financial

Link

The IRS Can Now Create its Own Online Free Tax Filing System

Andrew Orr ·

On Monday the IRS announced changes to its deal with the tax filing industry. For years the agency was prohibited from creating its own free tax filing system, like other countries do. In exchange for not competing, the tax industry promised to make free versions of its software if you make below a certain amount of income. But companies like Intuit and H&R Block added code to their web pages to make it harder for their free products to appear on Google. But now it all changes.

“The improved process will make Free File stronger and give taxpayers another reason to consider this valuable software option,” IRS Commissioner Chuck Rettig said in a statement. The agency hopes the changes will make the free option more accessible for taxpayers in the 2020 filing season, he said.

Link

Saudi Aramco Expected to Beat Apple as ‘Most Valuable Company’

Andrew Orr ·

Oil giant Saudi Aramco recently had the world’s biggest IPO of US$25.6 billion. At that level it has a market valuation of US$1.7 trillion, beating Apple to become the world’s most valuable company.

Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Dec. 11.

Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion.

Link

Apple Prepares to Offer Bonds to Fund Share Buybacks

Andrew Orr ·

Apple is preparing a bond offering to raise money for share buybacks so it doesn’t have to dip into its cash hoard. The company hasn’t offered bonds since 2017.

We estimate the net proceeds from sales of the notes will be approximately $ , after deducting underwriting discounts and our offering expenses. We intend to use such net proceeds for general corporate purposes, including repurchases of our common stock and payment of dividends under our program to return capital to shareholders, funding for working capital, capital expenditures, acquisitions and repayment of debt.

Link

Comparing Apple Card's Privacy to Other Credit Cards

Andrew Orr ·

Geoffrey Fowler compared an Amazon credit card with Apple Card to see which one is more private. The knee jerk response is to say Apple, and it’s true that Apple does have more privacy than others. But when it comes to the Apple Card, that privacy only appears under certain circumstances.

Despite a federal privacy law covering cards, I found that six types of businesses could mine and share elements of my purchase, multiplied untold times by other companies they might have passed it to. Credit cards are a spy in your wallet — and it’s time that we add privacy, alongside rewards and rates, to how we evaluate them.

Bottom line: Neither Apple nor Goldman Sachs collects or shares your data. But retailers and card networks like Mastercard can still collect and sell your purchase data.

Link

Emmanuel Macron Says its Crazy That Apple Gets Tax Haven

Andrew Orr ·

French President Emmanuel Macron says it’s crazy that companies like Amazon, Apple, Facebook, and Google get a “permanent tax haven status.”

The reference to ‘tax haven status’ relates to practices used by Apple and others to funnel profits on European sales through Ireland, and then to claim large deductions for R&D costs incurred in the US. There have also been accusations that Apple assigns most of its European profits to a subsidiary which exists only on paper and which pays no taxes anywhere.

Link

Does the Apple Card Count as a Mastercard World Elite?

Andrew Orr ·

Redditor u/mdhardeman did some digging into the Apple Card. After running a test transaction they found that the card was listed as a Mastercard World Elite.

The Mastercard World Elite consumer credit cards are significantly more expensive to accept than a plain Mastercard credit card or basic rewards card. In exchange, the theory goes, Mastercard ensures that those cards only make it into the hands of premium consumers who, on average, spend more on many purchases and have a larger amount of disposable income. In exchange, Mastercard demands the higher reimbursement for the card issuers to be able to fund a benefits package that will attract heavy spenders to their World Elite card products.

Link

Apple Customers Get Weird Email About Apple Card

Andrew Orr ·

Last night, Apple sent the next wave of invitations for Apple Card, but there seems to be a goof in the system. The email said that the early invitation is waiting, but the email address Apple has on file is wrong. You can click a link in the email to supply the correct one.

There are multiple reports on Reddit of people receiving the email who are 100 percent sure they signed up with the correct Apple ID email address…Several users have contacted Apple Support, who are apparently aware of the issue and it has been forwarded to the Apple Card engineering team. Still, it’s worth noting that some users may have also received the email for the right reason – because they didn’t use the email address associated with their Apple account.

I too got the email last night, but since it arrived at an address no longer associated with my Apple ID, my email was probably legitimate in that I didn’t sign up with the correct one.