-
Pepsi hit with $10.9m tax bill
An Illinois judge has ruled that PepsiCo. Inc. cannot claim its snack food subsidiary, Frito-Lay North America Inc., operates as a foreign corporation to avoid Illinois income taxes. The ruling, made by Sangamon County Circuit Court Judge Robin Schmidt, holds Pepsi liable for $10.9m in back taxes, penalties, and interest. The judge affirmed the Illinois…
-
Economic losses from LA wildfires could top $50bn
The wildfires raging through the Los Angeles area are projected to be among the most expensive natural disasters in U.S. history, with economic losses estimated between $52bn and $57bn, according to AccuWeather. J.P. Morgan has also revised its estimate to around $50bn. The fires have already led to the evacuation of at least 130,000 people…
-
Teachers face the stress of surprise observations
Teachers often feel anxious during classroom observations, whether they are surprise visits or planned evaluations. Marie Ziskin, a former elementary STEM teacher, expressed that “even if you thought the lesson was beautiful… there was just always something negative to say” from administrators. Many educators perceive these observations as compliance checks rather than supportive measures. Susan…
-
IRS issues new rules for clean electricity tax credits
The Treasury Department and the Internal Revenue Service have announced final rules for the Clean Electricity Investment and Production Tax Credits in Sections 45Y and 48E of the Tax Code, designed to lower energy costs and support clean energy job growth. Taxpayers must meet specific standards, including paying prevailing wages and employing registered apprentices, to…
-
Accounting firms try to block new U.S. disclosure rules about auditors
Auditing firms are urging the SEC to reject the recently adopted PCAOB standards on firm and engagement metrics. EY expressed concerns, stating: “The rule introduces a new public oversight model to issuer audits that… is based on metrics susceptible to misinterpretation.” KPMG echoed the sentiment, arguing that the PCAOB has not demonstrated how the proposed…
-
‘Nuclear verdicts’ are driving up the costs of doing business
The Wall Street Journal speaks with David Arick, the president of the risk management society RIMS, about corporate risk managers increasingly complaining about the growing number of so-called “nuclear verdicts,” a term referring to jury verdicts topping $10m. Arick says: “It’s a big concern for insurers, and [especially] insurers that cover certain industries like trucking…
