Morning Edition

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DAVID GREENE, HOST:

Let's turn to another story for now: The acting head of the IRS has resigned, but is still facing questions about the agency. Lawmakers continue their probe into the federal tax agency targeting Tea Party groups seeking tax exemption.

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STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

DAVID GREENE, HOST:

And I'm David Greene. Good morning.

If you grew up in the middle of the country, you grew up around tornadoes. You hear the lore of great storms past. You learned very young how to take shelter. When a siren wails, you know just what to do. Yet, even in Moore, a suburb of Oklahoma City, people could not be entirely prepared for the devastation they faced yesterday.

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.

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STEVE INSKEEP, HOST:

JPMorgan Chase holds its annual shareholder meeting today in Tampa, Florida, and the shareholders will vote on a key measure: a proposal to strip the CEO, Jamie Dimon, of his other title, chairman of the board. A growing number of companies have split the CEO and chairman roles.

Shareholder activists and corporate governance experts say having a balance of power at the top helps to reduce risk. The bank and its supporters disagree. NPR's Yuki Noguchi reports.