PwC’s knowledge of AI’s value and how to manage the risks comes from first-hand experience: We’re deploying generative AI at scale for our clients and our people, including our tax professionals. Generative AI (GenAI) is likely provoking some big questions for you and the rest of your company’s leadership. What can it do for me? How can I trust what it does? How will it impact my workforce? How do I get started? And, critically, how can GenAI safeguard  my data, intellectual...

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Originally published on The Frontier Hub The widespread dispersion and adoption of digital devices and applications has put businesses of nearly every sector on the path towards maximizing their efficiency and productivity by leveraging the abundance of new technology. For most enterprises, this has been done mainly using new automation tools, which not only help optimize daily processes for increased efficiency, but also negates a myriad of human error mistakes as well. The rise of home automation is currently underway in...

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The major mortgage REITs continued to see loans get repaid during the third quarter, but their lending activity, while up sharply from the second quarter, remained anemic. The 14 companies tracked reported receiving a collective $3.83 billion of loan repayments during the latest period while originating $1.15 billion of loans. That resulted in a nearly 4% reduction in the companies' collective loan portfolios, to $89.09 billion. So far this year through September, the companies have originated only $3.07 billion of...

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Notice 2023-80 describes rules that would address the treatment of certain taxes, including Income Inclusion Rules (IIRs), Undertaxed Profit Rules (UTPRs), and Qualified Domestic Minimum Top-up Taxes (QDMTTs). GloBE Model Rules and the FTC Treasury and the IRS intend to issue proposed regulations consistent with the guidance regarding the following: Creditability and deductibility of GloBE Top-up Taxes that, in computing the amount of tax, consider the amount of tax that other countries (including the United States) impose on the direct or...

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The U.S. Department of Health and Human Services (HHS) has announced a plan to provide resources and incentives for the healthcare industry to adopt cybersecurity measures and to increase potential regulatory penalties for cybersecurity breaches amid growing data security risks to hospitals and health systems. On December 6, 2023, HHS released a “concept paper,” “Healthcare Sector Cybersecurity: Introduction to the Strategy of the U.S. Department of Health and Human Services,” outlining four new and ongoing steps HHS will take to...

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Whether you’re a small business owner or a large corporation, automating your accounts payable (AP) process can help save time, reduce errors, and increase efficiency. Review some of the benefits that can lead to increased revenue and better decision-making.  Reduce manual processes Manually entering invoice information from PDFs into an enterprise resource planning (ERP) system is time consuming — and can cause errors. Using automation such as a form recognizer can pull data directly from PDFs, saving a lot of time....

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HSBC has become the first bank to pioneer quantum protection for AI-powered foreign exchange trading. As one of the world’s largest foreign exchange providers1, HSBC is leading the way in exploring how quantum cryptography can safeguard highly sensitive trading data against possible cyber threats as powerful as future quantum attacks. In a world-first trial, HSBC armed its award-winning HSBC AI Markets2(opens in new window) (opens in new window) (opens in new window) (opens in new window) (opens in new window)...

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With the release of Notice 2023-62, the IRS has again delayed the effective date of a SECURE Act 2.0 provision that would have required certain participants in employer-sponsored retirement savings plans age 50 and older to make catch-up contributions to those plans on a Roth basis beginning in 2024. This relief extends the start date to 2026. Section 63 of the SECURE Act 2.0 requires 401(k), 403(b) and 457(b) plan participants age 50 and older with prior-year Social Security wages...

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On 4 December 2023, the three European Supervisory Authorities (EBA, EIOPA and ESMA, together the ESAs) published their joint final report on draft Regulatory Technical Standards (draft RTS) on the review of PAI and financial product disclosures in the SFDR Delegated Regulation (Final Report), proposing amendments to the SFDR RTS. The publication comes in response to the EU Commission’s (EC) mandate to the ESAs in April 2022 and builds on a consultation paper on these topics published in April 2023, as...

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