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By CORA LEWIS, Associated Press

NEW YORK (AP) — If you know or suspect you can’t pay the taxes you owe this tax season, you should still file a return with that information or file for an extension. That’s the top piece of advice that tax professionals want you to know.

“The IRS wants to work with you,” said Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals. “But if you’re asking the IRS for some help, they have to know something about you. So the first thing is to have that return filed. The number one takeaway is that owing money is not a reason not to file.”

If you don’t file a return or ask for an extension, then interest and penalties begin to accrue immediately. Those costs are largely avoidable if you share the information about your circumstances with the IRS in a timely way. Filing a return without paying taxes owed in full is preferable to not filing.

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By JOSH BOAK, Associated Press

WASHINGTON (AP) — Noted economist Arthur Laffer warns in a new analysis that President Donald Trump’s 25% tariffs on auto imports could add $4,711 to the cost of a vehicle and says the proposed taxes could weaken the ability of U.S. automakers to compete with their foreign counterparts.

In the 21-page analysis obtained by The Associated Press, Laffer, whom Trump awarded the Presidential Medal of Freedom in 2019 for his contributions to economics, says the auto industry would be in a better position if the Republican president preserved the supply chain rules with Canada and Mexico from his own 2019 USMCA trade pact.

The White House has temporarily exempted auto and parts imports under the USMCA from the tariffs starting on April 3 so that the Trump administration can put together a process for taxing non-U.S. content in vehicles and parts that fall under the agreement.

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Universal Orlando has opened its second hotel in the vicinity of its Epic Universe theme park. Terra Luna welcomed its first paying customers this week.

The new resort is a fraternal twin with Stella Nova, which opened in January. Both have 750 guest rooms, a shiny, tiled exterior and an interplanetary vibe. The two hotels are side-by-side along Universal Boulevard, divided by Kirkman Road, just south of Epic. Terra Luna is the westernmost of the duo.

Terra Luna’s rooms also sleep four guests in two queen-sized beds and have curved windows inspired by space stations. Some rooms face toward the new theme park, which is scheduled to open May 22.

Amenities include Omega Cafe and Market for meals, Luna Bar in the lobby and the Moonrise Grill and Moonrise Bar at poolside. Terra Luna also features a fitness center, game room, outdoor hot tub and fire pit plus a Universal Orlando Resort Store inside.

Terra Luna and Stella Nova are co-owned and operated by Loews Hotels. The third Epic hotel, dubbed Helios Grand, will have 500 rooms and be located immediately adjacent to the theme park with a dedicated entrance to the attraction. It is scheduled to open with Epic Universe in late May. That will bring Universal’s on-property room count to 11,000 guest rooms spread over 11 hotels. read more

Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is the pool at the hotel. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is a guest room at the hotel. (Courtesy Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is the Luna Bar at the hotel. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is the lobby of the hotel. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is the Moonrise Bar at the hotel. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. Pictured is the cafe and market seating at the hotel. (Universal Orlando) Universal Terra Luna Resort is now open at Universal Orlando resort. (Courtesy Universal Orlando)

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are falling Friday following discouraging updates on inflation and how much U.S. households may be willing to spend given all the uncertainty about President Donald Trump’s escalating trade war.

The S&P 500 was down 1.5% in midday trading and on track to wipe out the last of what had been a winning week. That would make this the fifth losing week in the last six for the index, which set its all-time high just last month.

The Dow Jones Industrial Average was down 520 points, or 1.2%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 2.1% lower.

Lululemon Athletica tumbled 15% to help lead the market lower, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected. It warned that its revenue growth may slow this upcoming year, in part because “consumers are spending less due to increased concerns about inflation and the economy,” said CEO Calvin McDonald. read more