retail banks in the Pittsburgh metro is cutting a branch in Armstrong County. Citizens Financial Group Inc. said its Citizens Bank branch at Franklin Village Mall in Kittanning will close on Oct. 23 as part of its ongoing optimization efforts. “Customers will continue to be served through neighboring branches and ATMs, including our Kittanning branch, about a mile and a hal...Tue, Jul 23, 2019
The Urban Redevelopment Authority of Pittsburgh is turning to the private development market to attempt to launch a wholesale revitalization of a broad commercial swath of the Hill District. ...Tue, Jul 23, 2019
Carnegie Mellon announced Monday that it had created a new research center to study online disinformation, funded by a $5 million investment from the John S. and James L. Knight Foundation. The Center for Informed Democracy and Social Cybersecurity (IDeaS) will study how disinformation is spread online and how to counter its effects. Kathleen M. Carley, a professor in the School of Computer Sc...Tue, Jul 23, 2019
Comes amid drops for natural gas companies on the stock exchanges. ...Tue, Jul 23, 2019
'We're not looking to do acquisitions. We're going to ... build our own customer base,' CEO says. ...Tue, Jul 23, 2019
Allegheny Technologies Inc. announced Monday that it had completed the sale of its cast products business unit to Cleveland-based Consolidated Precision Products Corp. In a release, ATI said they sold the division so the company could better focus on materials science and advance process technologies, which they said offered better prospects for growth and profitability. CPP, on the other hand...Tue, Jul 23, 2019
Fraport USA, the company that runs the concessions program at Pittsburgh International Airport, has promoted an executive, according to a release. Amy Miktus is now the vice president of operations for Fraport's Pittsburgh program. She will oversee the leasing, construction, marketing and management of 80,000 square feet of concession space. Miktus joined Fraport Maryland in 2012, and was app...
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols....Tue, Jul 16, 2019
On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement with the United States to implement the requirements of the US Foreign Account Tax Compliance Act....Fri, Jul 05, 2019
On June 25, 2019, the United States Senate Foreign Relations Committee approved amendments to four double tax avoidance agreements which have been pending in the Senate for several years....Fri, Jul 05, 2019
The leaders of the United States Committee on Finance have written Treasury Secretary Steven Mnuchin urging him to use "all tools available" to counter France's proposed digital services tax, which they argue unfairly discriminates against US companies....Fri, Jun 21, 2019
On June 14, 2019, the US Internal Revenue Service announced that it is looking for new applicants for the Compliance Assurance Process (CAP), a cooperative compliance program aimed at publicly traded corporate taxpayers....Fri, Jun 21, 2019
On June 13, 2019, the US Senate approved the Taxpayer First Act, which is intended to overhaul the Internal Revenue Service and strengthen taxpayer rights. ...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....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....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....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....
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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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