The financial news that actually matters
Investors and high earners filing as single taxpayers will keep the 15 percent rate on long-term capital gains until their taxable income crosses $545,500 in 2026, according to newly published IRS figures. Above that line, the rate jumps to 20 percent. The threshold, adjusted upward for inflation, means some households that would have faced the…
More than 100 older Americans lost their retirement savings, inheritances, and personal valuables to a romance-fraud network that allegedly funneled over $8 million through fake identities built with artificial intelligence. A federal indictment unsealed in the Northern District of Ohio charged two Ghanaian brothers and a U.S. woman with conspiracy to commit wire fraud and…
Millions of people who sell goods through apps like Venmo, PayPal, eBay, and Etsy just got a significant reprieve. Third-party payment platforms are no longer required to send Form 1099-K unless a seller clears $20,000 in gross payments across more than 200 transactions in a calendar year. The change, enacted through Section 70432 of the…
Investors holding Treasury bills are collecting interest that never appears on a state or local tax return, a federal exemption rooted in statute that carries growing weight as short-term yields remain elevated. The legal shield, codified in 31 U.S.C. Section 3124, bars states and their political subdivisions from taxing obligations of the United States Government…
Federal prosecutors have charged Puthugramam “Harish” Chidambaran, founder and former CEO of iLearningEngines, and former CFO Sayyed Farhan Ali “Farhan” Naqvi with running a years-long financial crimes scheme that, according to the indictment, “fabricated virtually all its customer relationships and revenues.” The company, which reached Nasdaq through a 2023 SPAC merger with Arrowroot Acquisition Corp.,…
Current and former Kimberly-Clark employees stand to recover a share of $2.25 million after the consumer-goods giant finalized a settlement over allegations that excessive fees eroded retirement savings inside its 401(k) and Profit Sharing Plan. The agreement closes a dispute centered on whether the company failed to control the costs charged to workers who trusted…
Microsoft is eliminating 4,800 jobs across the company, with roughly 3,200 of those cuts falling on the Xbox division in what amounts to the deepest overhaul the gaming brand has ever undergone. About 1,600 of the affected workers lose their positions immediately, while the rest will phase out over the coming months. The restructuring also…
Illinois homeowners aged 65 and older who earn less than $75,000 per year can now lock in their home’s equalized assessed value starting with taxable year 2026, thanks to a newly signed law that raised the income ceiling by $10,000. The change, enacted through SB2746, expands eligibility for the state’s Senior Citizens Assessment Freeze Homestead…
Millions of Americans who once saw old hospital bills dragging down their credit scores got relief when the three major credit bureaus, Equifax, Experian, and TransUnion, stopped reporting paid medical collections and any unpaid medical debt under $500. The final phase of these removals took effect on April 11, 2023, after the Consumer Financial Protection…
Older Americans filing their 2025 federal tax returns will be able to subtract an extra $6,000 from taxable income if their modified adjusted gross income stays below $75,000. Married couples where both spouses are 65 or older can claim up to $12,000, with the benefit phasing out above $150,000 in joint income. Enacted through Public…