Latest news with #Gaydos
Business Wire
14-05-2025
- Business
- Business Wire
Procurify Launches AI-Powered Spend Insights to Supercharge Visibility and Drive Smarter Decisions
VANCOUVER, British Columbia--(BUSINESS WIRE)--Procurify, the AI-powered spend management platform for the mid-market, today announced Spend Insights, a new analytics feature that empowers finance and procurement teams to make faster, smarter decisions by turning spend data into actionable intelligence. By centralizing company-wide spend data and layering in AI-powered analysis, Spend Insights delivers up-to-date visibility into purchasing, expenses, and accounts payable — helping leaders uncover trends, flag anomalies, and control spend with confidence. This launch builds on Procurify's momentum following the release of its standalone Expense and Card module. Together, these innovations form a flexible, modular platform that adapts to growing organizations without sacrificing control, ease of use, or speed of implementation. 'Spend Insights shows what's possible when you bring AI and analytics together,' said Chad Gaydos, CEO of Procurify. 'It extends our use of AI across the entire spend lifecycle — from extracting data from receipts, contracts, and invoices, to surfacing up-to-date insights that drive smarter, faster decisions. This is the future of agile finance — and we're building it today.' Spend Insights combines interactive dashboards with a conversational AI assistant, Spend Analyst, allowing users to query and understand their data using natural language prompts. With instant access to spend data across purchasing, expenses, and AP, teams can quickly surface trends, catch anomalies early, and act with greater speed and confidence, without waiting on reports or juggling disconnected tools. 'This launch is another step forward in putting customer needs at the center of everything we do,' said Gaydos. 'We're delivering an AI-powered platform that's easy to adopt, built to scale, and designed for the needs of every growing organization — giving finance teams the clarity to make strategic savings, cut unnecessary spend, and turn their spend into a strength." To help organizations get even more value from Spend Insights, Procurify released the 2025 Procurement Benchmark Report: a first-of-its-kind analysis built from over $20B in proprietary customer spend data. The report provides finance and operations leaders with benchmarking across 11 key procurement KPIs, helping them identify and prioritize opportunities for improvement. Spend Insights is now rolling out to all Procurify customer accounts, with Spend Analyst in beta. About Procurify Procurify is the leading AI-powered spend management platform built for mid-market organizations. We empower businesses to take full control of their company spending — across procurement, expense, AP, and payments — driving cost savings, operational efficiency, and smarter decisions. With a modular approach, ease of use, and real-time data across every workflow, Procurify brings simplicity to spend management. Ranked the #1 Mid-Market Purchasing Software by G2, Procurify is trusted by organizations across all industries, managing over $30 billion USD in spend.
Newsweek
14-05-2025
- Business
- Newsweek
Inheritance Tax Could Be Scrapped For Millions of Americans
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A bill recently reintroduced in Pennsylvania could eliminate the state's inheritance tax currently levied on properties transferred from an individual to their heirs after they pass. According to the legislation's prime sponsor, Rep. Valerie Gaydos, a Republican representing Allegheny, the elimination of the state's inheritance tax "will protect against double taxation, ensure that inheritance goes to the family or heirs it was meant to go to and help preserve individuals who receive an inheritance from ending up with a tax bill at a time when they are also mourning the loss of their loved one." Why It Matters Pennsylvania is currently one of only six states still imposing an inheritance tax, together with Iowa, Maryland, Nebraska, Kentucky, and New Jersey. This tax can create a significant burden for beneficiaries—and that is why the bill pushed forward by Gaydos and eight other Pennsylvania Republicans in the state's House of Representatives, HB 1394, aims to eliminate it. Supporters of the bill argue that the state's inheritance tax is unfair to families who inherit property—particularly small businesses and family farms, which often struggle to pay estate taxes because of the high value of land and equipment relative to available cash. The move in the Keystone State comes as federal lawmakers are also pushing for the Death Tax Repeal Act of 2025. Introduced in February, the federal legislation seeks to permanently eliminate the estate tax, commonly known as the "death tax," which applies to estates valued over $13.99 million. If passed, the repeal would allow individuals to transfer an unlimited amount of property at death without federal estate taxes. What To Know When someone passes away in the U.S, an estate tax is levied on their estate based on the net value of their assets at death and paid to the federal or state government. An inheritance tax, on the other hand, is only paid by beneficiaries to a state government, when applicable, based on what they receive. While estate taxes have set thresholds and range from 18 percent to 40 percent, the range of an inheritance tax usually depends on the relationship between the deceased and the beneficiary. As mentioned before, inheritance taxes are quite rare in the U.S. The rates for Pennsylvania's inheritance tax range from 4.5 percent to 15 percent. Inheritances to a spouse or to a child aged 21 or under are normally applied a 0 percent rate. Transfers to children (aged over 21) or others in a direct line of descent are subject to a 4.5 percent rate. A 12 percent rate applies to inheritances for siblings. Transfers to any other heirs, except charitable organizations, are subject to a 15 percent rate. Pennsylvania is one of only six U.S. states levying an inheritance tax. Pennsylvania is one of only six U.S. states levying an inheritance tax. Getty Images HB 1394, which was first introduced in the 2023 legislative session as HB 136, seeks to amend Pennsylvania's Tax Reform Code of 1971 by repealing the state's inheritance tax entirely. A cosponsorship memo issued on February 7 said that, while the federal inheritance/estate tax has a general exclusion amount, Pennsylvania's inheritance tax does not. "The Federal inheritance/estate tax is applied to the transfer of property to an heir after the passing away of the original owner. Federal tax is calculated based on the fair market value of the property transferred to the beneficiary of the estate," the memo reads. "However, unlike Pennsylvania, the federal estate tax has a general exclusion amount. Under the Tax Cut and Jobs Act (TCJA), the filing threshold was increased to $11,580,000 in 2020, and $11,700,000 in 2021 and is adjusted for inflation thereafter through 2025." While, if passed, the bill would significantly ease the financial burden on inheritances in the state, it would also eliminate a source of revenue that has generated billions for Pennsylvania, potentially reducing funding for state services and leading to budget shortfalls. Pennsylvania's Treasury Department reported that the inheritance tax raised $38 billion in 2024. But according to its sponsors, the tax does more harm than good. Gaydos said that the state's inheritance tax "disincentivizes business investment in Pennsylvania and encourages high-net-worth individuals to relocate to more tax-friendly states." A Growing Movement Across The Country While the Death Tax Repeal Act of 2025 has been introduced at the federal level, the law firm Koley Jessen noted in a report that similar legislation has been introduced annually since 2015—with each attempt, though gaining support, failing to become law. Pennsylvania is not the only state trying to get rid of its inheritance tax. A similar effort in Nebraska failed on Tuesday after a bill fell two votes short of the 33 needed for advancing to the third and final round of debate. The failed legislation, LB468, had proposed lowering the inheritance tax rate for nieces and nephews from 11 percent to 7 percent for assets over $40,000, according to the Lincoln Journal Star. Nonrelatives would also pay 7 percent on inherited assets over $40,000, up from $25,000. The bill also included provisions to offset the loss of revenue to county governments by increasing various fees, including vehicle inspection fees and marriage license fees. However, opponents argued that the measures would place undue financial pressure on lower-income residents while generating insufficient revenue to cover the anticipated budget gaps. What People Are Saying Gaydos said in a news release on May 8: "Pennsylvania is one of only six states that still imposes an inheritance tax. At a time when families are grieving the loss of a loved one, the state should not be handing them a tax bill. The inheritance should go to the people it was intended for without the government taking a portion." What Happens Next House Bill 1394 is under review by Pennsylvania's Finance Committee. It is likely to face debate as it moves through the legislative process, with lawmakers weighing potential financial relief for families against the possible effects on state revenue.
Yahoo
13-05-2025
- Business
- Yahoo
Pennsylvania bill looks to eliminate ‘death tax'
PENNSYLVANIA (WTAJ) — A Pennsylvania Representative announced the reintroduction of legislation that looks to eliminate the Pennsylvania Inheritance Tax. Currently, the Pennsylvania tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, according to Rep. Valerie Gaydos' bill. The tax rate depends on the relationship of the heir to the decedent. The rates for the inheritance tax are: 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger 4.5 percent on transfers to direct descendants and lineal heirs 12 percent on transfers to siblings 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax Gaydos argued in her bill that the federal inheritance/estate tax is applied to the transfer of property to an heir after the passing away of the original owner, with the federal tax calculated based on the fair market value. However, unlike in Pennsylvania, the federal estate tax has a general exclusion amount. In 2023, the exclusion amount was increased to $12.92 million. 'The elimination of this tax at the state level will protect against double taxation, ensure that inheritance goes to the family or heirs it was meant to go to and help preserve individuals who receive an inheritance from ending up with a tax bill at a time when they are also mourning the loss of their loved one,' The bill reads. The legislation is currently in the Pennsylvania House Finance Committee. If passed, it will then move through the committee and to the House floor for a vote before moving to the Senate. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
