A massive legal battle involving tens of billions of dollars in contested tax bills for major corporations hinges on the interpretation of a two-word phrase, 'and continuing,' in President Trump’s 2020 Covid-19 pandemic-disaster declaration. Richard Rubin reports that this phrase is the key to court cases determining whether the government turned off tax deadlines for more than three years. The cases affect whether U.S. companies and individual taxpayers prevail in disputes over billions of dollars. Large corporations have a lot at stake, as questions arise about whether companies with long-running tax cases should have been accruing interest during the pandemic. Low-income taxpayers or people in financial trouble could also benefit if the cases keep going against the government.
Ford Motor’s profitable F-150 took a hit this quarter due to a supplier issue that temporarily halted production at a Michigan plant for about one week. CEO Jim Farley expressed optimism, stating the problem is impacting third-quarter wholesale but fourth-quarter production shouldn’t be affected. Levi Strauss named as its new CFO, Vandemore, who joins from Skechers and will succeed Harmit Singh. Vandemore previously held financial leadership roles at Mattel and Walt Disney and is scheduled to start on Nov. 1.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing