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Wolters Kluwer (WTKWY) is a global leader in digital knowledge solutions and cloud software for tax, finance, accounting, and legal professionals. With offerings like the SAP Document and Reporting Compliance solution integrated with the CCH SureTax solution, Wolters Kluwer helps multinational companies manage U.S. tax filing obligations efficiently. The company serves customers in over 180 countries and reported 2022 annual revenues of €5.5 billion.
On December 15, 2021, Wolters Kluwer announced that 26 U.S. states will raise their minimum wage in 2022, with 22 states implementing increases on January 1. Key highlights include West Hollywood's $17.64 per hour for hotel workers and California's $15.00 rate. By 2023, states like Connecticut and Massachusetts aim for $15. Ten states have plans to reach this threshold in subsequent years. Federal contractors must comply with a $15 minimum wage starting January 30, 2022. The changes reflect trends toward a living wage amidst political and economic influences.
Wolters Kluwer ELM Solutions has launched the fourth episode of its podcast series, Legal Leaders Exchange, focusing on managing high-cost legal matters, particularly megamatters expected to exceed
Wolters Kluwer Compliance Solutions has won five awards at the 2021 Best in Biz Awards, including two Gold awards for OneSumX ProViso and CASH Suite. The company was recognized as the second most awarded company, showcasing significant competition against over 700 entries. The awards highlight the company's innovation in financial compliance solutions, leveraging AI to enhance regulatory management. Wolters Kluwer reported 2020 annual revenues of €4.6 billion and employs over 19,000 people globally, serving clients in more than 180 countries.
Wolters Kluwer Tax & Accounting highlights uncertainty surrounding Federal income tax provisions set to expire at the end of 2021. Key provisions include the employee retention credit and enhanced child tax credit, with discussions ongoing in US Congress regarding potential extensions. Taxpayers are advised to stay informed to leverage opportunities before the provisions lapse. The press release emphasizes various expiring credits related to COVID-19, charitable contributions, and regularly expiring provisions like mortgage insurance premium treatment.
Wolters Kluwer Legal & Regulatory has entered into exclusive discussions with Karnov Group following a binding offer to sell its legal information businesses in France and Spain. The transaction is expected to provide €120 million in cash, subject to antitrust approval in Spain. The divestment, which will focus on strengthening Wolters Kluwer’s position in core markets, generated approximately €85 million in 2020, representing around 9% of the division's revenues. Completion is anticipated in 2022, with the units continuing to be consolidated until then.
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