Finance

U.S. retailers are warning that consumers might soon face empty store shelves and disrupted supply chains, similar to what happened during the COVID pandemic, if President Donald Trump's tariffs on China remain in place. The tariffs, which rose to 145% this month, are forcing companies to cancel shipments from China and halt new orders. This has led to a significant drop in shipments, with data showing that the number of freight vessels arriving at the Port of Los Angeles could fall by 33% year-over-year by May 10. Retailers typically prepare for two key shopping seasons—back-to-school sales in the fall and the winter holidays. However, the current uncertainty around tariffs is making it hard for businesses to plan effectively. Jonathan Gold, Vice President of the National Retai...

Several U.S. states are pushing back against the Trump administration’s demand to certify compliance with new anti-DEI (Diversity, Equity, Inclusion) standards by April 24 or risk losing federal education funding. This move has sparked a national debate on civil rights enforcement and state-level control over school policies. On April 3, the U.S. Department of Education sent letters to K-12 state education agencies. The letter states to confirm they comply with Title VI of the Civil Rights Act of 1964, which prohibits discrimination based on race or sex, and with the Supreme Court’s 2023 ruling in Students for Fair Admissions v. Harvard, which ended affirmative action in college admissions. The department stated that any DEI efforts could violate these federal laws and hinted th...

Student loans can be stressful, especially when repayment feels impossible. But if you know the right forgiveness programs, you can reduce or even cancel your debt, at least if your loans are federal. Here's how. Understanding Student Loan Forgiveness Student loan forgiveness is when your remaining loan balance is canceled, meaning you no longer have to repay it. But not all loans qualify. Most forgiveness programs apply only to federal student loans, not private ones. No Forgiveness for Private Student Loans Private lenders rarely offer loan forgiveness. Some may cancel your debt only in extreme cases, like death or permanent disability. So, if you have a private loan, your best bet is to refinance or look into settlement options. Federal Student Loan Forgiveness Programs ...

Managing student loans every month can feel like a lot. Remembering due dates, checking how much interest is piling up, and making sure you’ve got enough in your account—it’s a real task. That’s where autopay comes in. It’s a simple feature many loan companies offer that automatically takes money from your account each month to pay your loan. But should everyone use it? Let’s look at four reasons why it could be helpful—and four reasons why you might want to skip it. One of the biggest benefits of setting your student loans to autopay is the interest rate discount. Many loan providers, both private and government-backed, give a 0.25% to 0.50% discount if you enroll in autopay. While that might seem like a small number, it can make a big difference over time. For example, a ₹25 l...

The Trump administration is reportedly planning to eliminate the IRS Direct File program, an e-filing system that allows taxpayers to file their returns directly with the agency, free of charge. This move comes after reports from media outlets such as the Associated Press and FedScoop, which cited anonymous sources familiar with the administration’s intentions. While the Treasury Department has not yet made an official decision regarding the program’s future, there are growing concerns among its supporters and critics alike. According to the AP, a source familiar with the situation stated that the future of the Direct File program remains uncertain. Supporters Praise the Program Launched under the Biden administration, Direct File was designed to streamline the tax filing proc...

The Internal Revenue Service (IRS) has introduced significant changes to tax reporting requirements for digital income, impacting millions of Americans who earn through online platforms, cryptocurrencies, and digital assets. These updates aim to enhance transparency and ensure compliance in the rapidly evolving digital economy.​ Lowered Reporting Threshold for Online Payments Starting with the 2024 tax year, the IRS has reduced the reporting threshold for third-party payment platforms like PayPal, Venmo, Etsy, and eBay. Previously, these platforms were required to issue Form 1099-K to users who received over $20,000 and had more than 200 transactions annually. Now, the threshold has been lowered to $5,000, meaning more individuals will receive this form for their online e...

In a significant financial oversight, Colorado businesses were overcharged a staggering $5 million for unemployment insurance in the previous fiscal year. The state authorities have since acknowledged the miscalculation and are now initiating the process of refunding affected businesses. Unemployment insurance, a safety net for workers who lose their jobs through no fault of their own, is funded through payroll taxes collected from employers. However, an error in the tax rate calculation resulted in many businesses paying more than their fair share. This overcharge affected thousands of businesses across the state, ranging from small enterprises to large corporations. The Colorado Department of Labor and Employment (CDLE) identified the miscalculation during an internal audit. Offici...

Social Security serves as a financial safety net for millions of Americans, but not everyone qualifies for these benefits. Understanding who is ineligible and the reasons behind their ineligibility is crucial for effective retirement planning. Here are eight categories of individuals who may not receive Social Security benefits:​ Certain Government Employees: Some federal, state, and local government employees are not covered by Social Security but instead participate in alternative pension programs. For example, many public school teachers and law enforcement officers contribute to state-specific retirement systems rather than Social Security. Railroad Employees: Individuals who have worked for the railroad industry for a certain number of years are covered under the Railroad Retir...

Imagine waking up one day to find that your Social Security benefits have been halted because the government believes you're deceased. This unsettling scenario became a reality for Leonard "Ned" Johnson, an 82-year-old resident of Seattle. In February, his wife received a letter from their bank expressing condolences for Ned's supposed passing and informing her that $5,201 in Social Security benefits had been returned to the Social Security Administration (SSA) .​People.com The Impact of Erroneous Death Declarations Being mistakenly declared dead by the SSA is not just a clerical error; it has profound implications. Individuals like Ned face the sudden cessation of benefits, cancellation of Medicare insurance, and potential issues with bank accounts and other financial services. This...

The Internal Revenue Service (IRS) is cautioning taxpayers to be on the lookout for a surge in scams that target both people and businesses as tax season draws near. Since scammers are always changing their strategies, it is essential to identify the most prevalent ones in order to prevent becoming a victim. 1. Phishing Emails and Texts Phishing emails or texts purporting to be from the IRS or other reliable organizations are used by cybercriminals. Links or attachments in these messages frequently promise to take rapid action, including confirming personal information or paying off a tax debt.Advice: The IRS never contacts you by text or email. Never respond to unsolicited demands for personal information or click on links. 2. Phone Scams Threatening phone calls are made by ...