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Daily News

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

Pittsburgh Business Times

Port Authority of Allegheny County ordering drivers, other workers to return for full bus service

Fri, Aug 07, 2020

All Port Authority of Allegheny County employees who aren’t sick or in quarantine have been ordered to return to work WPXI reports. According to WPXI, some workers have been off due to Covid-19, general health concerns and child care issues. Workers are being asked to return in preparation for full, already scheduled bus service, which starts on Aug. 23, WPXI said. In June, Port Authority be...

Judge upholds denial of UPMC's permit to build Jefferson Hills hospital

Fri, Aug 07, 2020

UPMC could appeal the ruling. ...

Pittsburgh banks are big holders of restaurant loans, a sector hard-hit by Covid-19

Fri, Aug 07, 2020

Three of region's largest banks among those with highest balances of restaurant loans in 2Q, according to S&P Global Market Intelligence analysis. ...

Viewpoint: We must save our restaurants

Fri, Aug 07, 2020

It’s time for the federal government to take action to save the U.S. restaurant and bar industry, which is collapsing under the weight of stay-at-home orders, capacity limits and employee infections. Pennsylvania’ problematic and confusing approach of constantly changing the rules on short notice has been one issue for restaurant and bar owners, but with the pandemic raging, it will take much ...

IBM closes office at Forbes and Murray in Squirrel Hill

Fri, Aug 07, 2020

Tech giant closes office of one-time local startup Vivisimo, with employees formerly at the 20,000-square-foot office now working from home as landlord prepares to market the space for lease. ...

PNC exits optional insurance business for consumer loans

Fri, Aug 07, 2020

PNC Financial Services Group Inc. is no longer providing credit insurance on consumer loans. “The bank has fully honored the policy by providing coverage through the paid term for all individual participants,” Marcey Zwiebel, PNC senior vice president and director of corporate public relations, said. “PNC (NYSE:PNC) is committed to continue working with individual clients to discuss their uniq...

Owner could close Cumberland Mine by 2023

Fri, Aug 07, 2020

Would depend on whether a buyer can be found. ...

Limbach Holdings offered a $35 million investment in return for a majority of its board positions

Fri, Aug 07, 2020

Construction contractor Limbach Holdings has been offered $35 million from an investment group in exchange for four of its seven board positions the Pittsburgh Post-Gazette reports. According to the Post-Gazette, the offer comes from Brian L. Pratt, the former CEO of Dallas-based contracting company Primoris Services Corp., and an unnamed investment company. Pratt currently owns a 19% stake o...

Dick's Sporting Goods opening 11 new stores across nine states this month

Fri, Aug 07, 2020

Dick's Sporting Goods announced it plans to open 11 new stores across nine states this month which it says will add 300 full-time and part-time jobs throughout the country. The new stores include four traditional Dick's Sporting Goods stores, one combination Dick's and Golf Galaxy location, five Dick's Sporting Goods Warehouse Sale stores and one Overtime by Dick's Sporting Goods location. The...

Rock 'n' Joe opens new location in Gibsonia

Fri, Aug 07, 2020

Pittsburgh-based coffee shop franchise Rock 'n' Joe has landed on its seventh location, opening in Treesdale, the golf club and residential community in Gibsonia. The music-themed coffee franchise is the second location in the region after an established location on Penn Avenue downtown. Other locations are in Nebraska and New Jersey. The new location at Treesdale is expected to be the first ...

US Tax News

Tax-News.com: OECD Releases New Action 14 Peer Review Reports

Fri, Jul 31, 2020

The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution. ...

Tax-News.com: US Businesses Urge Against Starting A Digital Tax 'Trade War'

Fri, Jul 24, 2020

The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses....

Tax-News.com: J5 Group Marks Two Years Of Collaboration On Tackling Fiscal Crime

Fri, Jul 17, 2020

On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud....

Tax-News.com: US Announces Tariffs On French Goods In Response To DST

Fri, Jul 17, 2020

The Office of the US Trade Representative has announced that the US will impose additional duties of 25 percent on imports of certain French products from next year in response to the country's decision to introduce a digital services tax. ...

Tax-News.com: US Withdraws From International Digital Tax Talks

Fri, Jul 03, 2020

US Trade Representative Robert Lighthizer told a congressional hearing on June 17, 2020, that the US Government has withdrawn from international negotiations on new global tax rules for digital companies at the OECD. ...

Tax-News.com: IRS Clarifies Tax Treaty References To NAFTA

Thu, May 28, 2020

On May 19, 2020, the United States Treasury Department and the Internal Revenue Service issued an Announcement which clarifies the interpretation of references in US income tax treaties to the North American Free Trade Agreement once it is replaced by the Agreement between the United States, Mexico and Canada. ...

Tax-News.com: US House Passes COVID-19 Stimulus Bill With Tax Measures

Thu, May 28, 2020

On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals. ...

Tax-News.com: France To Press On With Digital Tax

Thu, May 28, 2020

French Finance Minister Bruno Le Maire has said that the Government intends to introduce a digital services tax this year. ...

Tax-News.com: US IRS Sets Out Details Of COVID-19 Tax Breaks

Fri, May 15, 2020

On May 7, 2020, the United States Internal Revenue Service issued a reminder to employers affected by COVID-19 about the tax credits made available to them under the Coronavirus Aid, Relief, and Economic Security Act....

Tax-News.com: Bill Would Exclude US Territories, Possessions From GILTI Regime

Fri, May 15, 2020

On May 4, 2020, a bill was introduced in the United States House of Representatives to limit the impact of the Global Intangible Low Tax Income regime on businesses based in US territories and possessions. ...