Business Highlights: Tax day, Biden call for US steel, iron

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On Tax Day, an extension may be better than rushing a return

WASHINGTON (AP) — Monday is Tax Day, the federal deadline for individual tax filings and payments. The IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. The executive director of the National Society of Tax Professionals, Nina Tross, says if people haven’t filed their taxes by now they’re better off filing an extension. Tross adds that...

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On Tax Day, an extension may be better than rushing a return

WASHINGTON (AP) — Monday is Tax Day, the federal deadline for individual tax filings and payments. The IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. The executive director of the National Society of Tax Professionals, Nina Tross, says if people haven’t filed their taxes by now they’re better off filing an extension. Tross adds that filing an extension has “zero effect” as long as filers have paid their income taxes by Tax Day. Tross warns that rushing a return to meet the deadline only to have to amend it later is likely to draw a second look by the IRS.

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Biden to require US-made steel, iron for infrastructure

WASHINGTON (AP) — The Biden administration is taking a key step to ensure federal dollars will support U.S. manufacturing. New guidance issued Monday will require material for projects like bridges, highways and broadband internet funded by last year’s infrastructure package be produced in the U.S. Waivers can be granted if the material costs too much or cannot be sufficiently provided by domestic factories. Ahead of the 2022 midterm elections, President Joe Biden hopes to create more jobs, ease supply chain strains and reduce the reliance on China. He’s betting that more domestic production will ultimately reduce price pressures to blunt Republican attacks that his $1.9 trillion coronavirus relief package triggered higher prices.

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Shareholders await Musk’s next move in Twitter takeover bid

DETROIT (AP) — Twitter has dropped a major roadblock in front of Elon Musk’s effort to take over the company, leaving investors to wonder about the mercurial Tesla CEO’s next move. Twitter has adopted a “poison pill” defense that makes it difficult for Musk or any other investor to buy Twitter without the board of directors’ approval. Musk, who currently owns about 9% of the company, last week disclosed an offer of about $43 billion, or $54.20 per share. Twitter’s next likely move is to formally reject Musk’s offer, or it could start negotiations. Musk has a number of options which also include talks with the board, sweetening his offer, or even triggering the poison pill, which could destroy the company.

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Yellen to see Ukraine PM, avoid Russians at global meetings

WASHINGTON (AP) — Treasury Secretary Janet Yellen plans to meet with Ukraine’s prime minister during this week’s spring meetings of the International Monetary Fund and World Bank in Washington. At the same time, she’ll be trying to avoid contact with Russian officials who plan to attend some Group of 20 portions of the event virtually. The Russian invasion of Ukraine — and how world powers should manage the spillover effects on economies, including food insecurity — will take center stage at the meetings. This year’s meetings run through Friday, and include a mix of virtual and in-person events.

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German bosses, unions jointly oppose boycott of Russian gas

BERLIN (AP) — Germany’s employers and trade unions have joined together in opposing an immediate European Union ban on natural gas imports from Russia over its invasion of Ukraine. They say a ban on Russian gas would lead to factory shutdowns and the loss of jobs in Germany, the bloc’s biggest economy. The joint statement was issued by Rainer Dulger, head of the country’s BDA employer’s group, and Reiner Hoffmann, chairman of the DGB trade union federation. The comments come as European leaders are discussing possible new energy sanctions against Russia, following a decision to bar Russian coal imports beginning in August. Ukraine’s leaders say revenues from Russia’s energy exports are financing Moscow’s destructive war on Ukraine.

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Congress seeks compromise to boost computer chip industry

WASHINGTON (AP) — A global computer chip shortage has made it harder for consumers to get their hands on cars, computers and other modern-day necessities. Congress is looking to boost chip manufacturing and research in the United States with billions of federal dollars. Both the House and the Senate have passed major legislation on the matter. The bills are one of the final opportunities before the November elections for lawmakers to show they are addressing strained supply chains. But there are big differences between the two bills. Democrats will need support from at least 10 Republican senators to get a bill signed into law.

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Bank of America Q1 profits fall 12%, much less than rivals

NEW YORK (AP) — Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week. The nation’s second-largest bank was helped by higher net interest income and modest exposure to Russian assets. The Charlotte, North Carolina-based bank said it earned of $7.1 billion, or 80 cents a share, compared with $8.05 billion, or 86 cents a share, in the same period a year earlier. The results were better than what analysts had forecasted, according to FactSet.

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The S&P 500 slipped 0.90 points, or 0.02%, to 4,391.69, The Dow Jones Industrial Average eased 39.54 points, or 0.1%, to 34,411.69. The Nasdaq fell 18.72 points, or 0.1%, to 13,332.36. The Russell 2000 index of smaller companies dropped 14.85 points, or 0.7%, to 1,990.13.

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