Millions of taxpayers eligible for settlement payment from TurboTax owner Intuit

New York Attorney General Letitia James has announced that taxpayers who paid for TurboTax instead of using the free filing software may soon receive a settlement check. According to James, TurboTax owner Intuit agreed in May 2022 to pay $141 million to lower-income Americans who were “unfairly charged” for the free tax-filing software as part of a multi-state agreement. Around 4.4 million consumers were affected. Intuit’s spokesperson stated that the company is “pleased to have reached a resolution with the state attorneys general that will ensure the company can return our focus to providing vital services to American taxpayers today and in the future.”

To be eligible for the TurboTax settlement payment, taxpayers must have used TurboTax for federal returns for tax years 2016, 2017, or 2018 but were eligible for the free version of the software through IRS Free File. The settlement applies to those who were eligible for Free File and started 2016, 2017, or 2018 federal returns with Intuit’s free software. Those who paid Intuit to complete their return and were then told they didn’t qualify for the free software and didn’t use Intuit’s Free File product in a previous year may also receive a payment.

The settlement fund administrator, Rust Consulting, will notify eligible consumers by email, and checks will start being sent next week. While most eligible consumers are expected to receive about $30, some may get up to $85 if they used TurboTax for the three consecutive years named. Payments begin in May, but some checks won’t reach consumers until early June, depending on the mailing date. However, those who don’t receive the funds by mid-June can request a reissue through the website with their claimant ID issued by email.

New York Attorney General Letitia James criticized TurboTax’s “predatory and deceptive marketing,” saying that it cheated millions of low-income Americans who were trying to fulfill their legal duties to file their taxes. While roughly 70% of taxpayers qualify for Free File, only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate’s annual report to Congress.

Achieving Human-Level AI Still a Long Way Off, Says DeepMind Investor

According to Early DeepMind Investor, AGI is Still a Long Way Off

Despite the rapid advancement in artificial intelligence (AI), we are still some distance away from achieving human-level AI. This is according to Humayun Sheikh, an early investor in the AI research laboratory DeepMind, which is now owned by Google. Sheikh stated in an interview with CNBC that while we have taken a significant leap in AI, we are not yet at the moon. He noted that large language models like those developed by OpenAI are still lightyears away from artificial general intelligence (AGI).

AGI is often referred to as the holy grail of AI and is a hypothetical system capable of completing any task to the same level as a human. Although impressive, Sheikh believes that the LLM developed by OpenAI is limited in certain ways, and we are still in the infancy stage of determining how to get AI models to do certain things.

Google is doubling down on AI to compete with other tech companies such as Microsoft. Google is merging DeepMind with Google Brain, part of its research division, to bolster its business and defend against OpenAI. The potential of AI is immense, including generating entirely new content from user prompts. However, experts have raised concerns over the risks of sophisticated AI, and a group of tech leaders have called for a six-month ban on developing AI more advanced than GPT-4, the latest version of OpenAI’s language processing software.

In conclusion, while we have made significant progress in AI, there is still a long way to go before achieving AGI. The risks of AI are also a concern for experts, and the development of AI is being closely monitored. As tech companies compete to develop and advance AI, it is essential to ensure that AI is ethical and does not pose a threat to society.

Johnson & Johnson’s Kenvue Raises $3.7 Billion in Largest US Listing in 18 Months

Johnson & Johnson’s consumer division, Kenvue, made its debut on the New York Stock Exchange on Thursday with an initial public offering (IPO) that valued the unit at $41bn. This is the largest US listing in almost a year and a half. Sources stated that Kenvue sold $3.7bn worth of stock at $22 per share, which was marginally higher than the midpoint of its proposed price range. Kenvue is a maker of household names such as Tylenol, Listerine, and Aveeno skincare products.

The IPO, which raised more than twice the amount of traditional US listings this year, is the biggest since Rivian’s offering in November 2021. Kenvue reported a revenue of $15bn and a pro forma net income of $1.5bn in 2022. The company also makes Johnson & Johnson’s baby powder products, which have been the subject of lengthy legal battles about whether they caused cancer. The new firm has been proactively designated in lawsuits. Johnson & Johnson stated that it would protect Kenvue from any legal expenses linked with baby powder sales in the United States and Canada.

Despite a lengthy downturn in decades, Kenvue’s successful IPO has come at a time when a combination of rising interest rates, volatile stock markets, and pessimistic economic forecasts have engulfed the US IPO market. Only $2.4 billion was raised this year through traditional IPOs before the Kenvue offering on Wednesday, according to Dealogic data. The listing has highlighted investors’ appetite for household name consumer products, which have proved resilient during the pandemic.

Kenvue’s IPO is a significant milestone for Johnson & Johnson, which has been streamlining its operations in recent years. The decision to spin off its consumer business was motivated by the need to focus on its more profitable pharmaceutical and medical devices divisions. With the successful IPO, Johnson & Johnson will continue to own more than 90% of Kenvue’s shares, but Kenvue’s prospects are promising, and it has an opportunity to become a leader in the consumer products sector.

Wholesale Used Car Prices Drop for the First Time in 2023 Due to Increased Production of New Cars

Cox Automotive’s Manheim Used Vehicle Value Index shows that wholesale used vehicle prices declined for the first time this year. The 3% drop from March to April 2023 is believed to be due to automakers increasing the production of new cars and trucks. Despite the decline, the index remains high compared to historical figures, with a 5.2% increase from December 2022.

Chris Frey, the senior manager of economic and industry insights at Cox, anticipates that the decline in used vehicle prices may not be over yet, as there have been eight straight months of year-over-year declines averaging 8.3%. Since the onset of the COVID-19 pandemic, used vehicle prices have been elevated due to supply chain issues and low production of new vehicles, resulting in a shortage of new vehicles and record-high prices. This led to consumers buying used vehicles, driving up prices further.

Retail prices typically follow changes in wholesale prices, so a further decline in used vehicle prices could benefit consumers. However, the tight supply of inventory may provide some price support, making it unlikely for a massive decline to occur, says Charlie Chesbrough, the senior economist at Cox.

Used vehicle prices have become of interest to investors and the Biden administration as a barometer for easing inflation. The administration attributed the rising inflation rates in the country to the used vehicle market early last year.

In February, the average listed price of a used vehicle was $26,086, down slightly from January. While the decline in wholesale used vehicle prices is a positive sign, the tight supply may continue to put pressure on prices, making it challenging for consumers to find affordable vehicles.

In conclusion, the drop in wholesale used vehicle prices is a positive development for consumers, but it is not clear whether this trend will continue. The tight supply of inventory may provide some price support, but the Biden administration and investors will continue to monitor the situation closely.