On The Money: Taxpayers slow to file as they grapple with tax law | Schiff says Dems to charge ahead with Trump probes | Feds charge Avenatti with trying to extort Nike | Yellen sees no recession in sight

Happy Monday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL--Taxpayers slow to file as they grapple with Trump tax law: Many taxpayers are filing their taxes later this year than they have in the past, as they navigate the first filing season under President TrumpDonald John TrumpOklahoma City Thunder players kneel during anthem despite threat from GOP state lawmaker Microsoft moving forward with talks to buy TikTok after conversation with Trump Controversial Trump nominee placed in senior role after nomination hearing canceled MORE's tax law.

"We're a little behind where we'll typically be," Andy Phillips, a director at the Tax Institute at H&R Block, told The Hill.

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Tax preparers said that some people may be nervous about filing their taxes this year because of worries they are getting a smaller refund. Preparers are also are spending more time on each return, to make sure clients fully understand how they are affected by the new law.

Additionally, preparers expect that there will be an increase in people filing extensions this year -- particularly business owners who qualify for a new deduction.

The IRS released data on Thursday finding that the number of tax returns the agency has received through March 15 is down by about 1.9 million, or 2.5 percent, compared to a similar point last year. The Hill's Naomi Jagoda explains why here.

 

ON TAP TOMORROW:

 

LEADING THE DAY

Schiff says Dems to charge ahead with Trump investigations: The head of the House Intelligence Committee said Monday that Democrats have every intention of charging ahead with their investigations into the Trump administration following special counsel Robert MuellerRobert (Bob) MuellerCNN's Toobin warns McCabe is in 'perilous condition' with emboldened Trump CNN anchor rips Trump over Stone while evoking Clinton-Lynch tarmac meeting The Hill's 12:30 Report: New Hampshire fallout MORE's conclusion that Trump's team did not conspire with Moscow to sway the 2016 election.

Rep. Adam SchiffAdam Bennett SchiffDemocrats exit briefing saying they fear elections under foreign threat Nunes declines to answer if he received information from Ukraine lawmaker meant to damage Biden Hillicon Valley: House panel grills tech CEOs during much anticipated antitrust hearing | TikTok to make code public as it pushes back against 'misinformation' | House Intel panel expands access to foreign disinformation evidence MORE (D-Calif.) said Democrats are especially keen to answer lingering questions about Trump's financial dealings, including those with Russian figures.

"Even if they didn't rise to the issue of a crime, it nonetheless could pose a great compromise of our national security," Schiff told a small group of reporters in the Capitol.

What Democrats are looking at: Among the issues at the top of their interest list are allegations that Trump sought to expand his business empire in Russia throughout the 2016 campaign; that he violated campaign finance laws by securing hush payments to a pornographic actress during the campaign; and that his son, Donald Trump Jr.Don John TrumpTwitter limits Donald Trump Jr.'s account after sharing coronavirus disinformation South Dakota governor flew with Trump on Air Force One after being exposed to coronavirus: report Gianforte halts in-person campaigning after wife, running mate attend event with Guilfoyle MORE, was open to offers from Russian figures for "dirt" on Trump's opponent, Democratic nominee Hillary ClintonHillary Diane Rodham ClintonState polling problematic — again 4 reasons why Trump can't be written off — yet 'Unmasking' Steele dossier source: Was confidentiality ever part of the deal? MORE. The Hill's Mike Lillis has more here.

 

Federal prosecutors charge Avenatti with fraud and extortion: Michael Avenatti, the former attorney for adult-film star Stormy Daniels, has been charged with bank fraud and extortion, federal prosecutors in California and New York announced on Monday.

Avenatti was arrested the same day in New York, according to multiple reports.

The frequent critic of President Trump had earlier announced a press conference for Tuesday "to disclose a major high school/college basketball scandal perpetrated by Nike" on Twitter.

Prosecutors in the two states had leveled separate charges against Avenatti. The New York charges relate to allegations Avenatti had threatened to harm Nike using his public profile unless the shoe and apparel company paid him $10 million. The Hill's Zack Budryk breaks it down here.

 

Yellen sees no recession in sight, says rate cut may be needed: Former Federal Reserve Chairwoman Janet YellenJanet Louise YellenOn The Money: McConnell previews GOP coronavirus bill | Senate panel advances Trump Fed nominee who recently supported gold standard | Economists warn about scaled-back unemployment benefits Senate panel advances Trump Fed nominee who recently supported gold standard Economists warn scaled-back unemployment benefits would knee-cap recovery MORE said on Monday that she does not foresee a recession based on recent moves in the bond market, and that the markets may be indicating the need for an interest rate cut.

"I don't see it as a signal of recession," Yellen told a Credit Suisse conference in Hong Kong when asked about the yield curve inverting. An inverted yield curve is often a leading indicator ahead of a recession, with long-term yield rates falling below short-term ones.

Yield curves, she added, tend to be more flat than they were in the past, so an inversion may not carry the same significance it once did.

"Yes, growth is slowing, but I don't see it slowing to a level that will cause a recession," she said. "In fact, it might signal that the Fed would at some point need to cut rates, but it certainly doesn't signal that this is a set of developments that would necessarily cause a recession."

 

GOOD TO KNOW

 

ODDS AND ENDS

  • The German family that owns Panera Bread and Krispy Kreme Doughnuts will donate millions of dollars to an unspecified charity after discovering the family's collaboration with the Nazis during World War II, according to multiple reports.
  • Two major health groups are backing taxation policies intended to keep kids from drinking soda and other sugary beverages that can contribute to health problems.