The financial news that actually matters
Covers tax laws, government policies, fiscal changes, and financial regulations. It explains how policy decisions affect personal income, businesses, and the economy.
A tax preparer sits in a position of unusual trust. Clients hand over their income, their Social Security numbers, and their bank details, then sign whatever return is put in front of them, often without reading the fine print. Federal prosecutors say a Las Vegas preparer abused that trust to seek more than $5 million…
The age-based addition to the standard deduction is not one amount for every taxpayer over 65. Filing status determines whether the 2026 increment is $2,050 or the lower general aged-or-blind amount, making one line on the return more consequential than the headline number alone. The IRS ties $2,050 to an exact filing-status test Revenue Procedure…
A large refund can be dangerous when the number came from the preparer rather than the taxpayer’s records. A North Carolina tax-business owner and seven others have admitted conspiring to put fraudulent COVID-era credits on returns, causing nearly $25 million in loss. The pleas underscore a harsh tax rule: the person whose name is on…
Energy tax credits can reduce the cost of legitimate home improvements, but they also give dishonest preparers a plausible-sounding number to insert on a return. A new Alabama complaint alleges that one preparer’s version reached thousands of filings and almost $70 million in losses. The accusation is about volume as well as false eligibility Michael…
Luxury assets can make tax fraud proceeds look safely converted into houses and cars. A recent Florida guilty plea shows the opposite: high-value property can become a roadmap for restitution and forfeiture when prosecutors trace it through a criminal case. The plea reaches far beyond an amended tax bill Daniel Liburdi pleaded guilty in federal…
A charitable remainder annuity trust can be a legitimate estate-planning vehicle, but the IRS has drawn a bright enforcement circle around a specific tax-avoidance arrangement using one. Final regulations now classify the described CRAT transaction and substantially similar versions as listed transactions. That label creates disclosure duties and penalty exposure for affected participants and advisers…
A tax preparer has admitted using an obscure-looking withholding entry to inflate hundreds of refunds and extract larger fees. The resulting federal tax loss was approximately $3.9 million. For retirees, the case is a reminder that signing a return transfers legal exposure to the taxpayer even when a professional created every number on the screen….
A net capital loss can offset capital gains without a $3,000 ceiling, but only $3,000 of any remaining loss generally reduces other taxable income each year. The limit falls to $1,500 for married taxpayers filing separately. Unused net losses carry forward, turning one bad investment year into a tax attribute that may last for years….
Taxpayers who use the standard deduction can deduct up to $1,000 of qualifying cash gifts in 2026, or $2,000 on a married joint return. The provision gives non-itemizers a charitable deduction without moving their other expenses onto Schedule A. It still requires a real gift to an eligible organization and records that support the amount….
A single taxpayer who is 65 or older can add $2,050 to the standard deduction for 2026. The amount also applies to a head-of-household filer and is separate from the ordinary standard deduction. It is an age-based addition, not a credit, so it reduces income subject to tax rather than producing a dollar-for-dollar reduction in…