David Fuller and Eoin Treacy's Comment of the Day
Category - General

    Fear of Filing? Some Taxpayers Finding Tax Bills, Not Refunds

    This article by Ben Steverman and Laura Davison for Bloomberg may be of interest to subscribers. Here is a section: 

    “Most people don’t know how much they pay in taxes,” said Bob Kerr, who leads the National Association of Enrolled Agents, a trade group for tax preparers. “But the refund is the wrong
    metric to measure it.”

    Right or wrong, the drop in expected refunds is creating fear and anger in accountants’ waiting rooms. “Every single person” who walks in is dreading how much they’re going to owe the IRS, said CPA Gail Rosen, who heads the Martinsville, New Jersey, office of WilkinGuttenplan. “They come in and they worry.”

    But telling people they paid fewer taxes throughout the year doesn’t help the sticker shock felt by filers who’ve become accustomed to getting a check, not writing one. Only about 5 percent of taxpayers -- about 7.8 million people -- are expected to pay more under the new law. But about 5 million, according to the Government Accountability Office, will find their typical tax refund replaced by a tax liability. “A lot of people are going to be surprised,” Rosen said.

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    Please note - There will no commentary on Friday

    I will be travelling to the UK today for David’s funeral service. That may mean the Comment of the Day and Subscriber’s audio and video will be posted at an irregular time on Thursday. There will be no commentary on Friday as I will be on the road all day, but I will attempt to record the Big Picture video at some point over the weekend.

    India's New Central Bank Head Delivers 'Election Cut' for Modi

    This article by Anirban Nag, Rahul Satija and Vrishti Beniwal for Bloomberg may be of interest to subscribers. Here is a section:

    India’s new central bank chief delivered an unexpected interest rate cut, providing Prime Minister Narendra Modi with the kind of stimulus he needs to stoke economic growth in an election year.

    In a sharp reversal from October, when the Reserve Bank of India took rate cuts off the table, Governor Shaktikanta Das -- who took office in December -- opened the door to more policy easing and brought growth back into the Monetary Policy Committee’s focus. That was a departure from his predecessor Urjit Patel, whose singular aim was to meet the RBI’s 4 percent inflation mandate.

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    Thorburn Quits as National Australia Bank CEO After Inquiry Lashing

    This article by Jackie Edwards for Bloomberg may be of interest to subscribers. Here is a section:

    The yearlong inquiry uncovered a litany of wrongdoing across the industry, from charging dead people fees to advisers pushing customers into bad investments to meet bonus targets. National Australia staff accepted cash bribes to approve fraudulent mortgages and misled the regulator over a fees-for-no-service scandal.

    “I acknowledge that the bank has sustained damage as a result of its past practices and comments in the Royal Commission’s final report,” said Thorburn, who will leave Feb. 28. “I recognize there is a desire for change.”

    His replacement will have to restore customer trust in the lender and steer it through a tougher landscape of falling earnings, a sinking housing market and rising funding and compliance costs. The nation’s big-four banks also face more muscular regulators intent on punishing wrongdoers in court.

    In further fallout from the inquiry, National Australia said it will delay the planned IPO of its MLC wealth management unit as fee income and commissions come under pressure.

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    David Fuller died on Tuesday, January 15th 2019

    Thank you to everyone has written in. All your messages have been passed on to David's family and we would like to extend our deepest thanks for the upwelling of sympathy and well wishes the Collective have offered. I will continue to renew this post until February 8th. 

    Announcing: Sewbots as a Service

    This press release from Softwear may be of interest to subscribers. Here is a section:

    SEWBOTS-as-a-Service creates immediate ROI benefits while enabling scale across retailer, brand, and manufacturer.  For a monthly fee starting at $5,000 per month per robot, a factory can add annual production capacity of up to 1M units (product dependent). This enables a manufacturer to bring on a Sewbot for just over $55/shift (based on 7 days a week and 3 shifts a day).

    SEWBOTS-as-a-Service is focused on bringing scale to basic sewn good production within the country of destination (a local supply chain).  This focus allows manufacturers to move current seamstresses to premium products while creating a more reactive, reliable and sustainable textile ecosystem.

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