PPP lender accounting issues addressed by new TQAs - Journal of Accountancy

Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA.

TQAs 2130.41 through 2130.44 provide nonauthoritative guidance in answers to the following lender accounting questions:

* * *

The  AICPA's SBA Paycheck Protection Program Resources page  houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus.

Publisher: Journal of Accountancy

Date: 2020-06-30T15:34:00.000-04:00

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Kentucky contracts with global accounting giant to clear out backlog of unemployment claims

FRANKFORT, Ky. (FOX19) - Gov. Andy Beshear announced a contract Tuesday with global accounting giant Ernst and Young to help Kentucky deal with its backlog of unemployment insurance claims.

The governor made the announcement during his weekly update on COVID-19 in Kentucky. He begins speaking about the announcement in the 33rd minute of the video attached above.

According to Beshear, the state has round 56,000 un-processed claims from March, April and May, representing thousands of Kentuckians who lost their jobs during the pandemic's early days but still have not seen state benefits.

Publisher: https://www.fox19.com

Author: Brian Planalp

Twitter: @FOX19

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Germany Moves to Overhaul Accounting Oversight Amid Wirecard Scandal - WSJ

Germany is overhauling its framework for accounting oversight following a financial scandal at Wirecard AG and is canceling the existing regulator's contract after 2021.

The Federal Ministry of Justice and Consumer Protection is working on a new regulatory setup together with the Federal Ministry of Finance, a spokesman for the justice ministry said.

The justice ministry on Monday also canceled its contract with the country's accounting watchdog, the Financial Reporting Enforcement Panel, effective Dec. 31, 2021.

Publisher: WSJ

Date: 2020-06-29T21:19:00.000Z

Author: Nina Trentmann

Twitter: @WSJ

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Accounting Firm BDO USA Announces Expansion of Restaurant Industry Capabilities | QSR magazine

BDO USA, LLP, one of the nation's leading accounting and advisory firms, today welcomes six partners and professionals from CFO Advisors, LLC, a national professional services firm that provides outsourced chief financial officer and chief data officer services to multi-unit, restaurant and retail groups across the U.S. The combination is subject to customary closing conditions and is expected to be completed on July 15.

Publisher: QSR magazine

Twitter: @qsrmagazine

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Quite a lot has been going on:

IRB restates 2019 net income, cuts it by 31% due to accounting irregularities | News | 1450 99.7

SAO PAULO (Reuters) - IRB Brasil Resseguros has restated its 2019 financial statements to correct accounting irregularities, reducing its net income for the year by 31% to 1.2 billion reais ($220 million), the Brazilian reinsurer said on Tuesday.

The reinsurer admitted to accounting irregularities and its compliance vice-president Wilson Toneto said the company will sue former executives for damages. The conclusions of internal investigations will be sent to Brazilian securities industry watchdog CVM, the company said.

Publisher: 1450 99.7 WHTC

Author: Midwest Communications Inc

Twitter: @1450whtc

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5 tips for running a successful remote month-end close | Accounting Today

Even before the outbreak of COVID-19, CFOs and finance leaders faced an increasingly complex landscape, driven by a multitude of social, political and economic threats. Few could have been prepared for the impact of a global pandemic that has changed the very nature of business as usual.

Today, with the majority of their workforce operating remotely, many forward-thinking finance teams across the world have or are preparing to push the button on their first remote close. Closing the books and using multiple systems even under normal circumstances can be complex and cumbersome. It can be even harder when most employees work remotely and there's no chance for impromptu over-the-cubicle check ins.

Publisher: Accounting Today

Date: 2020-06-29T15:31:19.226

Author: https www accountingtoday com author philippa lawrence

Twitter: @AccountingToday

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Art of Accounting: Developing a niche or specialty | Accounting Today

It is important to develop a specialty, but it needs to be balanced with the needs of the practice and your interests. In this age of specialization and niche expertise, being a generalist is a negative to most people, indicating a lack of competency in an area. When someone professes to be an "expert" in multiple areas, the image of "knowing everything" is counterproductive to establishing your competency. Most public accountants today need to choose a specialty or perhaps two.

Publisher: Accounting Today

Date: 2020-06-29T18:25:03.827

Author: https www accountingtoday com author sidney kess

Twitter: @AccountingToday

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State Hires Accounting Firm to Process Remaining 56,000 Jobless Claims | WKDZ Radio

The state has entered into a contract with one of the world’s largest accounting firms in an effort to process over 56,000 unpaid jobless claims filed in the wake of the COVID-19 pandemic.

Governor Andy Beshear said Tuesday that Ernest and Young will begin working with the state Monday to contact the persons involved and work to get the outstanding claims paid by the end of July.

The governor said Ernst and Young will provide 300 people to contact people who have filed claims, starting with the oldest claims first.

Publisher: WKDZ Radio

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Happening on Twitter

REMINDER‼️ The #PaycheckProtectionProgram ends TODAY. At 11:59pm ET, SBA Capital Access Financial Systems will no… https://t.co/CMkTrKMJcK SBAgov (from Nationwide) Tue Jun 30 16:31:00 +0000 2020

Bentley redesigns Bentayga SUV as key vehicle under new business strategy

Bentley has redesigned its Bentayga SUV as a key vehicle in the famed British carmaker's retooled lineup.

The $177,000 vehicle is the first model under Bentley's "Beyond100" business strategy, which aims to reinvent the 101-year-old company for the next century. The plan includes pivoting to electrified vehicles while continuing to sell a plug-in hybrid model of the Bentayga.

The 2021 Bentayga unveiled Tuesday evolves the vehicle's exterior design with new LED lights as well as a larger matrix grille. The rear of the vehicle also was updated for a sleeker, less-boxy look.

Publisher: CNBC

Date: 2020-06-30T15:00:01 0000

Author: https www facebook com CNBC

Twitter: @CNBC

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Quite a lot has been going on:

Amazon Web Services launches a dedicated aerospace and satellite business – TechCrunch

The AWS segment will be led by retired Air Force Major General Clint Crosier, who was involved in the set up of the U.S. Space Force arm of the U.S. military. The choice of leadership is a good indicator of what the primary purpose of this unit will be: landing and serving large, lucrative customers mostly form the defense industry.

In a high-profile decision last year, AWS lost out on a contract to provide cloud computing services to the Pentagon with an estimated value of up to $10 billion, with Microsoft’s Azure taking the win. Amazon has formally challenged the decision, and the proceedings resulting from that challenge are ongoing. But the contract loss was likely a wake-up call at AWS that it would need to do more in order to bolster its pipeline for dedicated defense agency contracts.

Publisher: TechCrunch

Date: 2020-06-30 07:00:59

Twitter: @techcrunch

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Black business owners hoping for more acceptance in local economy | WLOS

Publisher: WLOS

Date: 2020-06-30T11:25:16 00:00

Author: Kimberly King

Twitter: @http://twitter.com/wlos_13

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Riot-Related Damage, Income Losses Covered Under Most Business Owners' Policies | Daily Business

Fortunately, most businesses have a viable path to recover some of their losses. Their hope is located in the language of the benefits provisions of their commercial insurance policies. This type of coverage is known as "business interruption insurance."

* * *

In what may be a first across the United States since the coronavirus pandemic canceled jury trials, Texas judges on Monday invited a jury pool to a court proceeding over video teleconference. Monday's hearing in an insurance dispute was actually a "summary jury trial," which is an alternative dispute resolution process.

Publisher: Daily Business Review

Date: 2020-06-30

Author: Andrea DeField Rachel E Hudgins and Latosha M Ellis

Twitter: @dbreview

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While you're here, how about this:

Garden Business Blooms Out Of The Pandemic : NPR

A group of furloughed Indiana restaurant workers started a new business building backyard gardens for people to grow their own food. Now, they can barely keep up with the demand.

* * *

Restaurant workers all across the country have been laid off - no customers, no one to serve. Tough times can lead to creative solutions, though. For a small group of out-of-a-job workers in Indiana, giving up serving food meant taking up growing it. Indiana Public Broadcasting's Samantha Horton reports on their career reinvention.

Publisher: NPR.org

Date: 2020-06-29

Twitter: @NPR

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Adidas HR chief to retire after criticism from black employees | Fox Business

Karen Parkin, the global head of human resources at Adidas AG , is retiring from the company following some employee complaints about the sportswear giant’s culture and lack of diversity .

* * *

“I have decided to retire and pave the way for change,” Ms. Parkin wrote in a memo to staff, which was viewed by The Wall Street Journal. She wrote that she had always stood against racism and worked to create a more equitable environment, but “I recognize that the focus on me has become a hindrance inhibiting the company from moving forward.”

Publisher: Fox Business

Date: 2020-06-30

Twitter: @FoxBusiness

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Modell's restarts going-out-of-business sales post COVID-19 shutdown

Modell's Sporting Goods, the 131-year-old, family owned retailer, filed for bankruptcy protection on March 11, making a decision to close all its 153 stores. It has locations in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington D.C.

Going out of business sales started to go up, but shortly afterward, the effects of the coronavirus pandemic shut down retail commerce in the region as states issued stay-at-home orders.

Publisher: Asbury Park Press

Author: David P Willis

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Apple partner JAMF files for IPO after almost two decades in business

JAMF's IPO prospectus names Apple 533 times. The company says its mission is to "help organizations succeed with Apple." One of its key risk factors is that customers become dissatisfied with Apple products.

Founded 18 years ago, JAMF is finally headed for the public market. In its prospectus released on Tuesday, the company isn't shy about tying its fortunes to a tech giant that's now valued by investors at over $1.5 trillion.

"Apple is ubiquitous," JAMF says in the industry background section of its filing. "It has transformed the technology landscape by placing the user first and designing everything around maximizing the Apple user experience."

Publisher: CNBC

Date: 2020-06-30T19:16:23 0000

Author: https www facebook com CNBC

Twitter: @CNBC

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Happening on Twitter

Bentley has redesigned its Bentayga SUV as the first product in the famed British carmaker's new business plan.… https://t.co/Vgm9C3fuWs CNBC (from Englewood Cliffs, NJ) Tue Jun 30 15:48:52 +0000 2020

Fun money lessons for your kids this summer

School may be out for summer, yet you can still find the time to teach your kids about money — and it doesn't have to be boring.

"Some parents think they need to have the 'money talk,' but it's actually easier and more fun to do it within the context of when you are doing something," said Nan Morrison , president and CEO of the Council for Economic Education (CEE).

That can be something as simple as giving kids a set amount of money to buy flowers at the nursery during a shopping trip, explained Morrison, a member of the CNBC Invest in You Financial Wellness Council .

Publisher: CNBC

Date: 2020-06-30T13:30:01 0000

Author: https www facebook com CNBC

Twitter: @CNBC

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Millennials want to help Gen Z avoid their own future money regrets

Money regrets have a particularly sharp tang, though. It's difficult not to look back and calculate just what that past misstep is costing you now.

More from Invest in You:
Not a saver? Learn these skills and end your year with a nice stash
Robo advisor and online broker apps make it easier to crack investing
That FTW you do all the right things except this one crucial one

"I wasted so much money doing frivolous things," said Alainta Alcin, 30, a contract negotiator in West Palm Beach, Florida.

Publisher: CNBC

Date: 2020-06-29T12:00:01 0000

Author: https www facebook com CNBC

Twitter: @CNBC

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Residents to find out Tuesday if they'll receive money from Harris County COVID-19 relief

The Harris County Commissioners Court approved a $30 million COVID-19 relief fund to help struggling residents.

Publisher: ABC13 Houston

Date: 2020-06-30T12:37:00.000Z

Twitter: @ABC13Houston

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Who Says Emerging Economies Shouldn't Print Money? - WSJ

Activist central banks aren't just a rich-nation story anymore. Emerging markets are reclaiming their right to play with money too—and it is probably a good thing.

Publisher: WSJ

Date: 2020-06-30T11:18:00.000Z

Author: Jon Sindreu

Twitter: @WSJ

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Quite a lot has been going on:

Proposals for a Second Stimulus Check Provide Money to More Americans, But Some Are Still Left

However, while the HEROES Act broadened eligibility for the second COVID-19 payment, it still leaves out millions of Americans. Here's what you need to know about who is included and who won't see more money the second time around.

* * *

The HEROES Act would make stimulus money available to millions of people who were left out of the first payment. Those who would get money the second time around who didn't benefit from the first check include:

Publisher: JG-TC.com

Date: 2020-06-30T06:07:00-0500

Author: _____

Twitter: @jgtconline

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Demand for oil is dry, but this bill may keep money going to energy companies | WWLP

WASHINGTON D.C. (Nexstar) — Texas and Oklahoma Republican Senators John Cornyn and Jim Inhofe are trying to shore up the oil industry and oil jobs in their states. 

As the pandemic has all but dried-up demand for oil, the senators have introduced a bill that would keep the money flowing to energy companies and keep oil and gas workers on the payroll.

* * *

Cornyn says all that oil is good for jobs, but when oil prices plummet it means "a lot of people are getting laid off jobs."

Publisher: WWLP

Date: 2020-06-30T10:32:37 00:00

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4 safe ways to beat those sinking money market fund yields - MarketWatch

It's possible to squeeze more yield out of the cash you are keeping on the sidelines. That's important, because long gone are the days when you could earn even one percent from a money-market fund. In fact, yields consistently have been below 0.5% for the past decade; nowadays the average national money market fund yield is just 0.09%.

Yields are so low that mutual fund giant Fidelity Investments in March decided to close three of its money market funds to new investors (though it recently announced that it will reopen them in the future depending on market conditions such as rising rates).

Publisher: MarketWatch

Date: 2020-06-30T11:15:00-04:00

Author: Mark Hulbert

Twitter: @marketwatch

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Coronavirus Cash: 13 Ways to Tap Your Money If You Need It | Smart Change: Personal Finance |

With the number of COVID-19 cases trending upward, worries are returning that we'll still be wrestling with the coronavirus pandemic for quite some time to come. Unfortunately, that translates to not only continued health worries, but also to extended concerns about how secure our economic futures are as well.

* * *

CDs, most bonds, and some preferred stocks have maturity dates, by which the issuers convert the investments into cash. In addition, bonds and preferred stocks often are callable , which means the issuer can covert the investments into cash before that maturity date if circumstances warrant. In ordinary circumstances, it might be tempting to reinvest the money from those maturing or called investments. When money is tight, that cash can instead be spent to cover more immediate needs.

Publisher: Journal Times

Date: 106560791A6200A80BCECBE5E23A2EA2

Author: _____

Twitter: @journaltimes

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64% of companies are cutting innovation budgets | Sifted

Fewer projects — and smaller projects — but more emphasis on making them scale. This is what the picture looks like for corporate innovation in France, according to a survey by Founders Factory France.

* * *

However, said Albin Serviant, chief executive of Founders Factory France, the remaining innovation projects were getting far more attention from the C-suite.

“Innovation is a board-level issue now. There are fewer projects but more emphasis on scaling them,” he said.

Publisher: Sifted

Twitter: @siftedeu

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Quite a lot has been going on:

The CMO Survey : In the US, marketing's share of budget grows even as head count declines -

Results from the lastest The CMO Survey reveal that Covid-19 has accelerated the adoption of digital tools among companies and customers.

At a headline level though, the report which studies the views of US CMOs, unsurprisingly reveals well-founded pessimism about the US economy. Respondents were somewhat less pessimistic about the outlook for their own organisations.

As to priorities, customer-facing interfaces and transformed go-to-market strategies are among the top agenda items for CMOs.

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Budget Insurance launches R6m small business relief fund

DURBAN - Budget Insurance has launched a R6 million small business relief fund to help small businesses that have been impacted by the coronavirus pandemic and lockdown regulations. 

Alex Terblanché, Head of Business Insurance at Budget Insurance launched the relief fund for the insurer's business insurance customers who have been affected by the Covid-19 pandemic. 

The R6 million fund will be split amongst small businesses with an annual turnover of less than R15 million. Those that qualify will be offered a relief package of up R100 000 each, as well as business mentoring support. 

Date: 2020-06-30T04:30:00.000Z

Twitter: @IOL

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Cal, UCLA stare down Under Armour as athletic budgets wobble

During a 13-month span in the middle of the last decade, the UCLA and Cal athletic departments signed a series of independent but massive contracts with sports apparel and marketing partners.

Each school teamed up with Under Armour for shoes and gear and with Learfield/IMG College for multimedia sponsorship rights.

The four deals, signed between Aug. 2015 and Sept. 2016, were worth more than $500 million (combined) to the athletic departments in cash, product and branding opportunities.

Publisher: The Mercury News

Date: 2020-06-29T15:09:26 00:00

Twitter: @mercnews

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This may worth something:

On this year’s summer vacation, here’s how to set (and stick to) a budget | Travel

For Kathy Lopez, it's all about the spreadsheet. When she started planning a future trip to Europe with her friends, she put every expense into Microsoft Excel to determine how much the monthlong adventure would cost.

"We're going to save a lot of money and planning time on the road," says Lopez, a retired city manager from Prescott, Arizona.

If your eyes glazed over when you saw the word "spreadsheet," please keep reading. Travel companies don't want you to make a budget. They'd prefer that you mindlessly swipe your credit card at the ticket counter, the front desk, the restaurant. You'll spend more, and you could end up in debt.

Publisher: The Seattle Times

Date: 2020-06-29 06:00:00

Twitter: @seattletimes

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Hanover Area passes final budget after testy exchange in virtual meeting | Times Leader

HANOVER TWP. — The Hanover Area School Board approved a final budget with no tax increase Tuesday, but the motions sparked some testy debate after Board Member Vic Kopko read a statement warning of “financial minefields” in the budget and noting there is a $109,000 shortfall that will force the district to completely exhaust its small fund balance.

Kopko ultimately voted in favor of the budget, though he said it was “only because of the no tax increase.” After hearing about the deficit, Board Member Frank Ciavarella changed his vote to no, making the vote 8-1. Ciavarella said he was unaware of the deficit.

Publisher: Times Leader

Date: 2020-06-30T05:00 00:00

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CEO Of Roche Pharmaceuticals On Serving Patients During The Pandemic And Driving Transformational

David and David: Can you give us an example and context on a specific Brody Moment from your past?

Bill: I was with Genentech for seven years, went to Basel to be chief marketing officer for Roche, then came back to Genentech as CEO in 2016. When I returned, things seemed pretty good. The company was doing well and had become the leading biotech company in the US. When I started asking people what they thought the challenges were, they told me they loved the mission centered on patients, the focus on great science, and the supportive culture.

Publisher: Forbes

Date: 2020-06-29

Author: David Benjamin and David Komlos

Twitter: @forbes

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West Gardiner budget proposal reflects concern for economy - CentralMaine.com

WEST GARDINER — Nearly four months after West Gardiner’s Town Meeting was to have happened, residents will decide the town’s proposed budget in a new way July 14.

Rather than an open Town Meeting, West Gardiner residents will vote by secret ballot on a scaled-back $1.2 million version of the spending plan proposal that appeared in West Gardiner’s annual Town Report.

As it now stands, selectmen are seeking an appropriation from property tax payers of $386,986 for 2020 that is 3.3% less than the $400,230 appropriation approved for 2020.

Publisher: Kennebec Journal and Morning Sentinel

Date: 2020-06-28T22:26:38-04:00

Author: https www facebook com jessicalowelljournalst

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Happening on Twitter

BJP's only agenda: Profits 🔶26th May 2014 🔸Indian Oil Companies basket price 🔻₹6,330/barrel - i.e 🔻₹39.81/litre 🔷… https://t.co/TigXxt89kj INCKarnataka (from Karnataka, India) Mon Jun 29 05:59:30 +0000 2020

Russian hacking group launches attacks against US companies, targeting employees who are working from home due to C… https://t.co/Yjwqc8CWj2 BBCWorld (from London, UK) Fri Jun 26 15:28:34 +0000 2020

Swissport set to cut more than half of its UK workforce as air companies struggle with effects of coronavirus crisi… https://t.co/QR6Opmz9sZ BBCNews (from London) Wed Jun 24 11:29:27 +0000 2020

Rethink: Will companies help us improve our sleep habits? https://t.co/OIOyvUCU5Y BBCWorld (from London, UK) Mon Jun 22 23:44:20 +0000 2020

State employee union angry at the government over issue of overtime pay | WIVT - NewsChannel 34

BINGHAMTON, NY – A state employee union is fed up with state agencies over the issue of overtime pay during the pandemic.

The Public Employees Federation, or PEF, has filed a grievance with the Governor’s Office of Employee Relations.

* * *

PEF alleges that the state did not pay some of their members a proper overtime rate for mandatory overtime hours worked.

PEF sent a cease and desist letter to the Governor’s Office saying that the state “has failed to pay “Professional, Scientific, and Technical Services Unit” employees at their required regular overtime rate of pay for mandated COVID-related overtime assignments that were performed outside of their normal workweek.”

Publisher: WIVT - NewsChannel 34

Date: 2020-06-26T21:30:55 00:00

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Amazon Gives Workers $500M Coronavirus Bonus—But There’s a Hidden Cost | Observer

Full-time warehouse, Whole Foods and delivery employees will get a $500 cash bonus, while part-time employees will receive $250. Whole Foods store managers will get $1,000; owners of Amazon's third-party delivery services will get $3,000; and contract drivers of Amazon’s own delivery service, Flex, will receive $150 if they worked more than 10 hours in June.

* * *

“My thanks and gratitude for the truly remarkable commitment to customers you have shown throughout this journey. I have never been more proud of our teams,” Dave Clark, Amazon's senior vice president of retail operations, said in an open letter to employees on Monday.

Publisher: Observer

Date: 2020-06-29T20:25:37 00:00

Author: http observer com author sissi cao

Twitter: @observer

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NYPD Officers Raked In $115 Million In Overtime During First 2 Weeks Of Recent Protests -

The Independent Budget Office reported that between May 30th and June 12th, New York City paid out $115 million in police overtime. That's four times more when compared to the same period last year, and comes as Mayor Bill de Blasio warns of drastic budget cuts due to the coronavirus pandemic and pressure builds on officials to "defund the police."

We often get questions about #NYPD overtime spending. So here's an update: In a 2-week period roughly since antiracism protests began, NYC spent $115 million on police overtime, over 4X spent in same period last yr. @emma_a_whitford pic.twitter.com/Tg5zA56Fz9

Publisher: Gothamist

Date: 2020-06-28T16:29:22-04:00

Author: staff david cruz

Twitter: @gothamist

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Nevada's Minimum Wage Set to Increase on July 1, 2020 - Lexology

Effective July 1, 2020, Nevada’s minimum wage will increase to $9.00 per hour, and $8.00 per hour for those employers that offer qualifying health insurance benefits. The Nevada minimum wage is set to increase by $0.75 each year on July 1, until 2024 at which time the minimum wage will reach either $12.00 per hour or $11.00 per hour if the employer offers qualifying health insurance benefits.

As the minimum wage rates increase, the daily overtime rate rises as well. In Nevada, daily overtime is based on whether an employee “receives compensation for employment at a rate less than [1.5] times” the applicable minimum wage. Employees earning less than 1.5 times the minimum wage (which is equivalent to $13.50/$12.00 per hour effective July 1, 2020) must be paid daily overtime for time worked over 8 hours in a workday or 40 hours in a week.

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While you're here, how about this:

Florida restaurant chain stole tips, OT wages, must pay employees $314,553

A South Florida restaurant chain was ordered to pay $314,553 to employees after an investigation found "illegally diverted" tips and federal overtime wage violations, the U.S. Department of Labor announced Wednesday.

Pho 79, a chain of six Vietnamese cuisine restaurants, shorted overtime pay and tips for 65 employees, the Miami Herald reported. That works out to $4,839.27 owed to each employee, the newspaper reported.

A South Florida restaurant chain will pay $314,553 in back pay after an investigation found "Illegally diverted" tips and federal overtime pay violations, the U.S. Department of Labor announced Wednesday. https://t.co/o5bw7dUE7z

Publisher: WFXT

Date: 2020-06-27T15:56:30.113Z

Author: Bob D

Twitter: @boston25

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What did Allegheny County spend on salaries and overtime in 2019? Explore the data.

After five years of increases, overtime costs for Allegheny County dropped roughly 2% in 2019. Spending dropped from $30.1 million in 2018 to $29.5 million last year.

Despite the COVID-19 pandemic, the county this year has estimated a decrease of about $700,000 in overtime spending from March through May 2020, compared to those months in 2019, according to Allegheny County Budget and Finance Department Director Mary Soroka.

"Overtime is routinely reviewed by management to try to control spending," Soroka said in a statement to PublicSource. "Managing all costs is a budget goal."

Publisher: PublicSource | News for a better Pittsburgh

Date: 2020-06-26T10:30:13 00:00

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Happening on Twitter

This month, Democratic Attorneys General had HUGE wins at #SCOTUS: -Defending DACA -Defending LGBTQ+ employee prot… https://t.co/pNIWdhKRzA bjrich_ (from PNW → PA → DC) Mon Jun 29 15:57:15 +0000 2020

#COVID19 is decimating state and local budgets. Teacher, EMT, and public employee layoffs are inevitable without fe… https://t.co/HDG8HcAtGN rweingarten (from Washington, DC) Mon Jun 29 21:58:24 +0000 2020

For 2 weeks in early May state employees processing Pandemic Unemployment Assistance claims were told to slow down… https://t.co/yHdrngG6K9 jtierney6 (from Portland, OR) Mon Jun 29 23:52:58 +0000 2020

Swiss tax law won’t change in response to blockchain, say lawmakers - Decrypt

Switzerland's Federal Department of Finance has decided that the rapid development of blockchain and corresponding financial instruments doesn't warrant changes to existing tax laws , as the country's existing legislation can accommodate the nascent technology.

According to a press release, the Swiss Federal Council first requested a report on the subject from the Department of Finance on December 7, 2018, to explore the potential impact of decentralized ledger technology (DLT) and blockchain on the country's economy.

Publisher: Decrypt

Date: 2020-06-29T11:55:50

Author: Decrypt Liam Frost

Twitter: @decryptmedia

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INSIGHT: Saudi Arabia Revises Transfer Pricing Guidance (Part 1)

In Part 1 of this two-part series, Shiv Mahalingham draws on some of the key elements of the KSA Transfer Pricing Guidance (second edition) which will assist multinational enterprises operating in the region.

The General Authority of Zakat and Tax (GAZT) released the second edition of Transfer Pricing Guidance in May 2020 ( The Updated Guidance ). There are no surprises in this second edition; however, there are many helpful additions to/clarifications of the existing Transfer Pricing Bylaws .

Twitter: @tax

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IRS Prop. Reg.: Carbon Oxide Credit Corrections Made to Preamble (IRC §45Q)

Preamble for proposed regulations for carbon oxide credit corrected June 29.

Twitter: @tax

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Re: widening the tax net: is osinbajo's Executive Order correct? - Lexology

My learned colleague and ThisDay Lawyer columnist, Abubakar D. Sani, on 8 th August 2017 published a piece titled: “Widening the Tax Net: Is Osinbajo’s Executive Order Correct?” Though quite informative, yet it discredited the veracity of the Acting President’s signing of the Executive Order (EO) No.

* * *

First, it must be established that the EO is a binding document which has the force of the law. Accordingly, the Black’s Law Dictionary 9 th Edition defines EO as “ An Order issued by or on behalf of the President, usually intended to direct or instruct the actions of executive agencies or government officials or to set policies for the Executive branch to follow.

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In case you are keeping track:

Opinion: Costly split-roll initiative won't deliver promised revenues

County assessors fairly and equitably administer California's complex property tax laws and regulations. We try to ignore the political consequences of our actions. Sometimes our assessments result in property tax increases. Other times, we lower property taxes to reflect declining real estate values.

As residents and taxpayers, we care about adequate funding for schools and local governments, as well as the adverse impacts higher taxes can have on businesses and residents. As property tax administrators, our duties require us to objectively oversee a complex system that involves tracking every parcel in our counties and ultimately leads to a property tax bill.

Publisher: The Mercury News

Date: 2020-06-28T13:10:19 00:00

Twitter: @mercnews

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IRS Extends Tax Break for REIT Income to Regulated Investment Companies | Millionacres

Regulated investment companies (RICs) that receive dividends from real estate investment trusts (REITs) and pass that income on to shareholders can now claim those as section 199A dividends.

Here's how KPMG describes the tax break : "Section 199A provides taxpayers, other than corporations, a deduction of up to 20% of QBI from domestic businesses plus up to 20% of their combined qualified REIT dividends and qualified publicly traded partnership income."

Publisher: Millionacres

Date: 8D40D58712924715BAA79D135A6C8DDA

Twitter: @millionacres_co

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SVP, Tax Director - Amherst | Built In Austin

Amherst is revolutionizing the way U.S. real estate is priced, managed and financed in order to unlock opportunities for all market participants. Driven by data, analytics, and technology, Amherst has a 20-year history of anticipating where the next risks and opportunities are likely to emerge and designing actionable strategies for investors to capitalize on opportunities across residential real estate, commercial real estate and public securities.

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Competitive compensation and bonus program. Flexible PTO. Health, vision, dental and long term disability coverage. Paid maternity/paternity leave. Attractive office space. Training certifications assistance. Daily catered lunch and stocked kitchens. Monthly birthday celebrations. Casual work environment with regular team-building outings. Breakfast Taco Thursday.

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Herman Miller Reports Fourth Quarter Fiscal 2020 Results | State | iosconews.com

Herman Miller , Inc. (NASDAQ: MLHR) today announced results for its fourth quarter ended May 30, 2020. Net sales in the quarter totaled $475.7 million , a decrease of 29.1% from the same quarter last fiscal year. New orders in the fourth quarter of $535.3 million were 19.4% below the prior year level.

On an organic basis, which excludes the impact of acquisitions and foreign currency translation, net sales and orders in the fourth quarter decreased by 34.9% and 25.3%, respectively, compared to the same quarter last fiscal year.

Publisher: Iosco County News Herald

Author: Herman Miller Inc

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