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Today in the Market (1/31/2024)

Good Morning! On Wednesday, there was a significant decline in US markets after the Federal Reserve announced its decision to maintain interest rates (no real big surprise) and Chair Jerome Powell indicated that the central bank would not initiate rate cuts at its next March meeting (maybe a little bit of a surprise).

So how bad was it? The Dow Jones fell the least by 0.82%, while the S&P 500 declined by 1.61%. The NASDAQ had it the worst, falling 2.23%.

 

GOING ONCE, GOING TWICE, SOLD!

Paramount Global (PARA) had a significant surge of over 6% in its share value during trading on Wednesday. A report from Bloomberg stating that media tycoon Byron Allen has made a sizable offer of $14.3 billion to buy all of Paramount’s remaining shares caused the stock to surge.

Let’s get into the details! The article states that Allen proposed a price of $28.58 per voting share, which represents a 50% premium compared to previous trading levels. Additionally, he offered $21.53 for each non-voting share. The deal’s entire worth, when taking into account the current debt, amounts to around $30 billion. However, the method by which he would get funding for the acquisition remains unclear.

What are Allen’s plans for the company? According to the source, Allen intends to sell the Paramount film studio, known for its production of highly successful movies such as “Top Gun: Maverick,” the “Mission Impossible” trilogy, the current popular thriller “Smile,” and the family-friendly “Paw Patrol.” In addition, he planned to sell real estate and some other intellectual property while maintaining ownership of the TV networks and Paramount+ streaming services. Bloomberg said that he intended to operate them in a more economically efficient manner.

 

BEST WAYS TO GET YOUR RETURN BACK FASTER!

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If You File By...

Direct Deposit

Paper Check

January 29

February 9

February 16

February 5

February 16

February 23

February 12

February 23

March 1

February 19

March 1

March 8

February 26

March 8

March 15

March 4

March 15

March 22

March 11

March 22

March 29

March 18

March 29

April 5

March 25

April 5

April 12

April 1

April 12

April 19

April 8

April 19

April 26

April 15

April 26

May 3

April 22

May 3

May 10

April 29

May 10

May 17

May 6

May 17

May 24

May 13

May 24

May 31

May 20

May 31

June 7

The IRS generally informs taxpayers that they may expect to receive their refund within 21 days after filing. However, the CPA Practice Advisor suggests that you make a few minor changes to your filing procedure to shorten the time to one week.

Side note: Regardless of the circumstances, individuals who file their taxes early and claim the earned income tax credit (EITC) or the extra child tax credit (ACTC) will experience a delay. According to the IRS, refunds will be withheld until mid-February, as required by law, and will not be deposited into taxpayers’ bank accounts until around February 27.

So what are some changes you can make to speed up the tax return refund? It is crucial to complete your tax return early, choose electronic filing, and choose direct deposit to receive your refund. Opting for paper returns and receiving a paper check for your refund often results in a longer processing time

Don’t forget the obvious, but… ensure that you include all of your personal information and tax paperwork, regardless of whether you are filing online or using the services of a tax expert. Refunds that include mistakes or lack necessary information may need further examination, resulting in a delay in the processing of your refund.

Table 1 Source: CPA Practice Advisor

 

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