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(Eds: Recasting intro)New Delhi, Mar 6 () State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cent shareholding in the reconstructed bank at a price not less than Rs 10 (Face value of Rs 2) and premium of Rs 8," as per the RBI proposa. SBI has already obtained an 'in-principle' approval of the board to explore investment opportunity in Yes Bank. From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each. While talking to reporters, the finance minister said she was in continuous interaction with the RBI, which is fully seized of the matter. Sitharaman further said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap. "I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development." Earlier in the day, RBI Governor Shaktikanta Das said Yes Bank resolution efforts are aimed at maintaining "stability and resilience" in the Indian financial sector and the difficulties will be overcome "very swiftly". The 30-day moratorium deadline is an "outer limit", he said at a banking event in Mumbai, reiterating that the interest of depositors will be "fully protected". He also defended the timing of the move as "appropriate", saying Yes Bank was unable to come up with a solution despite being given time for internal resolution. Yes Bank has been struggling to raise capital. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. Also, the bank had deferred announcement of its financial results for the third quarter ended December. The bank had told stock exchanges that it will publish the same on or before March 14, 2020. Stock of Yes Bank plunged by over 80 per cent during intra-day trade on BSE and closed 56.04 per cent down at Rs 16.20 apiece. NKD CS RAM

SBI to pick up 49 pc stake in Yes Bank

New Delhi, Mar 9 () Several people linked to Kapoor and Kapur families, the erstwhile promoters of Yes Bank, are said to have traded with unpublished inside information in shares of the now-under-moratorium lender and are under probe along with those who supplied the inside news of a government-sponsored rescue plan, sources said.Those under scanner of Sebi and other agencies include members of now disgraced Rana Kapoor family as well as those linked to the family of late Ashok Kapur, the sources said.The two erstwhile founders of one of the most famous new age banks in India's history, which used to proudly call itself the country's fourth biggest bank till about a year ago but has now become the latest example of the ever expanding financial sector distress. The bank was started in 2004.Markets regulator Sebi has been asked by other probe agencies to look deeply into the trades done on March 5, the day when the bank was placed under moratorium late in the night.Shares of Yes Bank had zoomed 27 per cent last Thursday amid reports that the government has given the go-ahead to State Bank of India and other financial institutions to take over the capital-starved company.Hours later, the RBI placed Yes Bank under moratorium, but that announcement was closely followed by another announcement from the government that SBI was asked to rescue the bank and also rope in some other investors.According to the sources, these investors are likely to include some marquee public and private sector financial institutions.They, however, said that the share deadlines of some have come under the scanner for trades conducted last Thursday and before that, presumably with inside information about the rescue plan and also about the moratorium.The suspects include those associated with the Kapoor and Kapur familes, the sources added.On Monday, Yes Bank administrator Prashant Kumar said he is hopeful of the moratorium being lifted by Saturday.Yes Bank has been put under a moratorium by the Reserve Bank till April 3, and customers are not allowed to withdraw more than Rs 50,000 from their accounts. BJ BAL

Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades

(Eds: Adding details) New Delhi, Mar 6 () A strategic investor like SBI will have to pick up 49 per cent stake in Yes Bank and stay invested for at least three years, as per the RBI's draft scheme of reconstruction for the crisis-hit lender announced on Friday. The State Bank of India (SBI) has already shown interest in picking up a stake in the private sector lender, the central bank added. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and number of equity shares to 2,400 crore having face value of Rs 2 each. "The investor bank shall agree to invest in the equity of the Reconstructed bank to the extent that post infusion it holds 49 per cent shareholding in the Reconstructed bank at a price not less than Rs 10 (Face value of Rs 2) and premium of Rs 8," said the draft on which comments from stakeholders have been invited till March 9. It further said SBI has "expressed its willingness" to make investment in Yes Bank and participate in the reconstruction scheme. The draft comes a day after the RBI imposed a moratorium on the bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI also superseded the board of the bank, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar. Meanwhile, Finance Minister Nirmala Sitharaman said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities. Addressing a press conference here, she said the bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis. She said the RBI has been asked to assess the causes of problems and identify the role played by individuals. The government, she said, wants the RBI to ensure that due process of law is followed with a sense of urgency. Earlier in the morning, RBI Governor Shaktikanta Das said Yes Bank resolution efforts are aimed at maintaining "stability and resilience" in the Indian financial sector and the difficulties will be overcome "very swiftly". The 30-day moratorium deadline is an "outer limit", he said at a banking event in Mumbai, reiterating that the interest of depositors will be "fully protected". He also defended the timing of the move as "appropriate", saying Yes Bank was unable to come up with a solution despite being given time for internal resolution. Yes Bank has been struggling to raise capital. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. Also, the bank had deferred announcement of its financial results for the third quarter ended December. The bank had told stock exchanges that it will publish the same on or before March 14, 2020. Stock of Yes Bank plunged by over 80 per cent during intra-day trade on BSE and closed 56.04 per cent down at Rs 16.20. KPM NKD CS ABM

SBI keen on picking up stake in Yes Bank; RBI wants strategic investor to stay for at least 3 yrs

<ul class="summary-list"><li>Todd and Julie Chrisley reported to prison to begin their sentences on Tuesday.</li><li>They will each serve time at different facilities in Florida that are 144 miles apart.</li></ul><a href="https://www.insider.com/todd-julie-chrisley-fraud-convictons-brought-closer-together-prison-2023-1">Todd and Julie Chrisley</a> reported to the federal Bureau of Prisons to begin their sentences for <a href="https://www.insider.com/todd-julie-chrisley-sentenced-to-tktk-years-in-prison-on-fraud-2022-11" target="_blank" rel="noopener">fraud convictions</a> on Tuesday.Todd Chrisley arrived at the Federal Prison Camp (FPC) Pensacola in Pensacola, Florida and Julie Chrisley arrived at the Federal Medical Center (FMC) Lexington in Lexington, Kentucky, the BOP told Insider Tuesday.Last week, the former reality television stars — who maintain that they have done nothing wrong — continued their efforts to challenge the charges against them. Their motion for bail pending their appeal was denied, according to federal court documents.The Chrisleys, who are known to television audiences for their USA Network reality show "Chrisley Knows Best," were <a href="https://www.insider.com/federal-jury-finds-todd-and-julie-chrisley-guilty-on-all-counts-2022-6" target="_blank" rel="noopener">convicted in June</a> of running a yearslong fraud scheme, and <a href="https://www.insider.com/todd-julie-chrisley-sentenced-to-tktk-years-in-prison-on-fraud-2022-11" target="_blank" rel="noopener">handed their sentences in November.</a><div type="image" title="A court sketch shows Todd and Julie Chrisley listen in court as their accountant is sentenced" height="3024" width="4032" msid="97065730" hostid="261"></div>Prosecutors proved that the couple used loans to buy expensive cars, take extravagant trips, and live a lifestyle they couldn't afford, while also hiding money from the IRS to avoid paying taxes."The Chrisleys have built an empire based on the lie that their wealth came from dedication and hard work," prosecutors said in a sentencing memo in November."The jury's unanimous verdict sets the record straight: Todd and Julie Chrisley are career swindlers who have made a living by jumping from one fraud scheme to another, lying to banks, stiffing vendors, and evading taxes at every corner."<h2>If they serve their full sentences, Todd will be released in 2035 and Julie in 2030</h2>Todd, 53, who prosecutors called the "mastermind" of the couple's years-long tax and bank fraud scheme, will be incarcerated at Federal Prison Camp Pensacola.He has been handed a 12-year sentence, meaning that his current release date is scheduled for 2035 when he is 65.Meanwhile, Julie, 50, who prosecutors believed played a lesser role, was sentenced to seven years. She was set to serve her time at Federal Correctional Institution Marianna, which is 144 miles east of Todd's prison, but reported first to a federal medical center in Kentucky. If she carries out her full sentence, she will be released in 2030, aged 57.Todd's prison is minimum security, while the Marianna prison is medium security. The couple will be able to do things like take part in recreational activities, such as sports, music, and crafts.Following their jail time, Todd and Julie have also both been sentenced to 16 months of probation.<h2>The couple's two minor children are currently in the custody of their older sister</h2>Following their sentencing, the couple's oldest daughter <a href="https://www.insider.com/todd-julie-chrisley-daughter-calls-out-haters-prison-sentence-2022-11" target="_blank" rel="noopener">Savannah </a>said she had taken custody of their teenage son, Grayson, 16, and adopted daughter, Chloe, 10.On her podcast, <a href="https://podcasts.apple.com/us/podcast/unlocked-with-savannah-chrisley/id1649201369" rel=" nofollow">"Unlocked with Savannah Chrisley,"</a> Savannah, 25, shared that her younger brother and niece would be placed with her immediately after the sentencing.<div type="image" title="Julie Chrisley and adopted daughter Chloe Chrisley in an episode of &quot;Chrisley Knows Best.&quot;" height="1687" width="2250" msid="97065732" hostid="261"></div>"I come home Tuesday, and I have custody of a 16-year-old and a 10-year-old, and we spend our first Thanksgiving not as a family," she said in the episode, released November 22 Together, Todd and Julie are also parents to a 26-year-old son, Chase. Real estate mogul Todd also shares daughter Lindsie, 33, and son Kyle, 31, with his ex-wife, Teresa Terry. Chloe is Kyle's biological daughter who Todd and Julie won custody of in 2016. In December, Chloe's biological mother, Angela Johnson, <a href="https://www.insider.com/todd-julie-chrisley-react-after-chloe-mom-announces-custody-fight-2022-12" target="_blank" rel="noopener">announced her plans to regain custody</a> of her daughter in light of the sentencing.<h2>Their reality show has been canceled, but viewers could still see new episodes air this year</h2>The Chrisleys began appearing on the USA reality show "Chrisley Knows Best," which followed the day-to-day lives of their large family, in 2014.While it was <a href="https://www.usanetwork.com/usa-insider/chrisley-knows-best-season-10-growing-up-chrisley-love-limo" target="_blank" rel="noopener">renewed for a 10th season</a>, according to <a href="https://deadline.com/2022/11/chrisley-knows-best-sentenced-19-years-prison-shows-canceled-1235178145/" target="_blank" rel="noopener">Deadline</a>, the series — as well as the spinoff show "Growing Up Chrisley" — has now been canceled. <a href="https://ew.com/tv/todd-julie-chrisley-ordered-report-prison-january/" target="_blank" rel="noopener">Entertainment Weekly</a> reports that, according to a source, some new episodes were shot prior to the trial and could potentially air next year, although no official announcement has been made.<div type="image" title="Faye Chrisley, Chase Chrisley, Todd Chrisley, Savannah Chrisley, Chloe Chrisley, Julie Chrisley, Grayson Chrisley" height="2249" width="2998" msid="97065734" hostid="261"></div>Todd and Julie have been using their podcast, <a href="https://podcasts.apple.com/gb/podcast/chrisley-confessions/id1430295246" target="_blank" rel="noopener">"Chrisley Confessions,"</a> as their main way to communicate with fans since their trial, and have continued to put out weekly episodes over the last eight months, despite their legal troubles.Back in June, in the first episode released after their guilty verdicts, Todd shared that while their situation has taken an unprecedented toll on the family, they are using their faith to get them through."As a family, we are still united and standing firm in our positions and in our faith. We don't waver in our faith," he said. "Now listen. Are we disappointed? Are we hurt? Yes, but we know that God has a purpose for everything."

Todd and Julie Chrisley reported prison to begin their sentences for bank fraud and tax evasion today. Here's what is next for them.

<keyword id="4484421" type="UNKNOWN" weightage="100" keywordseo="RentPay">RentPay</keyword>, the fintech platform of <keyword id="4177921" type="UNKNOWN" weightage="100" keywordseo="RedGirraffe">RedGirraffe</keyword>, a London -based company, will now allow you to pay rent using a credit card. Credit card holders of SBI Cards, HDFC Bank, ICICI Bank, IndusInd Bank, <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword>, Yes Bank and <keyword id="46013" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> will be able avail this facility presently. One can register for the facility at the RedGiraffe website by filling in one’s own details and that of the landlord, along with a scanned copy of the rent agreement. Once the process is complete, the user would get a RedGiraffe ID (RG-ID) which would then need to be registered with the credit card issuer. After registering, rent payments will automatically get credited in trge landlord's bank account on fixed dates of every month. For the service, the user needs to pay a transaction fee of 0.39% plus taxes-a minimum Rs 39 per transaction payable for all the banks except SBI Card. "Even while buying an online flight ticket for Rs 3,000, consumers usually have to shell out Rs 300 or more as convenience charges. However, the transaction cost on RentPay has been drastically subsidised for end consumers," RedGirraffe CEO <keyword id="946036" type="PERSON" weightage="100" keywordseo="Manoj-Nair">Manoj Nair</keyword> told <a href="RedGirraffe">ET</a>. "Over and above the standard and bonus reward points, we regularly run cashback offers with leading brands which gives more value to consumers. So, they will get far more value compared to the convenience charges being levied," says <keyword id="4651208" type="UNKNOWN" weightage="100" keywordseo="Vijay-Jasuja">Vijay Jasuja</keyword>, CEO, SBI Card, which would charge 1.75% per month plus taxes. (Image source Forbes)

No more missed deadlines! You can now pay rent using your credit card

Mumbai, Dec 11 () Equity benchmarks resumed their upward march on Wednesday, propelled by fag-end buying in bank, IT and auto stocks amid lacklustre global cues.
 Overcoming a bout of volatility in late-afternoon trade, the BSE Sensex finished 172.69 points or 0.43 per cent higher at 40,412.57.
 Similarly, the broader NSE Nifty climbed 53.35 points or 0.45 per cent to close at 11,910.15.
 NTPC was the top gainer in the Sensex pack, spurting 2.77 per cent, followed by ONGC, Tech Mahindra, Kotak Bank, TCS, Asian Paints, IndusInd Bank and Tata Motors, which gained up to 2.28 per cent.
 On the other hand, Yes Bank topped the laggard's list for the second straight day, plunging 15.33 per cent amid uncertainty over its USD 2-billion fund raising plan.
 Vedanta, Hero MotoCorp, L&amp;T, Bharti Airtel and HUL also tumbled up to 1.63 per cent.
 "After a subdued trade during most part of the day, market witnessed a sharp turnaround due to short covering in index heavyweights. Upcoming macro indicators like CPI inflation and IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near term.
 "On global front, FOMC meeting, UK election and US tariff deadline remain key events," said Vinod Nair, Head of Research at Geojit Financial Services.
 Sectorally, BSE Utilities was the biggest gainer with 1.52 per cent jump, followed by oil &amp; gas (1.13 per cent), power (1.12 per cent), IT (0.97 per cent), realty (0.90 per cent) and finance (0.58 per cent).
 On the other hand, basic materials, capital goods, industrials, telecom, consumer durables and metal declined up to 0.81 per cent.
 Meanwhile, the Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 per cent, saying consumption was affected by slow job growth and rural distress aggravated by poor harvest.
 "India's growth is now seen at a slower 5.1 per cent in fiscal year 2019-20 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch.
 "Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest," it said.
 The rupee appreciated by 14 paise to trade at 70.78 against the US dollar (intra-day).
 Brent futures, the global oil benchmark, slipped 0.40 per cent to USD 64.08 per barrel.
 Global sentiment was cautious ahead of the deadline for new US tariffs on Chinese goods.
 In Asia, Tokyo and Bangkok ended lower, while Hong Kong rose 0.79 per cent and Shanghai added 0.2 per cent. Seoul and Singapore also finished in the green.
 In Europe, London FTSE 100 fell 0.2 per cent, while Frankfurt's DAX and Paris' CAC 40 were trading in the positive territory in early deals. BAL ABM
ABM

Markets back to winning ways as bank, IT stocks shine

Mumbai, Dec 12 () Market benchmark Sensex on Thursday rose by 169 points on the back of gains in banking and metal stocks amid positive global trends after the US Federal Reserve signalled no change in interest rates throughout next year.
 After rallying over 300 points in day trade, the 30-share BSE Sensex ended 169.14 points, or 0.42 per cent, higher at 40,581.71 ahead of the release of key macro data after market close.
 The broader NSE Nifty settled 61.65 points or 0.52 per cent, higher at 11,971.80.
 Tata Motors was the top gainer in the Sensex pack, rallying 7.17 per cent, followed by Yes Bank 5.96 per cent, Vedanta 3.68 per cent, Tata Steel 3.29 per cent, SBI 2.91 per cent and Kotak Bank 1.76 per cent.
 HDFC Bank rose by 1.18 per cent while Larsen &amp; Toubro advanced 1.23 per cent, helping the index extend gains for a second day.
 Reliance Industries, IndusInd Bank, HeroMotoCorp, PowerGrid, NTPC, Sun Pharma and Mahindra &amp; Mahindra also advanced.
 On the other hand, major IT stocks dropped due to a strengthening rupee against the US dollar. Infosys fell 2.63 per cent, HCL Tech 1.51 per cent, and TCS by 1.20 per cent. Among others, ONGC declined 1.68 per cent and Bharti Airtel by 0.95 per cent.
 Vinod Nair, Head of Research at Geojit Financial Services said, "FED's dovish stance on future rate trajectory and strengthening rupee brings cheer to investors. Global sentiment is likely to turn positive in expectation of delay in US tariff deadline while expecting more positive developments from US-China trade talks."
 After its two-day meeting, the US Federal Reserve on Wednesday night indicated that it may not change interest rates throughout next year. The central bank, which has cut the lending rate three times this year, said that it will set its sights on low inflation and the global economy.
 Hemang Kapasi, Portfolio Manager - Equity Investment Products, Sanctum Wealth Management said, "With the US Fed keeping the policy rate unchanged and likely to hold on with rates largely throughout next year led to uptick in global markets. India was no exception, all sectors ended in green led by Metals, PSU &amp; Banking Indices while IT was the only sectoral indices ending in red largely led by INR appreciation by a percentage point over last one week."
 Investors were also awaiting factory output data scheduled to be released later in the day, traders said.
 Sectorally, BSE metal, industrials, auto, bankex, capital goods and power indices rose up to 2.41 per cent.
 While BSE IT, telecom and teck indices declined up to 1.53 per cent.
 On the currency front, the rupee appreciated 21 paise against the US dollar to 70.63 (intra-day).
 Brent futures, the global oil benchmark, rose 0.74 per cent to USD 64.19 per barrel.
 Bourses in Hong Kong, Seoul and Tokyo ended on a positive note, Shanghai slipped into the red.
 Stocks in Europe were also trading higher. ANS MR
MR

Sensex rises 169 points as banking, metal stocks advance

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.flickr.com/photos/adamkr/5045295251/in/photostream/">Flickr via adamkr</a></div>The <a href="http://www.cbsnews.com/8301-505263_162-57579268/tax-deadline-common-questions-and-tips-for-last-minute-filers/" target="_blank">tax deadline</a> is looming.
Right now, about 47 million American workers are feeling a familiar pang anxiety as April 15 bears down.
Don't panic just yet. 
We've put together a comprehensive guide for anyone who needs a hand getting across that finish line:
1. Gather all of your paperwork. 
<ul>
<li>Identification: Social Security Numbers for everyone included on your return.</li>
<li>
Proof of employment: That includes a W-2 from each employer or a 1099 form from any freelance or contract work that netted over $600. If you collected unemployment, you'll need a 1099-G form, which you should find in your online your state labor department.
</li>
<li>
Proof of interest earned: You'll need financial statements of interest paid and/or earned on savings and loan accounts. The same goes for gains you've earned on any investments or a home sale (and yes, even <a href="http://www.businessinsider.com/do-you-have-to-pay-taxes-on-bitcoins-2013-4">those Bitcoins</a>) Student loan servicers typically include that information in your online account, and banks will send out interest statements via mail.
</li>
<li>
Last year's Adjusted Gross Income (AGI): This number should be included on your previous year's <keyword id="45031" type="PERSON" weightage="60" keywordseo="Tax">tax</keyword> return. Alternatively, <a href="https://sa1.www4.irs.gov/irfof-efp/start.do" target="_blank">click here</a> to get an Electronic Filing PIN from the <keyword id="6359816" type="ORGANIZATION" weightage="60" keywordseo="IRS">IRS</keyword> or call them at 866-704-7388.
</li>
</ul>
<h3>2. Decide how you're going to file: </h3>
<ul>
<li>Free filing online. There are a number of ways to file your <keyword id="6368033" type="UNKNOWN" weightage="60" keywordseo="Taxes">taxes</keyword> on the Web, which is hands down the fastest way to get a refund. If you earned less than $57,000, you can file your federal taxes for free at <a href="http://links.govdelivery.com/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwNDExLjE3NTkyODUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDQxMS4xNzU5Mjg1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2NzkyMTE5JmVtYWlsaWQ9bXdvb2RydWZmQGJ1c2luZXNzaW5zaWRlci5jb20mdXNlcmlkPW13b29kcnVmZkBidXNpbmVzc2luc2lkZXIuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;129&amp;&amp;&amp;http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free" target="_blank">IRS Free File</a>. Some tax software companies also offer free state tax filing. </li>
</ul>
<ul>
<li>Paid tax software. Unfortunately, commercial tax software prices tend to rise the closer it gets to the filing deadline. Still, no matter which software you end up choosing, run a quick Google search beforehand to see if any coupon codes pop up online. Prices vary widely –– $30 to $100 with <a href="http://turbotax.intuit.com/">TurboTax</a>, $20 to $80 with <a href="http://www.hrblock.com/">H&amp;R Block At Home</a> and $55 for <a href="http://www.taxact.com/">TaxACT</a>, according to Consumer Reports.</li>
</ul>
<ul>
<li>Hire a professional accountant. The 11th hour is not exactly prime time to get an appointment with a professional tax preparer. Still, it's worth a shot. Find a certified public accountant via the <a href="http://www.aicpa.org/ForThePublic/Pages/ForthePublic.aspx" target="_blank">American Institute of Certified Public Accountants</a>' search function. It's the safest way to be sure you're getting <a href="http://www.businessinsider.com/signs-your-tax-preparer-is-incompetent-2013-2" target="_blank">someone competent</a> who has your best interests at heart.</li>
</ul>
<ul>
<li>National tax preparer chains. National chains like <a href="http://www.hrblock.com/offices/index.html" target="_blank">H&amp;R Block</a>, <a href="http://www.jacksonhewitt.com/Do-your-Taxes-In-Office/In-Office-Products-and-Services/" target="_blank">Jackson-Hewitt</a>, and <a href="http://www.libertytax.com/default.aspx" target="_blank">Liberty Tax Service</a> are widely available and open on the weekend. They're best (and cheapest) for straightforward tax returns, which means they can be pricey for people with more complicated finances. A married couple filing jointly would have paid more than $200 for federal and state filing via H&amp;R Block in 2012. Still, for some, the peace of mind of speaking with a live individual is worth the cost. </li>
</ul>
 3. Don't leave money on the table. 
The beauty of tax software or working with a CPA is that you'll be prompted throughout the process to determine whether you qualify for certain tax deductions. Since the tax code is constantly fluctuating, you may be eligible for new deductions you never knew existed. <a href="http://www.kiplinger.com/article/taxes/T054-C000-S001-the-most-overlooked-tax-deductions.html" target="_blank">Kiplinger has a helpful list</a> of some of the deductions taxpayers miss the most, and we would recommend <a href="http://www.irs.gov/taxtopics/tc500.html" target="_blank">heading to the IRS</a> to find out how to claim them. Everything from child care costs and moving jobs, to student loan interest and the earned-income tax credit could put more cash in your pocket. 
4. Check for errors –– even if you're sure it's perfect.
Don't let <a href="http://www.businessinsider.com/8-things-to-double-check-when-rushing-to-file-your-taxes-2012-3" target="_blank">a dumb mistake</a> get in the way of your refund. The most common error cited on tax returns is the simplest thing of all –– the Social Security Number. You should always sign and date your return as well, and that goes double for your CPA, if you hired someone to help.
5. Max out your retirement and Health Savings Account contributions.
Most people can still make a contribution to their tax-advantaged retirement and healthy savings accounts before April 15. For IRAs, you can contribute as much as $6,000 if you’re over 50. Maximum contributions for HSAs run up to $6,000 for families. It's a great way to reduce your taxable income. Important: Make sure you tell your account holder that you're making a contribution for the tax year 2012, otherwise they'll wind up reporting it as a 2013 contribution.
6. Figure out how you're going to pay. 
<ul>
<li>
You can't afford to pay: File your taxes anyway. Even if you apply for a filing extension, that doesn't give you any extra time to pay your tax bill. Once you've filed and you know what you're up against, you can work out a <a href="http://www.irs.gov/Individuals/Payment-Plans,-Installment-Agreements" target="_blank">repayment plan that suits your needs</a> with the IRS. Be aware of the fact that you'll still be charged late fees and interest each month the debt goes unpaid. If you have a 0% interest credit card handy, that might be <a href="http://www.businessinsider.com/4-ways-taxes-impact-your-credit-2013-2" target="_blank">a better route</a> –– but only if you're sure you can pay it off within the promotion period.
</li>
<li>
You're ready to pay: You can pay directly through tax software. Otherwise, <a href="http://links.govdelivery.com/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwNDExLjE3NTkyODUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDQxMS4xNzU5Mjg1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2NzkyMTE5JmVtYWlsaWQ9bXdvb2RydWZmQGJ1c2luZXNzaW5zaWRlci5jb20mdXNlcmlkPW13b29kcnVmZkBidXNpbmVzc2luc2lkZXIuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;133&amp;&amp;&amp;http://www.irs.gov/uac/Electronic-Payment-Options-Home-Page" target="_blank">e-payment</a> options are available through the IRS. Checks should be written out to the “United States Treasury.”
</li>
<li>
Request a Filing Extension. This does NOT mean you have more time to pay if you owe taxes. This simply gives you until Oct. 15 to do the paperwork. File for an extension <a href="http://www.irs.gov/taxtopics/tc304.html">here</a>, or download <a href="http://links.govdelivery.com/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwNDExLjE3NTkyODUxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDQxMS4xNzU5Mjg1MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2NzkyMTE5JmVtYWlsaWQ9bXdvb2RydWZmQGJ1c2luZXNzaW5zaWRlci5jb20mdXNlcmlkPW13b29kcnVmZkBidXNpbmVzc2luc2lkZXIuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;132&amp;&amp;&amp;http://www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3" target="_blank">Form 4868</a>
</li>
</ul>
The final <keyword id="1747714" type="UNKNOWN" weightage="60" keywordseo="Tax-Deadline">tax deadline</keyword> doesn't have to be your enemy year in and year out. You've got all the relevant information above, now get to it and remember to at least try to file just a little bit earlier next year.

TAX DEADLINE LOOMS: How To File Your Taxes At The Eleventh Hour 

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Many people think you have to be a "Yes Man" to get ahead on Wall Street. But that's not the type of person Liz Lieberman wants working at her bank. Lieberman recently joined <a href="https://www.rbccm.com/en/">RBC Capital Markets</a> as managing director and Head of US Human Resources.Before joining RBC Capital Markets in October 2016, Lieberman was the Global Head of HR at the Royal Bank of Scotland. She also held top HR roles at Merrill Lynch, Lehman Brothers, and Deutsche Bank, according to her LinkedIn page.RBC Capital Markets finished 2016 ranked 10 for investment banking fees in the US, according to Dealogic, increasing its market share. According to data firm Coalition, the firm ranked ninth for total investment banking revenues, including banking and sales and trading, in the Americas in the first half of 2016. In <a href="http://www.businessinsider.com/liz-lieberman-rbc-capital-markets-2017-3">an interview with Business Insider</a> Lieberman shared some advice she received when she first started her career that informs her hiring decisions today. "When I was starting my career, my boss told me: "Whenever someone asks you your opinion, you give it," Lieberman said.Lieberman said she is drawn to people who aren't afraid to challenge others and speak their mind. And those are the qualities she looks for in new hires. What else does Lieberman look for? A sense of humor, of course.Here's the relevant passage from the interview:Frank Chaparro: What qualities do you look for in new hires?Liz Lieberman: I'm drawn to people who show a natural proclivity towards learning and individuals who aren't afraid to have an opinion and challenge others. When I was starting my career, my boss told me: "Whenever someone asks you your opinion, you give it." It taught me to trust my instincts and stand strong in my convictions and I look for those same qualities in potential hires. Also, I look for humor - I spend a large portion of my week at work and I want to have a laugh with colleagues, especially during high stress, looming deadline moments.More generally at RBC, we look for team players who demonstrate a collaborative approach, people who say "we" not "I." We want people who are the "right fit" and this means that they complement our culture which is purpose-driven principles-led and performance-focused. We call this our "<a href="https://hbr.org/2015/11/getting-employees-excited-about-a-new-direction">Collective Ambition</a>" and we want people who show integrity, put the client first, are accountable, inclusive, and innovative and encourage diversity.Read the whole interview <a href="http://www.businessinsider.com/liz-lieberman-rbc-capital-markets-2017-3">here</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-ann-pettifor-bitcoin-money-finite-asset-currency-2017-2">A leading economist explains why bitcoin isn't money</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V1YXJ5OTE6OyGAWPRSfzErrz6lU0EEtX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The head of HR at a top Wall Street bank explains what she looks for in new hires

<div class="KonaFilter image-container display-table"><div><div class="image">APObama signs the Ex-Im reauthorization into law back in 2012.</div></div></div>
House Majority Leader Eric Cantor's stunning loss in his Republican primary introduced a number of <a href="http://www.businessinsider.com/eric-cantor-loss-dave-brat-economy-debt-ceiling-2014-6" target="_blank">potential unpredictable macroeconomic events</a> into the 2014 calendar. But perhaps nothing stands to lose more than a bank that first came into existence in the New Deal era of the Franklin D. Roosevelt administration.
The movement toward the death of the Export-Import Bank, first targeted by conservative grassroots as a priority in 2012, has finally appeared to hit its stride. The bank provides direct loans, guarantees, and credit insurance to aid foreign purchasers in buying American-made goods. Its charter expires at the end of September, unless Congress acts to renew it.
Cantor was largely responsible in 2012 for brokering a deal to extend the Bank's charter and raise its lending authority to $140 billion. But on Sunday, incoming House Majority Leader Kevin McCarthy signaled a major shift when he called for the closure of the bank. 
"One of the biggest problems with government is they go and take hard-earned money so others do things the private sector can do," McCarthy, who voted for the Bank's reauthorization in 2012, told Fox News' Chris Wallace on Sunday.
"That's what the Ex-Im Bank does. The last authorization with the Ex-Im Bank directed the president and the Treasury secretary to wind down the Ex-Im Bank, negotiate with the other countries to wind them down so we have a level playing field."
When asked directly by Wallace if he thinks the bank should close, McCarthy said, "Yes, because it's something that the private sector can be able to do."
<h3>Background</h3>
The "Ex-Im Bank," as it is typically called, was established under a 1934 executive order from Roosevelt, as part of his desire to expand trade with the newly established Soviet Union and with Cuba. The bank became an independent entity in 1945. 
It is the official export agency of the United States. And its mission, according to its website, is to "assist in financing the export of U.S. goods and services to international markets." The Ex-Im Bank has been deeply involved in historically significant projects and transactions, including the constructions of the Pan-American highway and Burma Road.
Essentially, the Ex-Im Bank assists U.S. companies in their exports to provide them with an advantage against foreign companies, particularly if those foreign companies receive their own subsidies from their governments. This includes direct loans and loan guarantees to foreign buyers of U.S. goods and services, working capital guarantees, and export-credit insurance.
Some of the biggest U.S. beneficiaries of the bank include companies like Boeing, General Electric, and Caterpillar.
In its <a href="http://www.exim.gov/about/library/reports/annualreports/2013/" target="_blank">latest annual report</a>, the Ex-Im Bank said it was responsible for supporting up to 1.2 million jobs over the past five years. In 2013 alone, that number was 205,000, according to the bank. (The bank itself employs less than 500 people.)
Its reauthorization throughout history has not been controversial. Fourteen of the 16 times its reauthorization has come up for a vote, it has passed by either unanimous consent or voice vote in at least one chamber of Congress. 
But over the last two years, the bank has come under increasingly intense scrutiny because opponents have latched on to the cause the bank provides "corporate welfare." 
The Club for Growth, Heritage Action, and other conservative groups have launched campaigns calling for it to shut down. In the House, the powerful House Financial Services Committee Chair Rep. Jeb Hensarling (R-Texas) has led the charge against reauthorization. McCarthy, soon to be the No. 2 House Republican, became the most significant member of Congress to join the bandwagon. 
"We're starting to see the Republican Party as a whole not reflexively saying, 'If this is good for big business, I'm in favor of it,'" Dan Holler, the communications director for Heritage Action, told Business Insider on Monday.
The Tea Party-supported argument, one advocated by Heritage Action and others, centers around claims the Bank is a form of "crony capitalism" and "corporate welfare."
In many ways, it embodies the larger fundamental dispute within the Republican Party. Though many in the establishment view the bank as a good function of government, conservatives see it as an overreach. They compare it to Fannie Mae and Freddie Mac, the two entities that were taken over by the U.S. government in 2008 amid the financial crisis.
"We had this sea change in 2012 where people saw the Bank as this perfect example of everything that's wrong with Washington," Holler said, referring to the 93 votes against the Bank's reauthorization back then, the most since the administration of President Richard Nixon.
<div class="KonaFilter image-container display-table float_right"><div><div class="image">Jonathan Ernst/Reuters</div></div></div>"You can have big companies going to this Bank, which is backed by taxpayers, and using this Bank to help themselves. This isn't the proper role of the federal government. We're kind of on the hook here like Fannie Mae and Freddie Mac, if things go wrong."
Cantor's shocking loss and McCarthy's unexpected rise progressed the issue from a potentially bitter fight to one in which the Tea-Party types in the GOP seem to have the upper hand in the battle. 
<h3 class="p1">The campaign to save the bank</h3>
The White House and the Republican establishment-friendly Chamber of Commerce both pressed the case for the bank's renewal on Monday, one day after McCarthy's comments re-ignited the debate.
The National Association of Manufacturers has also been <a href="http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx" target="_blank">lobbying</a> on behalf of the bank, arguing manufacturing would be crushed by the bank's expiration. And on Monday, a group of more than 40 Republican members of Congress had signed off on a <a href="http://www.scribd.com/doc/230976412/Ex-Im-Letter-for-Signatures" target="_blank">letter</a> urging House leadership to take action to renew the Ex-Im Bank's charter.
There are 60 other countries that have credit export agencies, which supporters of the bank say would be more than happy to scoop up sales and jobs from U.S. companies by being willing to offer similar support. 
"What do we want to do? Give this business to the Europeans and the Chinese?" Tom Donohue, the president of the Chamber of Commerce, told reporters in a conference call on Monday. 
Added a spokesperson for Caterpillar in a statement: "For the U.S. to close the Ex-Im Bank in this environment is surrendering export markets and economic growth in the U.S."
The bank <a href="http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm" target="_blank">says</a> it provided $27 billion to support an estimated $37.4 billion in U.S. export sales in fiscal year 2013, which helped sustain the more than 200,000 jobs. And it says it is a self-sustaining agency, claiming it has sent $1.6 billion back to the U.S. Treasury since 2008 in excess revenue. 
<h3>'No clue what they're talking about' </h3>
<div class="KonaFilter image-container display-table float_left"><div><div class="image">Facebook/ Turkish Airlines</div></div></div>One of the leading advocates for the bank is Tony Fratto, a former Bush administration White House and Treasury official who is now a partner at Hamilton Place Strategies. Fratto was described by a NAM official on Monday's conference call as one of a "dream team" of advocates for the bank, along with former House Majority Leader Dick Gephardt and former Mississippi Gov. Haley Barbour.
Fratto told Business Insider on Monday that about three-fourths of Ex-Im Bank critics have "no idea what they're talking about."
Why? The single biggest thing every critic gets wrong, Fratto said, is the claim McCarthy made Sunday - that the private sector can and will pick up the slack. That's because no one in the private sector is currently structured to do what the Ex-Im Bank does.
"That is flat-out wrong," Fratto said. "That will not happen. There is no private-sector response to what Ex-Im does. There are structural problems with our financial system and the needs of small and medium exporters. They will not do that business. Not because it's not good business, but because it's not their business. They can't do it."
The problem is twofold. Using the bank SunTrust as an example, Fratto said smaller banks don't have the expertise to do what the Ex-Im Bank does. It doesn't have enough knowledge of the global landscape to facilitate deals in countries as diverse as Venezuela, Nigeria, Turkey, and Vietnam at the same time. 
(For reference, the Ex-Im Bank's portfolio includes a range of 170 countries, and the Bank says about 90% of its transactions are to small businesses.)
The second problem, according to Fratto: The big banks and insurers that do have that expertise have no interest in facilitating the small transactions that are the bread-and-butter of the Ex-Im Bank.
"In no one's imagination is SunTrust going to come in and cover 40 countries just to do some trade finance deals. And it will never be profitable for Bank of America, or HSBC, or these other global firms who do possess the knowledge and reach and scope to do these one-off, little deals for some U.S. exporters," Fratto said.
<div class="KonaFilter image-container display-table float_right"><div><div class="image">AP</div></div></div>One real-world example cited by representatives from the Chamber and from NAM on the conference call Monday was FirmGreen Inc., which makes equipment used to purify biogas. Donohue said on the conference call that its CEO, Steven Wilburn, told lawmakers in April that his company lost a $57 million contract to a South Korean company because of the Ex-Im Bank's uncertain future.
"We are hearing from large and small companies alike who are realizing that the numbers of competitive offers on big projects and on small ones would fundamentally change if this type of financing is not available," Donohue said.
And the big beneficiaries of the bank, like Boeing, are worried about the possibility of its charter expiring. The company told Business Insider in a statement it would "be placed at a competitive disadvantage" to companies like Airbus, which has similar backing from export-credit agencies in France, Germany, and the United Kingdom.
"The airplane market is highly competitive, and every deal is won or lost by the slightest of margins. Any uncertainty in financing availability could unnecessarily tilt the field against Boeing, putting thousands of manufacturing jobs at risk," the company said in the statement.
In all, the vast majority of companies want the Ex-Im Bank to continue. Delta, which has been a corporate outlier on the issue, says it wants the charter to be renewed, even as it presses for reforms to be on more of a level playing field with Boeing.
<h3>What happens now? </h3>
Opponents of the bank are already declaring near-certain victory ahead of the Sept. 30 deadline. The incoming No. 2 House Republican, McCarthy, has now announced his opposition. A spokesman for House Speaker John Boehner told Business Insider he has made clear the debate should be left to members and, especially, the Financial Services Committee, which is chaired by Hensarling. 
"Folks laughed at me when I was talking in March and April that, yes, the Ex-Im Bank was going to expire this year," Heritage Action's Holler said. "And each and every month since, we've gotten more and more momentum. There's no doubt that in the past couple weeks, things have really accelerated. And you'd be hard-pressed to find somebody who's talking optimistically about the Bank being reauthorized."
About the only source of optimism left for backers is the fact the Ex-Im Bank supports more than 3,000 small businesses, which are included in every single district in the U.S. But on the contrary, there have been a number of recent Chamber-supported issues that haven't found their way through the House, including one of its biggest - immigration reform. 
When asked if there would be "consequences" for lawmakers who resisted extending the Ex-Im Bank's charter, Donahue demurred. And he knew it.
"I suppose you have to ask the voters. And if you think I ducked your question, you're exactly right," Donahue said.
For its part, a spokesperson from the Ex-Im Bank said it didn't have a reaction to McCarthy's comments, other than that it was still "optimistic that Congress will do what it has always done and reauthorize the Export-Import Bank."

Republicans Are Trying To Kill A Bank That's Been Around For 80 Years, And Big Business Is Freaking Out

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! A doctor who says he's Benjamin Button'd himself by 20 years <a target="_blank" href="https://www.businessinsider.com/doctor-reverse-age-years-foods-eat-weekly-longevity-2024-8">shared the seven foods he eats weekly</a>. And yes, you can even indulge that sweet tooth.In today's big story, it's <a target="_blank" href="https://www.businessinsider.com/starbucks-what-went-wrong-laxman-narasimhans-ceo-falling-sales-activist-2024-8">out with the old</a> and <a target="_blank" href="https://www.businessinsider.com/chipotle-ceo-niccol-will-bring-turnaround-record-to-starbucks-2024-8">in with the new</a> CEO at Starbucks.What's on deck:<ul><li>Markets: What the state of Warren Buffett's company <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-economy-consumer-spending-demand-recession-homes-2024-8">says about the wider economy</a>.</li><li>Tech: It's been six months, and the Apple Vision Pro <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-killer-app-six-months-later-2024-8">still feels like a letdown</a>.</li><li>Business: One of the hottest trends in real estate involves <a target="_blank" href="https://www.businessinsider.com/luxury-real-estate-condos-miami-branded-residences-porsche-lamborghini-homebuyers-2024-8">luxury brands like Porsche and Lamborghini</a>.</li></ul>But first, your new CEO is ready.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="fa9b6a86-5e10-4f5a-9956-cb9635199e98">The big story</h3><h2 id="ffdf2a3d-3d3d-450f-b734-01b4e11d3d3a">Putting on a fresh pot</h2><div type="image" title="starbucks logo melting on red background" height="900" width="1800" msid="112528253" hostid="261" sizebytes="42918"></div>As businesses complain about consumers cutting back, one of the biggest chains in the world is doing some cutting of its own at the highest level.Starbucks announced CEO Laxman Narasimhan was stepping down <a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">after less than two years on the job</a>. Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts.While Narasimhan's exit was abrupt — the move was effective immediately — it's not surprising. His short tenure at the top <a target="_blank" href="https://www.businessinsider.com/starbucks-what-went-wrong-laxman-narasimhans-ceo-falling-sales-activist-2024-8">was a disastrous stretch for the coffee chain</a>, writes Business Insider's Grace Dean.Same-store sales — a key metric — have been in a freefall under Narasimhan. Starbucks saw a 3% drop in global comparable store sales during its most recent quarter compared to a 10% bump a year ago.But sales weren't the only thing going down under Narasimhan. The company's share price dropped more than 20%, and it wasn't long before Wall Street noticed. Activist investors began circling the waters, with Elliott Management and Starboard Value taking stakes.So, on the eve of its ubiquitous pumpkin-spice latte season, Starbucks made the abrupt change without a look backwards. In the release <a target="_blank" href="https://stories.starbucks.com/press/2024/starbucks-names-brian-niccol-as-chairman-and-chief-executive-officer/">announcing the news</a>, Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement.<div type="image" title="Brian Niccol" height="1500" width="2000" msid="112528254" hostid="261" sizebytes="238896"></div>Starbucks' turnaround is in the hands of a man familiar with crafting comebacks.Niccol fostered big changes <a target="_blank" href="https://www.businessinsider.com/chipotle-ceo-niccol-will-bring-turnaround-record-to-starbucks-2024-8">during stints at Taco Bell and Chipotle</a>, writes BI's Alex Bitter. His time at the latter has been a bit polarizing, though. While some gym bros might <a target="_blank" href="https://www.businessinsider.com/tiktokers-claim-downfall-of-chipotle-rise-of-cava-2023-10">bristle at the state of Chipotle's portion sizes</a>, the market is a big fan.The Mexican fast-casual chain has been a bright spot in a tough industry, with its stock up more than 24% before Niccol's departure. And despite not joining until September 9, Niccol's impact is already being felt at Starbucks, which saw its share price rise almost 25% on Tuesday.At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak. Instead, it'll be operational issues he'll need to solve.One of the main problems the coffee chain faces is that its key asset — customizable drinks — <a target="_blank" href="https://www.businessinsider.com/starbucks-menu-drink-order-why-coffee-2024-5">also gives it major headaches</a>. It's already trying to address this with its "Siren Craft System" meant to <a target="_blank" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">streamline how its coffeeshops address orders</a>.Whatever types of changes Niccol implements, we've already got some ideas. BI's Katie Notopoulos has <a target="_blank" href="https://www.businessinsider.com/starbucks-how-to-improve-drinks-coffee-menu-food-app-new-2024-8/">a wish list for Niccol to consider</a>.<h3 id="2f939c91-cce8-4e74-8e48-9d1e5aa5543b">News brief</h3><h2 id="2a98a95a-4ad2-426f-a93b-168b48f298e7">Top headlines</h2><ul><li>Japan's prime minister is resigning, <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/japan-pm-fumio-kishida-resigning-after-scandal-2024-8">under pressure from scandal</a>.</li><li>The US naval presence around the Middle East is getting a firepower boost. <a target="_blank" href="https://www.businessinsider.com/these-us-navy-warships-near-middle-east-going-to-region-2024-8">Here are the warships already there and what's on the way</a>.</li><li>New poll: Trump is trailing Kamala Harris on <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economy-inflation-polling-donald-trump-joe-biden-2024-8">one of the most crucial issues</a>.</li><li>The 'crazy' fix for Google's monopoly that <a target="_blank" href="https://www.businessinsider.com/google-search-index-monopoly-remedy-doj-antitrust-2024-8">investors are whispering about</a>.</li><li>Nate Silver on the 2024 race: '<a target="_blank" href="https://www.businessinsider.com/nate-silver-kamala-harris-donald-trump-prediction-risk-book-interview-2024-8">It's no longer Trump's election to lose</a>.'</li><li>Elon Musk's daughter Vivian slams Walter Isaacson's Musk biography, <a target="_blank" href="https://www.businessinsider.com/elon-musk-daughter-critcizes-walter-isaacson-portrayal-biography-2024-8">saying it portrays her as her father's 'villain backstory</a>.'</li></ul><h2 id="c842f181-3364-4b6b-b12e-859436807ae0">3 things in markets</h2><div type="image" title="A man in a suit against a blue background." height="1000" width="2000" msid="112528256" hostid="261" sizebytes="90232"></div><ol><li>Debunking some of the biggest recession fears. Last week's mini market meltdown reignited fears the economy could suffer a downturn. But Joe Quinlan, head of CIO Market Strategy for Merrill and Bank of America Private Bank, detailed why concerns like the Fed being behind the curve or the pullback on the AI trade are overblown. <a target="_blank" href="https://www.businessinsider.com/best-investment-mixed-economy-trades-bank-of-america-cio-2024-8">Why you shouldn't worry about these six economic pitfalls</a>. (Not everyone is <a target="_blank" href="https://www.businessinsider.com/next-recession-odds-risks-economy-fed-rate-cuts-imf-lachman-2024-8">so optimistic</a>, though.)</li><li>The economy (Warren's version). Berkshire Hathaway has gotten so big and wide reaching it's sometimes viewed as a mini version of the US economy. The company's financial results showed consumer-related businesses returning to growth. <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-economy-consumer-spending-demand-recession-homes-2024-8">Go inside the numbers</a>.</li><li>A Goldman Sachs' portfolio manager on the importance of selectivity with small-cap stocks. A likely September interest-rate cut means small caps are set to rise. But Greg Tuorto said investors who buy small-cap indexes will miss out on the biggest growth opportunities. <a target="_blank" href="https://www.businessinsider.com/top-small-cap-stock-picks-goldman-sachs-quality-investment-opportunity-2024-8">Here are six of his top picks</a>.</li></ol><h2 id="fb7cbff4-7b97-488e-9504-94bed7fe328f">3 things in tech</h2><div type="image" title="Side-by-side photos show Google's event (left), next to OpenAI's event (right). The aesthetics look very similar." height="1440" width="1920" msid="112528249" hostid="261" sizebytes="113892"></div><ol><li>Google's Pixel event was giving OpenAI vibes. Back in May, OpenAI CEO Sam Altman took <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-throws-shade-google-aesthetic-2024-5">a dig at Google I/O's "aesthetic."</a> Google may have taken it to heart. Its Made By Google event on Tuesday featured dim lighting and a simple setup with wood in the background — <a target="_blank" href="https://www.businessinsider.com/google-pixel-event-stage-looks-similar-openai-sam-altman-aesthetic-2024-8">a page out of OpenAI's playbook</a>.</li><li>Nvidia's latest chip delay isn't shocking. That's according to Dylan Patel, SemiAnalysis' chief analyst. According to Patel, though, the delay still "shakes the entire world." He spoke to BI about the impact of the delay, and <a target="_blank" href="https://www.businessinsider.com/inside-nvidia-blackwell-delay-ai-hardware-gpu-supply-chain-semianalysis-2024-8">how to observe Nvidia like a pro</a>.</li><li>Apple's Vision Pro is stuck in neutral. The headset has been out for more than six months, but <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-killer-app-six-months-later-2024-8">we're still waiting on a killer app that will actually make the device useful</a>. The longer we have to wait, the harder it'll be for Apple's plans for the Vision Pro to succeed.</li></ol><h2 id="b77ba967-47bf-4dc2-9b22-71b7deb56d3d">3 things in business</h2><div type="image" title="A city made of white blocks. There's a sports car, a purse, and a sushi roll in the city." height="1000" width="2000" msid="112528247" hostid="261" sizebytes="75190"></div><ol><li>If a Mercedes-Benz car isn't enough, consider a Mercedes-Benz apartment. There's a new trend in home buying: High-end brands from Mercedes to Dolce &amp; Gabbana <a target="_blank" href="https://www.businessinsider.com/luxury-real-estate-condos-miami-branded-residences-porsche-lamborghini-homebuyers-2024-8">are making their own condominiums</a>. These so-called branded residences are here to stay, and developers are laying the groundwork for the towers everywhere from Dubai to Miami.</li><li>You're not the only one annoyed about locked-up merch. Some Walmart and Walgreens stores are locking up so much stuff that <a target="_blank" href="https://www.businessinsider.com/walmart-walgreens-locking-up-items-is-holding-back-delivery-workers-2024-8">delivery workers are avoiding them altogether</a>. The tactic, used to prevent theft, is pushing away workers who have to shop and deliver orders on a deadline.</li><li>Stop calling Gen Z lazy. The youngest generation is always a punching bag for workplace stereotypes. Young workers are lazy, entitled, and unmotivated — or so the thinking goes. But according to HR experts, <a target="_blank" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">they just need to be mentored and trained</a>.</li></ol><h2 id="e58630fe-09ae-435b-bc1c-61fdff70acef">In other news</h2><ul><li>Who gets the Hamptons house? How rich Americans <a target="_blank" href="https://www.businessinsider.com/vacation-home-country-house-inheritance-trusts-estates-2024-8">give homes to their children without causing feuds</a>.</li><li>Replika lets you buy an AI girlfriend or boyfriend — <a target="_blank" href="https://www.businessinsider.com/replika-ai-girlfriend-boyfriend-online-dating-companion-age-2024-8">and its average user age is surprising</a>.</li><li>Everyone wants to live in a Nancy Meyers home, <a target="_blank" href="https://www.businessinsider.com/nancy-meyers-home-aesthetic-interior-design-tips-2024-7">but it won't happen overnight</a>.</li><li>New book says Bill Gates was envious of Steve Jobs' magnetism: <a target="_blank" href="https://www.businessinsider.com/microsoft-bill-gates-jealous-apple-steve-jobs-magnetism-book-2024-8">'How does he do that?'</a></li></ul><h2 id="5f99eafb-41e3-4d0e-9cba-1b0b7d911ba1">What's happening today</h2><ul><li>Cisco Systems, UBS, and other companies are reporting earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London.

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The deadline to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> is approaching fast, and Sana is perplexed. All of 23, she's just started earning and working at an MNC, earning Rs 7,00,000 per annum, and can't figure out which <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword> would work best for her. If you're having the same concerns and can't seem to wrap your head around the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, here's a ready reckoner for you: When should I choose new tax regime? Think of choosing a tax regime as having to choose a friend in office. The <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword> is that aged, wise senior who has answers and hacks for everything. Want to get over with a boring project quickly? They will certainly have a trick up their sleeve! On the other hand, the new regime is far more chilled out, lax and is a no-nonsense person who wants nothing to do with long documents and longer meetings. The new regime was introduced in budget 2020 to simplify taxation, and offer lower rate of taxes as compared to the old regime. However, there's a catch. You cannot claim the 70+ exemptions and deductions that help bring down your taxable income and hence, reduce your tax liability. This option is exclusively available under the old tax regime. The main USP of this tax regime? Lower tax rates, and fuss of deductions! Consider this. If your income is within the range of Rs 5,00,000-Rs 12,00,000, and you have no investments, <keyword id="99916" type="General" weightage="20" keywordseo="house-rent-allowance" source="Orion">house rent allowance</keyword> (<keyword id="19944588" type="General" weightage="20" keywordseo="hra" source="keywords">HRA</keyword>), health/life insurance premiums or other such deductions to claim, the new tax regime would obviously make more sense to you, given the significant difference in tax liabilities (just 5% under new regime, and a whopping 20% in old regime for those in the Rs 5-6 lakh bracket!) <div type="image" title="Tax rates under old and new regime" msid="111685908" hostid="261"></div> So, if you're someone who hates complex tax calculations, wants minimal tax deductions, the new regime might just be for you! But remember, there are two conditions under which this new regime will be automatically chosen for calculating your taxes: <ul><li>If you keep procrastinating and don't file your <keyword id="6374875" type="General" weightage="20" keywordseo="ITR" source="Orion">ITR</keyword> till July 31, 2024</li><li>If you do not specifically opt for the old tax regime on your employer's HR portal</li></ul>Also, if you earn less than Rs 3,00,000 per annum, you are completely exempted from paying any tax at all. In the old regime, this basic limit is slightly lower at Rs 2,50,000. Also read: <a href="https://www.businessinsider.in/personal-finance/income-tax/all-you-need-to-know-about-the-new-tax-regime/articleshow/111578840.cms" data-type="tilCustomLink">All you need to know about the new tax regime</a> So, what do I get under this regime? Thanks to a rebate under Section 87A, if you earn up to Rs 7 lakh per annum, your tax liability (and Sana's as well) will effectively be zero. This is limited to Rs 5 lakh under the old regime. While a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 is available under both of them (so you can directly deduct Rs 50,000 from your total income before even beginning to calculate your tax liability), there are a lot more deductions and exemptions that this regime DOES NOT allow you to avail: <ul><li>Leave Travel Allowance (LTA)</li><li>House Rent Allowance (HRA) (Comes in handy if you're paying hefty rents in metros)</li><li>Interest on housing loan (on self-occupied property or vacant property)</li><li>Own contribution to NPS (If there's any)</li><li>Interest earned on savings bank A/Cs </li><li>Investments made in ELSS, PPF</li><li>Premiums paid towards life, health insurance policies</li></ul>As for the deductions that are allowed, that makes for a pretty small list: <ul><li>Transport allowances (only if you are specially abled)</li><li>Gifts of up to Rs 50,000</li><li>Employer’s contribution to your NPS account</li><li>Interest paid on home loan only on let-out property</li></ul>But that's the trade-off. You get to pay taxes at low rates, yes, but you also don't get to claim a whole lot other deductions. Notes CA Nitesh Buddhadev, "Which regime is beneficial for you depends upon the allowances and deduction available to you during a relevant financial year. So, if your total income from salary is Rs 10.5 lakh and if the aggregate of any of the deductions / allowances you can claim is less than Rs. 3.15 lakh, you should opt for the new tax regime. If you have not invested in multiple tax-savings scheme, the new regime will work better. So, don't make this decision in any haste. You can choose your tax regime only once in a financial year. And if your income from business or other professions, be even more careful, because this will then become a once in a lifetime choice for you (quite literally!). So, take a good hard look at your finances, and then decide what works best for you!

Confused about the new tax regime? Here's when you should opt for it

<ul class="summary-list"><li>Billionaire Don Hankey's company underwrote a $175 million appeal bond for Donald Trump.</li><li>Hankey's net worth is estimated at $7.4 billion and he oversees a $22.5 billion automotive empire.</li></ul>Billionaire Don Hankey swooped in on Monday and underwrote a $175 million <a target="_blank" href="https://www.businessinsider.com/donald-trump-posts-bond-after-court-reduction-2024-4">appeal bond for Donald Trump</a>, saving the former president from getting his assets sold out from under him while he appeals his civil fraud case.The 80-year-old oversees Hankey Group, which employs over 3,400 people and whose assets are worth around $22.5 billion, per <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=2ba84a081783">Forbes</a>. The empire consists of eight companies in the automotive, finance, technology, real estate, and insurance industries.Hankey's Knight Specialty Insurance provided Trump's bond on Monday, three days before deadline.It's not the first time Hankey has been financially tied to an entity that's helped Trump out of a potential bind, although the businessman told Bloomberg he didn't do it for political reasons."Yes, I voted for him in the past, but this is a business deal and this is what we do," Hankey said in an <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-02/trump-175-million-bond-arranged-by-billionaire-supporter-s-firm">interview</a> with Bloomberg about the $175 million bond. "I have never met Donald Trump, nor talked to him on the phone."Hankey told the publication that he has also invested in Axos Bank, which <a target="_blank" href="https://www.businessinsider.com/donald-trump-100-million-loan-trump-tower-bank-ceo-donor-2022-3">refinanced Trump Tower in 2022 </a>for $100 million after the previous loan for that amount had been placed on a debt watch list — but that his Axos Bank investment had nothing to do with Trump's bond. Axos Bank CEO Greg Garrabrants has previously donated around $50,000 to Republican campaigns since 2012, with $9,600 in support of Trump, according to <a target="_blank" href="https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Gregory+Garrabrants&amp;max_date=12%2F31%2F2022">Federal elections records</a>.Hankey's net worth is estimated at $7.4 billion, according to <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=2ba84a081783">Forbes</a> — and it's nearly doubled within the last three years.Hankey grew up a lot worker, washing and polishing cars, and later held a job as a salesman at his father's Ford dealership, which he fully acquired in 1972 and built his empire from, Bloomberg reported.Dubbed the "little-known king of subprime car loans" in his Forbes profile, his largest venture, Westlake Financial Services, operates as a subprime financing company and is <a target="_blank" href="https://www.hankeygroup.com/companies/">worth</a> $16.8 billion in assets, according to the Hankey Group website. Westlake collaborates with car dealerships nationwide to offer loans to people with poor or nonexistent credit.The group also owns a real estate firm, Hankey Investment Company LP. The company owns 488,343 square feet of commercial property and 12 million square feet of urban development land in Southern California, according to the Hankey Group website.The billionaire generated buzz two years ago when he poured a reported $82.5 in financing into Bel Air megamansion <a target="_blank" href="https://www.businessinsider.com/photos-225-million-mansion-the-one-biggest-modern-home-us-2021-9">"The One," developed by Nile Niami</a>. The 105,000-square-foot property contains 21 bedrooms and 42 full bathrooms. It also includes a 4,000-square-foot guesthouse and a long list of luxury amenities including multiple infinity pools, a nightclub, a spa, a beauty salon, a bowling alley, and a movie theater.<div type="image" title="Aerial view of Bel Air Los Angeles neighborhood with mansions and golf course." height="2002" width="3000" msid="108984506" hostid="261" sizebytes="1092766"></div>However, a lack of interest in the property led to financial issues for its developer, Nial Niami's Crestlloyd, which filed for bankruptcy protection. The <a target="_blank" href="https://www.businessinsider.com/500-million-bel-air-unfinished-mega-mansion-2021-9">mansion ended up auctioning</a> for less than half of its expected $500 million worth.Hankey became involved in some of the legal challenges over the property's ownership, but said he got all his capital commitments back after the property <a target="_blank" href="https://labusinessjournal.com/special-editions/wealthiest-angelenos/wealthiest-2023/7-don-hankey-2/">sold</a>, the Los Angeles Business Journal reported.<div type="image" title="&quot;The One&quot; mansion Bel Air" height="2929" width="4500" msid="108984507" hostid="261" sizebytes="1267994"></div>Hankey attended the University of Southern California and currently resides in Malibu.He has been married for 40 years to Debbie Hankey and has four children, <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=b177b3c17839">according to Forbes</a>.

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