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Five Things You Should Read

July 31, 2020

Inside the Capitol Hill grill and taking a page out of LinkedIn's playbook.

Senate Stalls as US Economy Suffers Worst Contraction Ever in Q2

Axios

Congress and the Trump administration are still painfully deadlocked over the next stimulus bill, with at least 20 Senate Republicans pledging to vote "no" on another massive relief package no matter what. The staggering 32.9% contraction in annualized GDP last quarter quantifies just how big a hole the U.S. economy is in — dwarfing the previous record set in 1958, when GDP shrank at an annualized 10% rate. 

4 Takeaways from the Capitol Hill Grill

NPR

Here are some key takeaways from the hearing: Amazon's Jeff Bezos "can't guarantee" Amazon never used seller data to make its own products, hurting the competition emerged as the Democrats' primary charge against Big Tech, Republicans aired complaints over anti-conservative bias, and , because the hearing was virtual,  viewers could not see reactions from the tech titans (like Facebook's Mark Zuckerberg's face when Bezos described social media as a "nuance destruction machine.")

Ex-ADP CFO Joins Cognizant

AiTHORITY

Professional services company Cognizant has announces that Jan Siegmund, who  most recently served as CFO of ADP, will be taking over as CFO.  According to Siegmund, Cognizant 'has a compelling global platform and is well positioned to capture a growing industry opportunity as companies shift to digital business models.'

What You Need to Know About the New Transition Tax

Fox Business

A new compliance initiative announced by the IRS’s Large Business and International Division earlier this month pertains to section 965 of the Revenue Code – added by the 2017 tax reform law – which requires U.S. shareholders to pay a “transition tax” on untaxed foreign earnings of certain specified foreign corporations as if those earnings had been repatriated to the United States.

Take a Page Out of LinkedIn's Playbook and Create a Parent Resource Group

Forbes

Parents at LinkedIn (PAL) Employee Resource Group has provided a strong sense of support for its broad parent community amid the Covid-19 pandemic. The group has provided a deep and rich extended family of sorts filled with valuable practical ideas to help infuse variety and excitement into days otherwise filled screen time overload (for both parent and child). It’s also created a safe space for offering and receiving tried and true parent to parent advice for successfully working from home with kids.