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Business Minute: IRS has Your Money, Project Morpheus & the Fed Cuts Back

The IRS is keeping your money, Sony Unveils Project Morpheus and the Fed is cutting back. It's time for your Business Minute!
Time now for your Business Minute on this Thursday.

THE IRS DOESN'T NEED YOUR HELP...

Nearly $760-million in unclaimed tax refunds will soon become the property of the U.S. government if taxpayers don't collect it. The IRS says the money belongs to about 918-thousand taxpayers who still haven't filed their 2010 tax returns. If you're among that group, you must file your 2010 return by April 15th in order to collect your refund, otherwise, the IRS gets to keep it.

PROJECT MORPHEUS

Sony is showing off its new virtual reality headset for the PS4. The company unveiled the project Morpheus prototype at the game developers conference in San Francisco. The virtual reality headset has a 1080p resolution and 90-degree field of view. Sony says it's been in development for more than three years. The electronics maker did not say when the product would be released for sale.

FED CUTS BACK

The Federal Reserve is cutting monthly bond purchases by $10-billion. U.S. stocks fell after the announcement Wednesday. The bond-buying program will drop down to $55-billion a month, beginning in April. The Central Bank also modified its guidance for raising interest rates.    Previously, the Fed waited until the unemployment rate was at 6.5-percent before making any rate increases.

AS MENTIONED ABOVE...

As I just mentioned, stocks fell on the heels of the Feds announcement yesterday. The Dow Jones plummeted 114 points, while the Nasdaq and S&P 500 fell 25 and 11 points to close the day.

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