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President Trump describes his administration’s sweeping new tariffs on other countries as a tool for accomplishing a range of key economic goals, including reviving U.S. manufacturing. Recently, he’s been highlighting another aim: lowering, or even eliminating, individual income taxes for most Americans. “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” he wrote Sunday on Truth Social, his social media app. Tariffs are already kicking in, with businesses around the country facing import duties of 145% or more on imports from China and tariffs…

The Committee of Sponsoring Organizations of the Treadway Commission, in collaboration with the Association of Certified Fraud Examiners, have introduced the COSO Fraud Risk Management Certificate program. The new certification, offered through the Institute of Internal Auditors and the Institute of Management Accountants in addition to the ACFE, aims to help professionals enhance their expertise in fraud risk management. COSO is jointly sponsored by the IIA and the IMA, along with the American Accounting Association, the American Institute of CPAs and Financial Executives International.  FraudAlex/Getty Images/iStockphoto The certificate program builds on the Fraud Risk Management Guide that COSO first introduced in…

The Financial Accounting Standards Board issued a proposed accounting standards update Wednesday offering guidance for debt exchange transactions involving multiple creditors.  The proposed ASU stems from a recommendation of FASB’s Emerging Issues Task Force. Under the current rules, when an entity modifies an existing debt instrument or exchanges debt instruments, it’s required to determine whether the transaction should be accounted for as (1) a modification of the existing debt obligation or (2) the issuance of a new debt obligation and an extinguishment of the existing debt obligation (with certain exceptions).The proposed update would specify that an exchange of debt instruments that meets…

Republican lawmakers pushing for the expansion of the state and local tax deduction in President Donald Trump’s economic package are slated to meet with House Speaker Mike Johnson to get specific about how much to increase the $10,000 cap on the write-off. The meeting, set for Wednesday afternoon, comes as Republicans are beginning to craft the tax cuts and spending reductions they plan to pass in the coming months.Representative Young Kim, a California Republican, said that Republicans “are still in negotiation” on how high to increase the dollar-limit on SALT deductions.Yet the meeting may be one of the most detail-oriented yet…

Treasury Secretary Scott Bessent said the European Union has some “internal matters” to sort out before the bloc can enter into trade negotiations with the U.S., singling out a tax on digital services levied by some countries.”We’re negotiating with a lot of different interests,” Bessent said Tuesday during a briefing at the White House. “Some of the European countries have put on an unfair digital service tax” on the U.S., he said.The U.S. has for years objected to moves by foreign countries that multiple administrations have argued unfairly target American technology giants like Amazon.com Inc. and Google owner Alphabet Inc.…

U.S. stocks are sinking following a discouraging report suggesting the U.S. economy may have shrunk at the start of the year, before most of U.S. President Donald Trump’s announced tariffs could take effect. Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange, Monday, April 28, 2025. (AP Photo/Richard Drew) Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange, Monday, April 28, 2025. (AP Photo/Richard Drew)Read More Christopher Lagana works on the floor at the New York Stock Exchange in New York, Wednesday, April 30, 2025. (AP…

Caterpillar said Wednesday it anticipates that tariffs may increase its second-quarter costs by up to $350 million as its first-quarter sales slipped on declining demand for its equipment.A lot of uncertainty remains over President Donald Trump’s trade war. On Tuesday Trump signed an order relaxing some U.S. tariffs on imports of autos and auto parts. But it remains unclear what impact Trump’s broader tariffs will have on the U.S. economyIn the first quarter, Caterpillar’s revenue dropped to $14.25 billion from $15.8 billion a year earlier. The performance fell short of the $14.54 billion that analysts surveyed by Zacks Investment Research…

Just because an SUV is small and inexpensive doesn’t mean it has to be as bland as plain oatmeal for breakfast. The 2025 Buick Envista and 2025 Nissan Kicks are two great examples. They look good, have surprisingly big interiors, and boast prices in the $20,000s regardless of trim level. That’s largely where the similarities stop, though. It all starts with their designs. The redesigned 2025 Kicks has the sporty vibe of a fashionable sneaker with vibrant two-tone color options. It’s fair to say it’s more youthful. The Envista definitely isn’t Grandma’s Buick. It has a coupe-like look that could…

TOKYO (AP) — Japan’s top automaker Toyota announced a partnership with U.S. autonomous driving technology company Waymo on Wednesday.The move was somewhat anticipated, as the use of such technology speeds up around the world, and Toyota Motor Corp. has been aggressive about its intention to stay on top of such advances.“Toyota is committed to realizing a society with zero traffic accidents and becoming a mobility company that delivers mobility for all. We share a strong sense of purpose and a common vision with Waymo in advancing safety through automated driving technology,” Toyota Executive Vice President Hiroki Nakajima said in a…