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President Donald Trump’s campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans’ signature legislative effort.In a draft version of the tax bill released on Monday, House Republicans highlighted the president’s populist priorities in a package that would enact those cuts through 2028. The bill would also make the lower individual tax rates Trump signed in 2017 permanent.The bill addressed a tax issue that has been dividing lawmakers since it was first restricted by Trump in…

The Chartered Institute of Management Accountants today updated its CGMA Professional Qualifications Syllabus for 2026 to emphasize finance business partnering and applied problem solving.The upgraded syllabus enhances certain competencies and behaviors like finance business partnering, analytical thinking and strategic planning in response to the growing demand for finance professionals to apply critical thinking skills. It also expands the scope to include content on financial technology, like generative artificial intelligence, and sustainability, such as green finance, environmental costing and disclosures under IFRS S1 and S2. “With a focus on finance role simulations embedded in our Case Study exams, the CGMA Professional…

Two New York Republican lawmakers promised to block their party’s signature tax legislation unless GOP leaders raise a proposed $30,000 limit on the federal income tax deduction for state and local taxes.Their public declarations on Monday shortly after House Republicans released a draft version of their tax bill underscores the difficulty party leaders will have securing passage as lawmakers from high-tax states demand greater increases in the SALT limit, politically vulnerable Republicans chafe at Medicaid cuts and fiscal conservatives press for more spending reductions.Representative Mike Lawler, a New York Republican, called the proposed SALT limit “woefully inadequate” and said in…

Clients who decide to make a “fresh start” after April 15 and launch their own business venture may seek guidance from their tax professional regarding the form or business structure they should choose. The tax pro’s response should be simple enough to be understandable without confusing the issues, and comprehensive enough to include potential snags or traps for the unwary.Think of business structures as different vehicles that can get you to the same destination — business success — but with very different rides along the way, said Miklos Ringbauer, a CPA in Southern California. An LLC, or limited liability company, offers…

House Republicans’ release of the tax provisions in their massive fiscal bill provides a crucial initial reading of what party leaders think could pass, culminating weeks of intense negotiations among fractious GOP lawmakers. But the bill still may change as leaders strike more deals to secure passage in the House. And Senate Republicans are likely to follow their own path, requiring more compromises. Business lobbyists notched many of the top tax breaks they were seeking, while avoiding levy increases that were instead targeted at renewable energy projects, immigrants, foundations and colleges. The bill is officially scored as losing $3.7 trillion in revenue,…

ESPN’s new streaming application, featuring everything the sports media arm of Disney has to offer, will cost $29.99 per month.The service, which will take the ESPN name, as CNBC reported last week, will be heavily discounted when bundled with Disney’s other streaming services, Disney+ and Hulu. The three services, with ads, will cost $35.99 per month when purchased together.For users who sign up at the time of ESPN’s launch this fall, the price of that bundle will fall to $29.99 per month for the first 12 months. In other words, ESPN customers will effectively get Disney+ and Hulu for free…

General Motors battery technician Steven Petty Jr. focuses on aligning electrodes on an anode sample for a prototype LMR battery cell in the making. Photo by Steve Fecht for General MotorsWARREN, Mich. — General Motors expects to pioneer a new “groundbreaking” EV battery technology that the automaker says will reduce costs and boost profitability of its largest electric SUVs and trucks.GM is targeting the new batteries and chemistry inside them — called lithium manganese-rich (LMR) prismatic battery cells — to be used in full-size electric vehicles such as its Chevrolet Silverado and Escalade IQ beginning in 2028.The new batteries use…

Andrew Witty, CEO of UnitedHealth Group, testifies during the Senate Finance Committee hearing titled “Hacking America’s Health Care: Assessing the Change Healthcare Cyber Attack and What’s Next,” in the Dirksen Building in Washington, D.C., on May 1, 2024.Tom Williams | Cq-roll Call, Inc. | Getty ImagesUnitedHealth Group on Tuesday announced the surprise exit of CEO Andrew Witty and suspended its 2025 forecast, sending shares of the healthcare giant tumbling nearly 10% in premarket trading. Witty is stepping down immediately for “personal reasons,” the company said. He will act as a senior advisor to his successor, Stephen Hemsley, who served as UnitedHealth…