Tax changes small business owners should be aware of as the tax deadline looms
As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. April 15 is still the annual tax deadline for many small businesses although, unlike individuals, small businesses can have varying deadlines depending on the type of company, the state the taxes are filed in, and other factors. Quarterly estimated tax payments are generally required throughout the year. Since business tax filing is complex, most experts recommend small business owners work with a professional tax adviser rather than trying to file on their own or even with tax-filing software.
A $15 toll to drive into part of Manhattan has been approved. That’s a first for US cities
NEW YORK (AP) — New York is on track to become the first U.S. city with congestion tolls on drivers entering its central business district. Transit authorities approved the pricing plan Wednesday, authorizing a $15 toll for most motorists entering a zone that’s south of Manhattan’s Central Park during the day. Supporters of the tolls say it will push more people to use public transport and reduce congestion to speed up public buses and emergency vehicles. It’s expected to raise $1 billion per year to fund improvements in public subway and bus systems. The state Legislature approved the tolls in 2019, but the pandemic and lack of federal regulation stalled the project.
TikTok is under investigation by the FTC over data practices and could face a lawsuit
NEW YORK (AP) — A person familiar with the matter says the Federal Trade Commission is investigating TikTok over its data and security practices. The source says the FTC has been looking into whether TikTok violated a portion of federal law that prohibits “unfair and deceptive” business practices by denying individuals in China had access to U.S. user data. The agency is also scrutinizing the company over potential violations of a children’s privacy law. The investigation is the latest battle in Washington for TikTok. The social media company is already fighting against a federal bill that could ban the platform in the U.S. if it doesn’t break ties with its Beijing-based parent company, ByteDance.
NBC has cut ties with former RNC head Ronna McDaniel after employee objections, some on the air
NEW YORK (AP) — NBC News will cut ties with former Republican National Committee chief Ronna McDaniel, hired last week as an on-air political contributor. The decision was conveyed in a memo to staff from the top official of the network’s news division after a furious protest by some of its journalists and commentators, according to a memo from the network’s top official. The communication from NBC News Group chairman Cesar Conde comes four days after the network said that McDaniel had joined as a paid contributor to offer political analysis. The response from journalists and others within the network was swift — and public.
A UK financial trader dubbed the ringleader of an interest rate manipulation scandal loses an appeal
LONDON (AP) — A British financial trader described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis has lost his appeal to have his conviction quashed. Tom Hayes was a former trader at U.S. bank Citigroup and Switzerland’s UBS. He was found guilty in London in 2015 of manipulating the so-called London Inter-Bank Offered Rate or LIBOR between 2006 and 2010. Hayes spent half of his 11-year sentence in prison before his release in 2021. He was also convicted in a U.S. court in 2016. Former Barclays trader Carlo Palombo also lost his appeal on Wednesday.
Amazon pours an additional $2.75 billion into AI startup Anthropic
NEW YORK (AP) — Amazon says it is pouring an additional $2.75 billion into Anthropic, bringing its total investment in the artificial intelligence startup to $4 billion. Amazon will maintain a minority stake in San Francisco-based Anthropic, a rival of ChatGPT maker OpenAI. The two companies are collaborating to develop so-called foundation models, which underpin the generative AI systems that have captured global attention. Amazon made an initial investment of $1.25 billion in Anthropic in September and indicated then it had plans to invest up to $4 billion.
Trader Joe’s upped the price of its bananas for the first time in decades. Here’s why
NEW YORK (AP) — It may not be too “appeeling,” but the price of some bananas are rising by a few cents. Trader Joe’s recently upped the price to 23 cents for a single banana, marking a 4-cent — or 21% — increase from the grocer’s previous going rate for the fruit that remained unchanged for over 20 years. In contrast to other foods more heavily impacted by inflation, bananas have stayed relatively affordable over time — with average global prices never exceeding more than about 80 cents per pound (0.45 kilograms). Still, banana prices have seen some jumps in recent years.
Stock market today: Most of Wall Street drifts higher as Merck and Trump Media jump
NEW YORK (AP) — Most U.S. stocks are drifting higher in another listless day on Wall Street. The S&P 500 was up 0.3% Wednesday. It’s on track for its first gain since setting an all-time high last week. The Dow Jones Industrial Average was up 281 points, and the Nasdaq composite was virtually flat. Merck was pushing the market higher after winning federal approval for its treatment for a rare disease affecting blood vessels. Trump Media & Technology Group continued its wild ride and shot higher again in its second day of trading, even as its Truth Social platform loses money. Treasury yields fell.
Yellen says China’s rapid buildout of its green energy industry ‘distorts global prices’
WASHINGTON (AP) — Treasury Secretary Janet Yellen called out China’s excess production in green energy, calling it unfair competition that “distorts global prices” and hurts companies and workers around the world. Yellen is planning her second trip to China as Treasury secretary. In remarks delivered in Georgia on Wednesday, she says she plans to press her Chinese counterparts “to take necessary steps to address this issue.” She spoke at Suniva, a solar cell manufacturing facility in Norcross, Ga., that closed in 2017. Treasury says it closed in large part due to cheap imports flooding the market. It is reopening, in part, because of incentives provided by the Democrats’ Inflation Reduction Act
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