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The logo of McDonald’s (MCD) is seen in Los Angeles, California.Lucy Nicholson | ReutersMcDonald’s on Monday announced plans to hire up to 375,000 workers this summer at a news conference that included U.S. Labor Secretary Lori Chavez-DeRemer.While McDonald’s has long been one of President Donald Trump’s culinary favorites, the company has been cozying up to his administration during his second term. The company likely hopes to stay in Trump’s good graces and avoid obstacles to its business, like Health and Human Services Secretary Robert F. Kennedy Jr.’s “Make America Healthy Again” agenda or unfavorable regulation by the Department of Labor.For…

A powerful House committee has tucked language preventing states from regulating artificial intelligence into President Donald Trump’s massive tax and spending bill, a move that would benefit many of the U.S.’s largest tech and AI companies. OpenAI, Meta Platforms Inc., and Alphabet Inc.’s Google are among the firms that have argued that state AI regulations would hamstring the burgeoning technology. Meta in April comments to the White House also said state-level rules would raise compliance costs for AI companies. The House Energy and Commerce Committee’s draft bill, which the panel will debate on Tuesday, would place a 10-year moratorium on “any law…

U.S. Transportation Secretary Sean Duffy speaks to reporters during a news conference on Newark Liberty International Airport at the Department of Transportation Headquarters on May 12, 2025 in Washington, DC. Anna Moneymaker | Getty ImagesThe Trump administration on Monday announced the creation of an emergency task force comprised of executive experts from Verizon, L3Harris and the Federal Aviation Administration to address ongoing telecommunications issues at Newark Liberty International Airport.Transportation Secretary Sean Duffy said the goal is to add three new telecommunications connections between New York and Philadelphia to ensure communications redundancy, so that if one line goes down, the others…

President Donald Trump, joined by National Institutes of Health (NIH) Director Jay Bhattacharya, speaks during a press conference in the Roosevelt Room of the White House on May 12, 2025, in Washington, DC. Andrew Harnik | Getty Images News | Getty ImagesPresident Donald Trump on Monday moved forward with a plan to lower U.S. drug costs by linking prices to those paid in other developed countries – a proposal he will have a tough time putting into effect, experts said.Trump signed a sweeping executive order directing several federal agencies to renew that effort to cut prices, called the “most favored…

President Donald Trump’s Hollywood ambassadors joined studios, labor unions and producers in asking the White House to expand and extend tax incentives as part of an upcoming budget reconciliation bill.A letter dated Monday asked the president to include three film and TV incentives in the budget bill being drafted by Congress. The coalition includes the Motion Picture Association, which represents Hollywood studios, as well as unions of writers, actors and other trades.Actor Jon Voight, who was named one of three special ambassadors to Hollywood in January, is leading the effort to obtain assistance from Washington to boost US film and…

The House tax committee is seeking to increase the state and local deduction and make official several of President Donald Trump’s campaign tax pledges in a multitrillion-dollar package that will serve as Republicans’ signature legislative effort.The House Ways and Means Committee release of the tax measures, ahead of planned debate on the panel Tuesday, is a sign the Republican-controlled chamber is moving toward a floor vote this month on the legislation. The bill aims to cut taxes by more than $4 trillion and reduce spending by at least $1.5 trillion over a decade.The proposal doesn’t include a tax hike on…

The Internal Revenue Service has not yet satisfied the goal of the Payment Integrity Information Act to reduce improper payment rates to less than 10%, according to a new report.The report, released Monday by the Treasury Inspector General for Tax Administration, found the total amount of improper payments for four of its refundable tax credits — Additional Child Tax Credit, American Opportunity Tax Credit, Earned Income Tax Credit and Net Premium Tax Credit — totaled $21.4 billion in fiscal year 2024.In accordance with the Payment Integrity Information Act of 2019, TIGTA has to annually assess and report on improper payment…

Financial advisors and clients seeking to boost the tax savings available through loss harvesting may consider an increasingly popular leveraging strategy known as the “long-short” method.The combination of “long” investments on a stock’s positive outlook with “short” ones based on equity declines, plus margin loans that add debt leverage to the vehicle, may turn off some advisors with risk-averse clients who don’t have a lot of capital gains that need offsetting. But tax-aware long-short investing is drawing clients seeking to maximize returns through active management on a lengthy timeline with lower payments to Uncle Sam.At their root, tax-aware long-short vehicles…

The Financial Accounting Standards Board released an accounting standards update Monday to improve the requirements for identifying the accounting acquirer in business combinations such as mergers and acquisitions.The update applies to Topic 805, Business Combinations, and Topic 810, Consolidations, in FASB’s Accounting Standards Codification, and is based on a recommendation of FASB’s Emerging Issues Task Force.In a business combination, FASB noted, the determination of the accounting acquirer can significantly affect the carrying amounts of the combined entity’s assets and liabilities. The update will revise the current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity…

Michael Jordan, NBA Hall of Famer and co-owner of 23XI Racing, walks the grid prior to the NASCAR Cup Series Straight Talk Wireless 400 at Homestead-Miami Speedway in Homestead, Florida, on Oct. 27, 2024.James Gilbert | Getty Images Sport | Getty ImagesNBC is adding Michael Jordan to its National Basketball Association coverage.The network announced on Monday at its Upfront presentation that Jordan will join the network as a special contributor to NBA broadcasts.”I am so excited to see the NBA back on NBC,” Jordan said in a video alongside the announcement. “The NBA on NBC was a meaningful part of…