Forbes Daily: World Awaits Israel’s Decision On Iran Drone Attack

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Good morning,

Happy Tax Day. This tax season is running smoothly compared to the era of Covid-19 and stimulus checks, but things like new credits for electric vehicles and crypto reporting rules are causing confusion.

If you can’t file an accurate tax return by the end of today, don’t panic: You can apply for an automatic extension, but remember it’s not an extension to pay taxes. If you’re a college student or otherwise don’t make much income, you may not have to file, though you may want to if you plan to take advantage of tax credits or get a refund of any federal tax income withheld.

And don’t forget to look at whether you qualify for the IRS Free File program, or for the IRS’ Direct File pilot program. You may not need to spend hundreds on a tax preparation program.

BREAKING NEWS

World leaders urged Israel to show restraint on Monday in its response to Iran’s long-anticipated drone attack on the country, joining the U.S. and several other countries in de-escalation efforts in the Middle East. Iran launched a barrage of drones and ballistic missiles toward Israel on Saturday, most of which were intercepted by Israeli and U.S. forces.

On the eve of his criminal trial, Donald Trump attacked Judge Juan Merchan and accused Manhattan District Attorney Alvin Bragg of hiding or holding back documents from his defense lawyers. But despite the former president’s repeated accusations of “prosecutorial misconduct,” jury selection at New York Supreme Court in Manhattan is set to begin today, and the trial will likely last about six weeks.

BUSINESS + FINANCE

Companies that pay out dividends tend to operate in mature industries and markets that offer limited growth potential, while a smaller firm with more favorable growth prospects may ultimately see greater gains in its share price. But Forbes identified five stocks with rich dividends that are also poised to produce ample capital gains.

U.S. Steel announced Friday its shareholders approved the $14.1 billion sale of the company to Japan-based Nippon Steel, a widely expected move even as the deal faces pushback from regulators. President Joe Biden opposes the deal and has said it is “vital” for U.S. Steel to remain an American company that is domestically owned and operated.

WEALTH + ENTREPRENEURSHIP

Steve Schwarzman’s guiding philosophy has always been to “go big,” and Blackstone, which he founded in 1985 with the late Pete Petersen, is now the world’s largest alternative asset manager with more than $1 trillion in assets. His advice for investors: Look at the macro environment you’re investing in to get expectations for performance on a micro level.

TECH + INNOVATION ​​

Emma Chamberlain, a 22-year-old YouTube sensation who has become one of the most influential creators of her generation, earned some $20 million last year, Forbes estimates. Now, she’s using her relatability—along with her massive following—to scale her startup, Chamberlain Coffee, with products ranging from coffee grounds to matcha powder and recently launched ready-to-drink canned lattes.

Unlike its loss-making clothing resale competitors like The Real­Real, ThredUp and Poshmark, Vinted, Lithuania’s first unicorn, is turning a profit. Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023, and 100 million users glo­bally.

MONEY + POLITICS

After multiple failed attempts, the U.S. House approved the renewal of Section 702 of the Foreign Surveillance Intelligence Act, which allows intelligence agencies to monitor foreign citizens abroad who are believed to be a threat to national security. The vote came after Trump earlier in the week urged Congress to “kill” the legislation, incorrectly suggesting Section 702 was used to spy on his campaign.

TRAVEL + LIFESTYLE

The trade group representing the U.S. airline industry is asking the federal government to pause the expansion of passenger flights to China due to the “existing harmful anti-competitive policies of the Chinese government.” U.S. tourism officials have yearned for the return of Chinese tourists—as many as three million traveled in the U.S. annually pre-pandemic—but last year, fewer than 850,000 Chinese visited, according to the National Travel & Tourism Office.

TRENDS + EXPLAINERS

In his latest round of loan forgiveness, President Joe Biden canceled another $7.4 billion of student debt, pushing ahead with his signature relief programs that face GOP opposition. Most of the eligible borrowers are enrolled in the Saving on a Valuable Education (SAVE) repayment plan, which the White House launched last summer after the Supreme Court torpedoed its widespread debt relief program, as well as people enrolled in the government’s public service loan forgiveness program and on income-driven repayment plans.

DAILY COVER STORY

How TurboTax Is Using AI To Demystify Taxes For Spanish Speakers

TOPLINE With the April 15 tax federal filing deadline looming today, TurboTax has launched a new Spanish language version of its tax software that includes every bit of help, explanations and resources that TurboTax’s English language products do, thanks to a big artificial intelligence-enabled translation push.

There are more than 40 million U.S. residents who speak Spanish at home, according to the U.S. Census Bureau. More than one in five of at-home Spanish speakers said they spoke English either not well, or not at all. Throw in some complicated tax and financial terms, and doing a tax return in English could be overwhelming for millions.

The IRS was initially slow to meet the needs of non-English speakers. It provided at least some information in Spanish as early as 1972, but didn’t make the basic Form 1040 with instructions fully available in Spanish until the 2020 tax filing year.

But more recently, the IRS has made a real effort to ramp up services for traditionally underserved taxpayers, including bilingual ones. The new pilot program that lets taxpayers from 12 states with simple returns file directly with the IRS launched in Spanish on March 12, just a month after its debut in English.

There’s now a Spanish-language version of the IRS.gov website, which, among other things, allows you to track your refund in Spanish. As for human interaction, if taxpayers call ahead and make an appointment, they can now get translation services in every one of the 338 physical Taxpayer Assistance Centers—though some offices may use over-the-phone translation services.

But the IRS still has a long way to go. Even the most common information returns—including Forms W-2 and 1099s—can still only be filed in English. And only one of the IRS’ s eight private sector FreeFile partners offers a Spanish language option.

And you can read or share this Forbes story in Spanish here.

WHY IT MATTERS “Taxes can be anxiety-inducing at the best of times,” says Forbes senior writer Kelly Phillips Erb. “Throw in a language barrier or other obstacle and taxpayers may struggle through tax season. Doing what we can to remove some of the burden for taxpayers to comply with a legal obligation feels like a no-brainer.”

FACTS AND COMMENTS

Oil and gas companies drilling on public lands in the U.S. will have to pay a dramatically increased fee per lease, according to a rule finalized Friday from the Bureau of Land Management. It’s the first price hike in 64 years:

$150,000: The amount companies will be required to pay per lease, up from $10,000

1960: The last time the price per lease was updated

10%: The share of the nation’s oil and gas supplies that comes from products drilled on federal land, per Reuters

STRATEGY AND SUCCESS

Ambitious working mothers say they’re often burdened by “mom guilt,” as women are often expected to both excel in their careers and prioritize motherhood above all else. For many accomplished women, their self-esteem and identity are intimately intertwined with their professional achievements. It’s critical to cultivate self-compassion, and reimagine what success in motherhood and your career looks like.

VIDEO

QUIZ

About 576,000 user accounts were compromised in a cyberattack, a U.S. company announced last week, with hackers making unauthorized purchases on some accounts. What company is it?

A. Roku

B. AT&T

C. Apple

D. Verizon

Check your answer.

ACROSS THE NEWSROOM

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