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    Ukraine plots post-war rebuilding effort with JPMorgan Chase as economic advisor

    JPMorgan will tap its debt capital markets operations, payments, and commercial banking and infrastructure investing expertise to help the country stabilize its economy and credit rating, manage its funds, and advance its digital adoption, according to a person with knowledge of the agreement.
    Of particular importance is advising the nation on efforts to raise private investment to help it rebuild and invest for future growth in areas including renewable energy, agriculture and technology.
    “The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth,” CEO Jamie Dimon said in a statement.

    A closer shot of Ukraine President Volodymyr Zelenskyy and the Ministry of Economy (MoE) meeting with senior members of J.P. Morgan.
    Coutesy: JP Morgan Summit

    Ukraine’s government signed an agreement with JPMorgan Chase to help advise the war-afflicted country on its economy and future rebuilding efforts.
    Ukraine’s Ministry of Economy signed a memorandum of understanding with a group of executives from the New York-based bank on Thursday aimed at rebuilding and developing the country, according to a statement from President Volodymyr Zelenskyy.

    One year into its conflict with Russia, which invaded in February 2022, Ukraine’s government is laying the groundwork to help rebuild the country. The invasion has cost thousands of civilian lives and set off Europe’s largest refugee crisis since the Second World War. It also ignited a corporate exodus from Russia, and has helped galvanize support for Ukraine.
    JPMorgan will tap its debt capital markets operations, payments, and commercial banking and infrastructure investing expertise to help the country stabilize its economy and credit rating, manage its funds, and advance its digital adoption, according to a person with knowledge of the agreement.
    Of particular importance is advising the nation on efforts to raise private funds to help it rebuild and invest for future growth in areas including renewable energy, agriculture and technology.
    “The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth,” CEO Jamie Dimon said in a statement.
    Dimon added JPMorgan was proud of its support for Ukraine and was committed to its people. The bank led a $20 billion debt restructuring for the country last year and has committed millions of dollars in support for its refugees.

    Rt. Hon. Tony Blair, Former Prime Minister Great Britain and Condoleezza Rice, 66th U.S. Secretary of State conducted a discussion with Ukraine President Volodymyr Zelensky @ annual JPMorgan Summit held Feb 10. 
    Courtesy: JP Morgan Summit

    On Friday, Zelenskyy spoke via teleconference with guests of JPMorgan’s annual wealth management summit in Miami after the agreement was signed. The discussion was moderated by ex-U.K. Prime Minister Tony Blair and former Secretary of State Condoleezza Rice.

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    Stocks making the biggest moves premarket: Fidelity, Ralph Lauren, Caterpillar and more

    A Ralph Lauren store in downtown Philadelphia, PA.
    Fred Imbert | CNBC

    Check out the companies making headlines before the bell.
    Norfolk Southern — Shares slid more than 3% following reports that the Environmental Protection Agency sent the rail company a notice of potential liability over the weekend. The notice was related to last week’s explosion and derailment of railcars containing hazardous materials in East Palestine, Ohio.

    Meta — Shares of the Facebook parent rose 2.6% after the Financial Times reported it is planning a fresh round of layoffs after it last let go of 11,000 employees in November. The company’s stock price has soared by more than 44% so far this year.
    Caterpillar — Shares of the machinery company fell more than 1% after Baird downgraded Caterpillar to neutral from outperform. The investment firm said in a note to clients that Caterpillar is “nearing a cyclical pivot point” and that revenue growth is set to slow.
    Ralph Lauren — Shares of the apparel retailer were up 2.5% after Bank of America upgraded the stock to buy from neutral, and also raised its price target, saying the brand is differentiating itself among its peers during challenging time. The call follows an upbeat earnings report on Thursday.
    Fidelity National Information Services — The company shed 8.5% in the premarket. Although it reported a slight earnings and revenue beat, its forecast fell short of expectations. Fidelity anticipates first-quarter adjusted EPS of $1.17-$1.23 versus a StreetAccount estimate of $1.42, and revenue of $3.38 billion to $3.43 billion compared with an expected $3.57 billion.
    Cadence Design Systems — Shares were up 1.7% in premarket trading ahead of the company’s scheduled fourth-quarter earnings release on Monday. Cadence expects to report revenue in the range of $870 million to $890 million. Analysts surveyed by Refinitiv expect the company to earn 92 cents a share on revenue of $884.8 million.
    — CNBC’s Alex Harring, Jesse Pound and Michelle Fox Theobald contributed reporting.

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    5 things to know before the stock market opens Monday

    5 Things to Know

    The Chiefs won the Super Bowl.
    Coke and Cisco lead this week’s earnings schedule.
    U.S. jets shoot down more unidentified flying objects.

    Traders work the floor of the New York Stock Exchange (NYSE) during morning trading on February 10, 2023 in New York City. 
    Michael M. Santiago | Getty Images

    Here are the most important news items that investors need to start their trading day:

    1. Wake up, it’s Monday

    The bulls are hoping this week is better than last. Friday’s closing bell brought an end to a rough five-day frame for both the S&P 500, which slipped over 1.1%, and the Nasdaq, which slid more than 2.4%. While stocks have started the year relatively well, there are certain realities keeping things in check. Inflation has come down, but it’s still high. The Federal Reserve has identified the light at the end of the tunnel, but it’s still prepared to keep raising rates to slow down price increases. And while the economy has been resilient, there are still pockets where slowdowns are a concern. Read live markets updates.

    2. Another big earnings week

    Men load a Coca-Cola truck outside of the New York Stock Exchange (NYSE) on July 25, 2022 in New York City.
    Spencer Platt | Getty Images

    Speaking of factors weighing on stocks, earnings haven’t been so great this quarter. Companies’ outlooks haven’t been swell, either, although some of them see skies clearing up in the latter half of the year. Coca-Cola and Cisco lead the pack this week. Here’s when the major names report:

    Tuesday: Coca-Cola, Restaurant Brands (before the bell); Airbnb (after the bell)
    Wednesday: Kraft Heinz, Roblox (before the bell); Cisco, Zillow, Shopify, Boston Beer, Roku, QuantumScape (after the bell)
    Thursday: Hasbro, Paramount Global (before the bell); DraftKings, DoorDash, Dropbox (after the bell)

    3. A classic Super Bowl

    Rihanna performs onstage during the Apple Music Super Bowl LVII Halftime Show at State Farm Stadium on February 12, 2023 in Glendale, Arizona.
    Ezra Shaw | Getty Images Sport | Getty Images

    This year’s Super Bowl had everything. Rihanna unveiled during her stunning halftime performance that she was pregnant. Celebrities dominated what turned out to be a really funny slate of commercials (although they didn’t hawk crypto this time around for some reason). Media critic and Twitter CEO Elon Musk was spotted sitting with News Corp and Fox honcho Rupert Murdoch. And the game was great, too. After the Philadelphia Eagles, led by an incredible Jalen Hurts, rushed to a 24-14 lead at halftime, the Kansas City Chiefs and their MVP quarterback, Patrick Mahomes, executed a nearly flawless gameplan in the second half to win 38-35. It’s the Chiefs’ second Super Bowl win in four years.

    4. Explaining the housing market

    monkeybusinessimages | Getty

    It can be hard to keep up with all the ups, downs and sideways moves in the housing market. What’s going on with home prices these days, anyway? CNBC’s Diana Olick breaks it down. While price increases have been slowing for months, actual prices are still higher than they were 12 months prior. With mortgage rates easing off a bit, demand appears to be returning, and that could help nudge prices up a bit again. “While prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak,” said CoreLogic’s chief economist, Selma Hepp.

    5. Watch the skies

    FBI Special Agents assigned to the Evidence Response Team process material recovered from the High Altitude Balloon recovered off the coast of South Carolina. The material was processed and transported to the FBI Laboratory in Quantico, VA. 
    Courtesy: FBI

    What’s with all the close encounters in North American air space lately? Things from another world? Almost certainly not, although a top U.S. military officer, when asked whether aliens were involved, said he hasn’t ruled out anything. “I’ll let the intel community and the counterintelligence community figure that out,” said Gen. Glen VanHerck, commander the North American Aerospace Defense Command and U.S. Northern Command. The wild speculation came as U.S. jets shot more objects out of North American skies over the weekend, days after they took down a Chinese spy balloon that floated over much of the United States. The more recent objects haven’t been as big as the Chinese balloon, and it’s not clear where they might have come from. And lawmakers are demanding answers. The truth is out there, probably.
    – CNBC’s Hakyung Kim, Lillian Rizzo, Sarah Whitten, Diana Olick and Ashley Capoot contributed to this report.
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    Chinese EV brand Zeekr is now worth more than Xpeng

    Geely-backed electric car brand Zeekr said Monday it’s now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others.
    Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S.
    The new valuation makes Zeekr worth more on paper than Xpeng, which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday.

    Pictured here is a Zeekr electric vehicle charging station in Dongguan, Guangdong province of China, on Nov. 14, 2022.
    Vcg | Visual China Group | Getty Images

    BEIJING — Geely-backed electric car brand Zeekr said Monday it’s now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others.
    Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S.

    The new $13 billion valuation makes Zeekr worth more on paper than Xpeng, which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday.
    Nio and Li Auto are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively, the data showed.
    Zeekr said its new investors include Amnon Shashua — co-founder and CEO of self-driving tech company Mobileye. The company did not immediately respond to a request for comment.

    Contemporary Amperex Technology (CATL) and three state-affiliated funds also participated in the latest funding round, according to a press release.
    Zeekr said it intends to use the funds for tech development — and plans to enter the European market this year.

    Geely established the Zeekr electric vehicle brand in 2021. The company began delivering its Zeekr 001 coupe that October, and claims to have delivered more than 80,000 units since.
    The Zeekr 001 is priced between 300,000 yuan ($43,915) and 386,000 yuan. For rough comparison, Tesla’s Model Y starts at 261,900 yuan.
    The much larger and boxy multi-purpose vehicle Zeekr 009 began deliveries in January, the company said. Prices start at 499,000 yuan.
    In 2010, China-based Geely acquired Swedish auto brand Volvo, which previously belonged to Ford Motor.
    By sales in China, Geely was the fourth-largest manufacturer of new energy vehicle passenger cars in 2022, behind Tesla China, which was in third place, according to the China Passenger Car Association.

    Read more about electric vehicles from CNBC Pro

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    CNBC Daily Open: Oil pops and stocks flop — it feels like 2022 again for markets

    Brent Delta Topside oil platform at Seaton Port in the United Kingdom on May 5, 2017.
    Ian Forsyth | Getty Images News | Getty Images

    This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
    It feels like 2022 again for markets. But investors want a fresh start this year.

    What you need to know today

    Adidas shares tanked 11.64% after the company warned it could lose around 1.2 billion euros ($1.3 billion) in revenue if it can’t clear its Yeezy stock. The German sportswear company ended a partnership with Ye (formerly known as Kanye West), the face of Yeezy, after he made antisemitic comments.

     PRO With its earnings beat and vast restructuring plan, Disney has been making the news lately. But is it wise entering the Magic Kingdom? Two investors make their case for and against buying the stock.

    The bottom line

    A selloff in the U.S. markets, rising oil prices and escalating U.S.-China tensions — it feels like we’re back in the worst part of 2022.
    U.S. stocks had a terrible week. The Nasdaq dropped 0.61% on Friday, giving it a 2.41% loss for the week. The Dow gained 0.5% and the S&P rose 0.2%, but they still ended the week lower, with the S&P turning in its worst weekly performance in nearly two months.
    Higher energy prices are back, too. The Brent contract for April, which covers oil from Europe’s North Sea, hit $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose to $79.72 a barrel, an 8.63% increase for the week — its best since October. Those prices spiked about 2% each on Friday after Russia said it would cut oil production next month to retaliate against Western sanctions.
    Relations between the United States and China are fraying. After the U.S. shot down a suspected spy balloon last week, the Commerce Department imposed sanctions on six Chinese aerospace companies that it said support China’s espionage program. On Sunday, the U.S. military shot down a fourth unidentified object — following a second object downed on Friday and a third over the Yukon on Saturday. Though the objects’ origins are still unclear, it’s increasingly likely more sanctions will come.
    Amid all that, investors are focusing on the upcoming U.S. consumer price index reading for January with renewed intensity. The numbers will indicate whether we’ll be forced to relive the dark days of 2022, or if there’s hope in at least one part of the economy — America’s consumers.
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    Electric Ram pickup debuts in Super Bowl ad that pokes fun at rivals, sex-drug commercials

    Stellantis will use a Super Bowl ad for its Ram brand to indirectly take shots at the current all-electric vehicle market, specifically pickup trucks.
    The ad, called “Premature Electrification,” spoofs ads for male sex-enhancement drugs, as well.
    The 60-second commercial also debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale next year.

    Ram’s 2023 Super Bowl ad debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale late-next year.
    Screenshot

    DETROIT – Stellantis will air a 60-second Super Bowl ad for its Ram brand to indirectly take shots at the current all-electric vehicle market, specifically pickup trucks.
    The commercial, called “Premature Electrification,” or “PE,” spoofs ads for male sex-enhancement drugs. It features electric vehicle owners discussing problems they’ve had with their trucks – from insufficient range and power to problems charging and other potential issues associated with EVs.

    “Are you excited about buying an electric vehicle but worry that it could leave you … unsatisfied?” says the ad’s star and narrator Jason Jones, a comedian best known for his work on “The Daily Show with Jon Stewart” and for appearing in comedic Budweiser and Molson ads. “Then you could be one of many Americans concerned about premature electrification.”
    The ad debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale next year. Online reservations for the electric pickup, which debuted as a concept in January, also open Sunday. The vehicle resembles the concept but also the current Ram pickup, which has a traditional internal combustion engine.

    Stellantis Chief Marketing Officer Olivier Francois, who has become known for unique and well-received Super Bowl commercials, said the main message is Ram’s electric pickup may not be the first to the market, but it’s going to be worth waiting for compared to the current offerings.
    “We have an incredible truck that’s electric that can really deliver on what truck people want a truck to do, so ‘wait, wait and see’ is the meaning of the ad,” he told CNBC. “That’s our pitch.”
    When the electric Ram arrives to market, it’s expected to join an increasingly crowded yet relatively unproven segment that includes the GMC Hummer EV, Rivian R1T, Ford F-150 Lightning and Lordstown Endurance. Others such as the Chevrolet Silverado EV, GMC Sierra Denali and Tesla Cybertruck are expected to be on sale by next year or sooner.

    “We are on an exciting electrification journey that will see Ram push past the competition in areas customers care about the most: range, payload, towing and charge time,” Ram Trucks CEO Mike Koval said in a release.

    Jason Jones, a Canadian-American comedian best known for his work on “The Daily Show with Jon Stewart,” stars and narrates Ram’s “Premature Electrification” Super Bowl 2023 ad.

    The ad is unique compared to most of the company’s Super Bowl spots under Francois, who has aired many thought-proving commercials and convinced celebrities not known for being in ads such as Bruce Springsteen, Bill Murray and Eminem to rep the automaker and its vehicles or brands.
    The demeanor of the commercial is similar to a 2015 Super Bowl ad aired under Francois by Fiat Chrysler – a predecessor of Stellantis – that followed the path of a little blue pill that an amorous Italian man accidentally loses as he attempts to swallow it.
    “It’s lighthearted,” Francois said. “I think it’s just a need. We’ve been through a lot – from Covid to the war in Ukraine to inflation and recession. People want comedic relief.”
    Francois said the commercial is not meant to make light of anyone who takes male enhancement drugs. He said the “spoof” ad is aimed at the commercials for the prescription drugs and the current electric vehicle market.
    Much like a real pharmaceutical commercial, viewers should pay attention to the fine print. In addition to confirming symptoms of premature electrification aren’t real but “certainly worth talking about,” it says “range-lengthening technology” mentioned in the ad for the vehicle will “come later.”

    Jeep and the ‘Electric Boogie’

    The Ram ad is scheduled to air in the fourth quarter of the game between the Philadelphia Eagles and Kansas City Chiefs. Before then, the automaker also will air a 60-second ad for its Jeep brand during the second quarter, focusing on its “4xe” Wrangler and Grand Cherokee plug-in hybrid electric SUVs.
    The Jeep ad is a much more traditional Super Bowl ad, featuring dancing animals along with the electrified Jeeps. Where it’s unique is the music. The commercial features a remixed version of the 1983 hit “Electric Boogie” by Marcia Griffiths. The song, also known as the “Electric Slide,” was initially recorded by the late Bunny Wailer in 1976.

    “The two ads are not pursuing the same objective,” Francois said. “While Jeep is all about pushing the 4xe plug-in hybrid technology … to really push sales, Ram is a totally different thing. We have nothing to sell right now. It’s an investment on the brand itself.”
    Griffiths is featured on the new version of the song along with Grammy Award winning reggae artist and producer Shaggy and others. Stellantis is releasing the song Sunday on streaming services.
    The “Premature Electrification” and “Electric Boogie” ads were created in partnership with Chicago-based agency Highdive. Both ads were released online Sunday ahead of the Super Bowl.
    Stellantis declined to release how much it spent on the ads. The cost of a 30-second commercial is approaching $7 million, according to Kantar Media.

    Jeep’s one-minute Super Bowl ad features dancing animals and the brand’s plug-in hybrid electric Jeep Wrangler 4xe and Grand Cherokee 4xe SUVs.
    Screenshot

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    Pre-tax vs. Roth 401(k): Deciding which to use for retirement is trickier than you think

    Smart Tax Planning

    The choice between pre-tax and Roth 401(k) contributions may be trickier than you expect, financial experts say.
    While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you’ll owe levies upon withdrawal.
    By contrast, Roth 401(k) contributions happen after taxes, but your future earnings grow tax-free.
    The best option depends on your current and future tax brackets, possible tax law changes, estate planning and other goals.

    Prathanchorruangsak | Istock | Getty Images

    Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the choice may be more complex than you think.
    While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you’ll owe levies upon withdrawal. By contrast, Roth 401(k) contributions happen after taxes, but your future earnings grow tax-free.

    Most plans have both options. Roughly 88% of 401(k) plans offered Roth accounts in 2021, nearly double from a decade ago, according to the Plan Sponsor Council of America, which surveyed more than 550 employers.   

    While your current and future tax brackets are part of the puzzle, experts say there are other factors to consider.
    “It’s hard speaking in broad terms because there are so many things that go into making that decision,” said certified financial planner Ashton Lawrence, partner at Goldfinch Wealth Management in Greenville, South Carolina.
    Here’s how to decide what’s right for your 401(k).

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    Compare your current and future tax brackets

    One of the big questions to consider is whether you expect to be in a higher or lower tax bracket in retirement, experts say.

    Generally speaking, pre-tax contributions are better for higher earners because of the upfront tax break, Lawrence said. But if your tax bracket is lower, paying levies now with Roth deposits may make sense.

    If you’re in the 22% or 24% bracket or lower, I think the Roth contribution makes sense, assuming you’ll be in a higher bracket upon retirement.

    Lawrence Pon
    CPA at Pon & Associates

    Lawrence Pon, a CFP and certified public accountant at Pon & Associates in Redwood City, California, said Roth 401(k) contributions are typically good for younger workers who expect to earn more later in their careers.
    “If you’re in the 22% or 24% bracket or lower, I think the Roth contribution makes sense, assuming you’ll be in a higher bracket upon retirement,” he said. 

    ‘Taxes are on sale’ through 2025

    Although it’s unclear how Congress may change tax policy, several provisions from the Tax Cuts and Jobs Act of 2017 are scheduled to sunset in 2026, including lower tax brackets and a higher standard deduction.
    Experts say these expected changes may also factor into the pre-tax vs. Roth contributions analysis.
    “We’re in this low-tax sweet spot,” said Catherine Valega, a CFP and founder of Green Bee Advisory in Boston, referring to the three-year period before tax brackets may get higher. “I say taxes are on sale.” 

    We’re in this low-tax sweet spot.

    Catherine Valega
    Founder of Green Bee Advisory

    While Roth contributions are a “no-brainer” for young, lower earners, she said the current tax environment has made these deposits more attractive for higher-income clients, as well. 
    “I have clients who can get in $22,500 for three years,” Valega said. “That’s a pretty nice chunk of change that will grow tax-free.”
    Plus, recent changes from Secure 2.0 have made Roth 401(k) contributions more appealing for some investors, she said. Plans may now offer Roth employer matches and Roth 401(k)s no longer have required minimum distributions. Of course, plans may vary based on which features employers choose to adopt.

    Many investors also consider ‘legacy goals’

    Lawrence from Goldfinch Wealth Management said ‘legacy goals’ are also a factor when deciding between pre-tax and Roth contributions. “Estate planning is becoming a larger piece of what people are actually thinking about,” he said.
    Since the Secure Act of 2019, tax planning has become trickier for inherited individual retirement accounts. Previously, non-spouse beneficiaries could “stretch” withdrawals across their lifetime. But now, they must deplete inherited IRAs within 10 years, known as the “10-year rule.”
    The withdrawal timeline is now “much more compact, which can impact the beneficiary, especially if they’re in their peak earning years,” Lawrence said.
    However, Roth IRAs can be a “better estate planning tool” than traditional pre-tax accounts because non-spouse beneficiaries won’t owe taxes on withdrawals, he said.
    “Everyone has their own preferences,” Lawrence added. “We just try to provide the best options for what they’re trying to achieve.”  More

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    IRS says many state rebates aren’t taxable at the federal level. Some may face filing struggle, tax pros warn

    Smart Tax Planning

    The IRS on Friday issued federal tax guidance for millions of Americans who received state rebates or payments in 2022.
    Taxpayers in more than a dozen states won’t need to report these payments on federal tax returns.

    10’000 Hours

    The IRS on Friday issued federal tax guidance for millions of Americans who received state rebates or payments in 2022.
    The announcement came about a week after the agency had urged those taxpayers to hold off on filing while it determined if the funds are taxable on federal returns.

    “The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns,” the agency said in a statement.
    The agency said taxpayers in California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island won’t need to report these payments on their federal tax returns. Some Alaska taxpayers may also avoid federal levies on certain payments.
    Taxpayers in Georgia, Massachusetts, South Carolina and Virginia may also skip federal tax reporting for some payments. But eligibility may hinge on factors from your previous tax filings.  

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    Californians may still face filing challenges

    “This is the right ruling by the IRS,” said Adam Markowitz, an enrolled agent and vice president at Luminary Tax Advisors in Windermere, Florida. “It’s unfair to punish taxpayers this late in the game if they were going to change anything.”
    However, he said there may be challenges for California taxpayers because the state already issued them 1099-MISC forms for payments of more than $600, which reported the state’s “Middle Class Tax Refund” as a taxable payment to the IRS.

    More than 16.5 million California taxpayers have received the payment, according to the state’s Franchise Tax Board. Overall, more than 31.6 million residents benefited including taxpayers and their dependents.

    “The state of California really did everyone a disservice by issuing 1099-MISC [forms],” said Dan Herron, a San Luis Obispo, California-based certified financial planner at Elemental Wealth Advisors. He is also a certified public accountant.
    If the state doesn’t amend and reissue those forms to the IRS, it may cause a mismatch when California taxpayers file their federal returns, he said.
    Typically, a mismatch between tax forms and returns triggers automated notices, which may delay refunds or require taxpayers to contact the IRS to resolve.
    “I don’t know how the IRS system is going to handle that,” Herron added. More