Business Minute: The Auditors Become the Audited & AT&T Gets Faster

Published 04/23 2014 07:01AM

Updated 04/23 2014 07:11AM

Time now for your Business Minute on this Wednesday morning.

AUDITORS BECOME THE AUDITED

Another black eye for the Internal Revenue Service. An audit revealed the agency paid bonuses to employees who were in trouble over tax issues. It found that over a two year period, nearly $3-million was paid to employees who were disciplined for tax misconduct. About $1-million of that money was given as bonuses to 1,100 employees with tax troubles.

Federal regulations do not require the IRS to consider tax compliance when issuing bonuses to employees, but, the agency will change the policy.

AT&T GETS FASTER

AT&T has announced a new plan to bring high-speed, fiber internet networks to as many as 100 cities in 21 major metro areas. The telecommunication giant's network is called "AT&T U-verse with Giga Power." It's able to deliver broadband services at up to 1 gigabit per second. That's roughly 100 times faster than current speeds in many parts of the country.

The move puts AT&T in a head-to-head battle with "Google Fiber," which has similar speeds.

STOCKS UP

It was a good day all around on Wall Street Tuesday.

The Dow Jones closed the day up 65 points, the NASDAQ gained 40 points, and the S&P 500 closed the day up 7 points.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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