Money, Wealth & Power—A Daily Look at the Financial World
A winning Mega Millions ticket worth nearly $1 billion was sold in Georgia, making it one of the largest lottery prizes in the game’s history. This significant jackpot has captured national attention, especially as the winner navigates the complexities of federal and state tax obligations. Here’s a detailed look at what the winner will actually…
The IRS’s introduction of a new $600 threshold for Form 1099-K reporting on third-party payment platforms like Venmo, Cash App, and PayPal has stirred significant discussion. This change, initially set to affect how individuals file taxes for 2024 transactions, aimed to capture more income from digital payments. However, the $600 reporting threshold was ultimately scrapped,…
On November 14, 2025, a new capital gains tax ban was enacted by a state legislature, marking a notable shift in tax policy that mirrors previous restrictions and raises questions about broader adoption. This development, covered in recent reports, underscores how such measures are quietly gaining traction amid debates over investor incentives and state revenue….
A single ticket sold in Georgia has captured the $980 million Mega Millions jackpot from the drawing held on Friday, November 14, 2025. This marks a significant win as it is the first time the jackpot has been claimed after it climbed without winners in the previous drawing on November 8, 2025. The announcement, confirmed…
In 2025, high-income earners have several strategic options to maximize their charitable donations while optimizing tax benefits. With new tax rules in place, individuals can leverage specific financial tools and strategies to enhance the impact of their giving. This guide explores three effective methods that align with the latest regulations, ensuring that donors can make…
The IRS is currently dealing with a significant backlog of tax returns and related processes, a situation that has arisen in the wake of the longest government shutdown in U.S. history. This backlog is expected to take ‘2 to 3 months’ to resolve, causing delays for millions of taxpayers who depend on timely refunds and…
A federal judge has indefinitely prohibited President Trump from reducing federal funding to the University of California, following threats related to the university’s policies on a transgender athlete. This ruling, issued on November 14, 2025, prevents immediate financial cuts that could have severely impacted the university’s operations across its campuses. The decision reflects earlier judicial…
As cigarette taxes continue to rise across the United States, a significant shift is occurring in the tobacco market. Smokers are increasingly turning to black market sources to avoid the high costs associated with legal purchases, resulting in a substantial loss of revenue for state governments. A 2024 analysis highlights that cigarette smuggling is depriving…
The recent government shutdown has caused significant delays in the release of the October inflation report, leaving the Federal Reserve without crucial data needed for monetary policy decisions. The White House has indicated that the October jobs and inflation data might never be released, further complicating the Fed’s ability to analyze economic trends. This uncertainty…
Congress has recently passed the IRS Math And Taxpayer Help Act, a significant bipartisan initiative designed to address widespread taxpayer frustrations with the IRS’s handling of error notices, particularly those related to mathematical discrepancies on tax returns. This legislation, approved in late 2025, aims to modernize the IRS’s communication and resolution processes, potentially reducing unnecessary…