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.
Anyone who collected $5,000 or more through PayPal, Venmo, or similar payment apps during 2024 should expect a Form 1099-K in their mailbox or inbox, and the IRS will have a copy of the same document. That $5,000 figure was set as a phase-in threshold after the agency delayed the $600 reporting floor enacted by…
Thousands of U.S. importers that paid tariffs later struck down by the Supreme Court are stuck in a slow-moving refund process, with roughly $144 billion in duties owed back to them. The case, Learning Resources, Inc. v. Trump, settled the legal question of whether the president could impose sweeping tariffs under the International Emergency Economic…
Investors who sold stocks, bonds, or other assets at a loss during 2025 face a hard ceiling when they file their federal returns: net capital losses can reduce ordinary income by no more than $3,000 in a single tax year, or $1,500 for those married filing separately. That cap, set by federal statute decades ago,…
Investors who sell appreciated stock, real estate, or other assets face a tax bill that can swing dramatically based on a single calendar detail: whether they held the asset for more than one year. The IRS treats gains on assets held longer than 12 months as long-term, capping the tax rate well below ordinary income…
Taxpayers who pick up the phone to hear someone claiming to be from the IRS face a simple test: did a letter arrive first? The Internal Revenue Service has stated repeatedly that it normally contacts people for the first time by mail sent through the U.S. Postal Service. Any phone call, text, or email that…
Taxpayers who requested extra time to complete their 2025 federal returns gained a paperwork reprieve until Oct. 15, 2026, but the IRS did not move the payment clock by a single day. Any balance owed was still due by the original April filing deadline, and interest started running from that date for anyone who fell…
Taxpayers who paid late-filing penalties on federal returns due between 2020 and 2023 face a narrow window to recover those charges. The IRS already granted automatic relief for many penalties tied to 2020 and 2021 returns, but filers who missed that round or who believe disaster-related postponement rules cover later tax years must act before…
Taxpayers who owe the IRS $50,000 or less in combined tax, penalties, and interest can set up a payment plan online that blocks the agency from seizing wages or bank accounts while the agreement is active. Federal law explicitly bars the IRS from levying during a pending or approved installment agreement, giving people who act…
Taxpayers who fall short on their quarterly estimated payments face an IRS-imposed addition to tax that has been running at roughly 8% per year, a rate high enough to rival some credit card interest charges. The penalty hits individuals, estates, and trusts that either pay too little or pay late during the tax year, and…
Millions of Americans treat a spring tax refund as a windfall, but each oversized check confirms the same thing: the filer handed the federal government an interest-free loan for up to twelve months. With the 2026 filing season already underway and IRS processing data accumulating week by week, the gap between what workers owe and…