Hello! It’s Tax Day in America. Wishing you all luck from afar — hopefully, you don’t follow in my colleague Zak Jason’s steps and forget to attach your W2.
And today’s big story is right on theme: We’re taking a look at what’s going on inside the IRS.
What’s on deck
Markets: One crucial consequence of President Trump’s trade war is being overlooked.
Tech: Facebook isn’t about connecting with friends anymore, Mark Zuckerberg said during day one of Meta’s antitrust trial.
Business: These automakers are picking up the slack from Tesla’s slumping sales.
But first, let’s talk taxes.
If this was forwarded to you, sign up here.
The big story
IRS uncertainty
How are you filing your taxes this year?
You might be using IRS Direct File, the nation’s first free tax-filing system. But its future is looking grim: A senior Treasury official told BI it was a failed and disappointing program used by only a small fraction of the nation’s taxpayers.
Sam Corcos, a DOGE official and one of the group’s public faces, has also said he thinks the relatively new program should be shut down, sources told BI.
The uncertainty has disappointed people who believe Direct File is emblematic of the very things that DOGE is supposed to be building, BI’s Juliana Kaplan and Jack Newsham write.
It’s meant as a tech solution to file taxes quickly and directly to the IRS, bypassing fees to for-profit software companies. However, critics of the tool say it’s too costly and wasn’t implemented legally.
Tax season is a source of angst for many Americans. This year, some IRS employees who have returned to the office are in the same boat.
Workers under the IRS’s return-to-office mandate said they’ve operated out of conference rooms and cafeterias, battled spotty internet connections, and navigated boxes of paperwork scattered throughout the halls.
IRS employees told BI that while RTO had come with certain upsides, like leaving work at the office, the return has been tumultuous and the opposite of efficient.
“People are not happy, and it’s going to affect productivity going forward,” one employee said.
3 things in markets
1. An overlooked byproduct of Trump’s trade: the weakest dollar in years. Typically seen as a safe haven during market volatility, the US dollar index is sitting near a three-year low. This may reflect souring global sentiment toward the US following unpredictable tariffs.
2. Webull’s stock is soaring. The digital investment platform’s shares spiked as much as 500% to $79.56 on Monday. Webull went public via SPAC merger after combining with SK Growth Opportunities and delaying its IPO plans in 2021.
3. Asia’s auto stocks surge. Major automakers like Toyota and Honda saw significant stock gains on Tuesday after Trump said he was considering a temporary exemption on imports.
3 things in tech
1. Apple can’t catch a break right now. On Friday, the iPhone maker appeared to be off the hook on tariffs until President Trump clarified on Sunday that tech products would be subject to separate levies in the future. But Apple’s China problem goes beyond tariffs.
2. Trump’s trade war is putting robots to work. The robots-as-a-service company Formic said its customers have increased their robot usage this year. It’s likely these brands were using robots to save money ahead of tariff-related price increases.
3. Facebook isn’t really for friends, Mark Zuckerberg said. In a landmark antitrust case, the FTC is arguing that Meta monopolizes apps that share content with friends and family. Zuckerberg testified Facebook’s main purpose has evolved beyond connecting with friends.
3 things in business
1. The biggest winners from Tesla’s sales slump. The carmaker’s competitors are taking bigger bites of Tesla’s market share while the overall EV market grows. In the US, GM and Ford are some of the big winners, while BMW and VW are soaring in Europe.
2. Starbucks baristas’ new fit. Starting May 12, Starbucks store employees will be required to wear a solid-color black top to highlight the iconic green apron. The dress code is the latest change the coffee chain has made as it tries to boost sales.
3. Pay us or give us a TV show. A Trump ally suggested Warner Bros. Discovery could please the president by offering money, programming, or both. That says a lot about the relationship between the president and the media in 2025, Peter Kafka writes.
In other news
What’s happening today
- Bank of America, Citigroup, United Airlines, and Johnson & Johnson report earnings.
- Harvey Weinstein’s Manhattan retrial begins.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
