Your Tax-Return To-Do List

Your Tax-Return To-Do List
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Business & Finance
M’s victims-compensation
fund stopped taking new
claims over faulty ignition
switches. The cost isn’t expected to exceed the total set
aside by the auto maker. B1
n Refinery workers at nine
plants went out on strike after talks broke down over salaries and safety concerns. B1
n RadioShack is in talks
with hedge fund Standard
General to serve as lead bidder at a bankruptcy auction
for the electronics retailer. B3
n Three auto makers are
recalling more than two million vehicles with air bags
that open inadvertently. B2
n Amazon is teaming up
with three universities to run
co-branded websites selling
textbooks and other items. B3
n Qualcomm’s chip won’t
appear in a new Samsung
smartphone due to competing technology from the
South Korean company. B7
n Obama is making an
opening bid on overhauling
corporate taxes and linking
it to infrastructure spending
in his 2016 budget plan. A1
n Medicare will begin releasing physician-payment
records every year, cementing public access to how billions of dollars are spent. A1
n A video was released purporting to show the beheading of a Japanese journalist
held by Islamic State. A6
n Nigerian soldiers and vigilantes repelled a Boko Haram
attack on a northeast city, in
a rare defeat to the rebels. A7
n Cease-fire talks broke
down between Ukraine and
Russian-backed rebels, while
Kiev reported 28 soldiers
killed over the weekend. A8
n Iran’s economy can’t recover
without a nuclear deal, the
Treasury’s sanctions czar said,
increasing U.S. leverage. A6
n Up to $60 billion is illegally
moved out of Africa each year
by companies and government
officials, a report said. A7
n France backed the Greek
government’s demand to renegotiate bailout terms, adding
pressure on Germany. A8
n A federal plan to track how
well new teachers fare in the
classroom won backing from a
teachers’ coalition. A3
n California recorded its driest January ever, stoking
fears that the state’s drought
may not end anytime soon. A3
n An Australian reporter for
Al Jazeera jailed in Egypt for
over a year was deported. A6
Abreast of the Market C1
Corp. News....... B2,3,6,7
Global Finance............ C3
Heard on the Street C6
Law Journal................. B5
Markets Dashboard C4
Media............................... B4
Moving the Market C2
Opinion................... A11-13
Sports.............................. B8
U.S. News................. A2-4
Weather Watch........ B7
World News........... A6-9
s Copyright 2015 Dow Jones & Company.
All Rights Reserved
Kathy Willens/Associated Press
DEFLATING: New England defensive back Malcolm Butler intercepts a pass from Seattle quarterback Russell Wilson Sunday. The Seahawks were
poised to win, with the ball at the New England 1-yard line in the final minute. Instead of trying to run the ball in, Seattle tried to throw. B8
As Regulators Focus on Culture,
Wall Street Struggles to Define It
“Culture” is the buzzword of
the moment at banks—and a puzzle that regulators and Wall
Street firms are wrestling to
As they emerge from years of
bruising fines, layoffs and losses,
big banks are trying more than
ever to monitor employee attitudes and values to avoid future
On Taxes
But they also have little choice:
Senior officials with the Federal
Reserve and other agencies in recent weeks have made it clear
that they believe bad behavior at
banks goes deeper than a few bad
apples and are advising firms to
track warning signs of excessive
risk taking and other cultural
breakdowns. Still, even regulators
acknowledge culture is a difficult
thing to measure.
“I confess that proof is hard to
come by,” said Thomas Baxter,
general counsel of the Federal Reserve Bank of New York, in a
speech last month. “Yet I am not
alone in the fundamental belief
that a strong ethical culture will
lead to better behavior.”
In October, New York Fed
President William Dudley warned
bank executives that regulators
would consider breaking apart the
big banks if executives didn’t do
enough to root out wrongdoing.
Mr. Dudley mentioned the word
“culture” 44 times in the speech.
“Risk takers are drawn to finance like they are drawn to Formula One racing,” Mr. Dudley said
The issue is taking on added urgency as U.S. banks await feedback expected around March from
the Fed’s annual “stress tests” to
ensure large banks can handle a
Please turn to page A8
WASHINGTON—President Barack Obama is making an opening bid on overhauling corporate
taxes and linking it to boosting
infrastructure spending, a move
that could clear a rare path toward common ground in a
deeply divided capital.
Mr. Obama wants U.S. companies to pay a 14% tax on the approximately $2 trillion of overseas earnings they have
accumulated, a White House official said Sunday. They would face
a 19% minimum tax on future
foreign profits. Companies could
reinvest those funds in the U.S.
without paying additional tax.
In making the pitch in his
2016 budget plan due Monday,
the president is elevating two issues that previously gained traction with lawmakers of both parties: changing the tax code on
overseas profits and raising
spending on highways and transit systems.
Doug Holtz-Eakin, a conservative economist and former adviser to GOP presidential candidates, said the proposal appears
to be a starting point for
broader negotiations with lawmakers.
“The good news seems to be
that the administration has
agreed that lockout [of overseas
profits] is an important phenomenon,” said Mr. Holtz-Eakin,
president of the American Action
Forum, a conservative think tank.
Please turn to page A4
To Publish City of Ruin Remains After Islamic State Defeat
Data Yearly
The U.S. government will begin releasing Medicare physician-payment records every year,
cementing public access to how
tens of billions of dollars are
spent annually on everything
from office visits to radiation
Last April, a year’s worth of
the data was released for the
first time in more than three decades after Wall Street Journal
parent Dow Jones & Co. challenged a 1979 injunction that
prohibited Medicare from disclosing its payments to doctors.
It was unclear at the time if any
more records would be released.
The data provided the first
comprehensive look at a central
part of the taxpayer-funded program for the elderly and disabled. It detailed payments to
880,000 individuals and organizations totaling more than $77
billion from the Medicare program in 2012, covering more
than 5,000 different procedures.
The records had been kept secret through legal efforts by the
American Medical Association,
which argued a doctor’s right to
privacy outweighed the public’s
interest in how tax dollars were
spent. A federal judge in March
2013 vacated the 1979 injunction.
A spokeswoman for the Centers for Medicare and Medicaid
Services, the agency that runs
Medicare, said the government
had decided “to update the data
annually” despite the concerns
of doctors’ groups. The agency
didn’t say when it expected to
release the next batch of records.
The AMA, the main physicians’
group in the U.S., has urged the
Department of Health and Human
Please turn to the next page
n Morgan Stanley’s sale of its
oil-trading and -storage unit
could profit from low oil prices
as traders hoard crude. C1
YEN 117.53
KOBANI, Syria—Kurdish commander
Harun Kurdistan toured what was left of a
neighborhood this weekend in a battered
minivan, a Soviet-era sniper rifle propped on
his seat, after his forces successfully ended
a four-month battle to wrest control of this
border town from Islamic State jihadists.
“The fighting was face to face, inside
buildings. Us shooting from downstairs as
they were upstairs,” said Mr. Kurdistan, as
he drove along the same thoroughfare used
by militants to enter the town last year. “We
only survived because we believed in our
Victory seems to have come at the price
of the town itself. Streets lie in ruins. Water
and power systems are shattered. Decaying
corpses of jihadist fighters remain, some
stripped of footwear and clothing, and one
still swaddled in a suicide vest. Thousands of
people died, and another 200,000 remain
refugees across the border in Turkey.
Four months ago, this little-known town
caught the world’s attention with televised
images showing Islamic State fighters bombarding its streets and hoisting their black
flag on a nearby hill.
Now, tricolor flags of red, green and yellow fly over the city after Kurdish fighters—
backed by the air power of a U.S.-led coalition—dealt Islamic State a humiliating
battlefield defeat.
The Syrian Kurdish victory stemmed from
a combination of guerrilla tactics, the assistance of Iraqi Kurdistan’s Peshmerga forces
and the airstrikes. Since September, coalition jets completed more than 700 strikes
No Nose Dives: Airlines Hope
A Scent Brings Relaxation, Bookings
Carriers Try Fragrances, but Some Passengers
Aren’t On Board; Helps the Lavatories
launching its own aroma, and
Alaska Airlines is working on one.
Beyoncé’s latest perfume is
The companies don’t plan to
called Rise, “the scent of empow- bottle their scents for retail, but
erment.” Lady Gaga, Pharrell Wil- they do see a commercial value in
liams and Jennifer Aniston have them. United marketing manager
signature scents, too. So does Mark Krolick says its new fraDelta Air Lines.
grance, provisionally
Delta’s offering is
called “Landing,” in
Calm, an eau d’aeroconcert with improveport that it sprays in
ments like new lighting
airplane cabins and inand redesigned gates,
fuses in the hot towels
“will create a more reit gives out in premium
laxing environment. A
classes. It has been
good experience enspreading Calm for
genders brand preferabout two years, joinence, which probably
ing a handful of other
will result in more
carriers vying for olbooking,” he says. Airfactory distinction by
lines also say they aim
developing their own
for subtlety, so passenindividualized odors.
gers who are sensitive
Scent diffuser
The fragrant fliers into scents won’t recoil.
clude United Continental HoldThen, there are more practical
ings, Turkish Airlines and Air considerations. “We were trying
Canada’s low-cost rouge opera- to improve the smell of our lavaPlease turn to page A10
tion. Spain’s Iberia is close to
that helped kill more than 2,000 jihadists,
according to U.S. Central Command. With
Kurdish fighters spotting militants on a battlefield emptied of civilians, a senior U.S. official said, “We basically had free rein.”
The absence of civilians in Kobani was an
advantage unlikely to be repeated in larger
cities held by Islamic State, including the
Iraqi city of Mosul, another target of U.S.
war planners and their Iraqi partners.
Islamic State on Saturday conceded defeat in Kobani but said it would attack
again. In a video published by pro-jihadist
Aamaq News, two fighters blamed their defeat on the air campaign, diminishing the
role of the Kurdish militiamen they called
Please turn to page A10
 Japanese hostage saga takes tragic turn... A6
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n An FCC regulator is objecting to Dish’s claim on
over $3 billion in discounts in
a wireless-license auction. B1
EURO $1.1291
Links Infrastructure,
Corporate Overhaul
n Small-firm shares are gaining, buoyed by the belief they
will benefit from a growing
U.S. economy as a strong dollar hurts large-cap stocks. C1
n Moody’s is under scrutiny
by the Justice Department
over the firm’s ratings of residential-mortgage securities
before the financial crisis. C1
HHHH $3.00
Last-Minute Interception Seals New England’s Fourth Super Bowl Win
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