Shareholders of Failed Fintech Want Bankruptcy Moved to Delaware
Investment firm Sapien Group said in a court filing Wednesday that shareholders want to challenge actions taken by Linqto's board after a new chief executive was hired to replace founder Bill Sarris.
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There's a new 1099-K threshold: What you should know if you get paid via Venmo, Cash App or PayPal
Millions of Americans who sell goods online or use third-party platforms such as PayPal, Cash App or Venmo will soon face new tax reporting rules under changes introduced by the One Big Beautiful Bill Act. The bill, signed into law by President Donald Trump on July 4, brings sweeping tax policy reforms, including a reversal of previously planned 1099-K reporting thresholds. 'The changes will offer much-needed relief for casual sellers and small business owners who use platforms like PayPal, Venmo and Etsy,' says Ella Rivkin, CEO of ERPS Group, an accounting firm in New York City. Prior to the new tax law, the IRS was set to lower the reporting threshold to $600 starting in 2026. That would have dramatically increased the number of taxpayers receiving Form 1099-K. The new law reverses that plan, offering relief to millions. Learn more: Trump's temporary tax breaks: 5 'big beautiful bill' provisions that may not stick around for long Here's how the new 1099-K rules work Under the 'big, beautiful bill,' the 1099-K reporting threshold reverts to $20,000 in payments and 200 transactions in a calendar year, effective for 2025 and beyond. This means fewer taxpayers will receive the forms — a welcome change for those who use platforms like PayPal or Venmo for occasional sales or personal transfers. 'By reinstating the $20,000 and 200-transaction threshold for reporting, the law eliminates confusion and reporting requirements for individuals who occasionally sell personal items,' Rivkin says. The updated rules also eliminate confusion caused by the American Rescue Plan Act, which had lowered the threshold to $600 beginning in 2026. To give third-party settlement organizations more time to comply with the 1099-K reporting requirements, the IRS announced in 2024 a phased-in approach to the reporting rules. Here's a snapshot of the rules before and after the 'big, beautiful' tax law: 1099-K reporting thresholds Before the 'big beautiful bill' Current law 2023 and earlier $20,000+ and more than 200 transactions $20,000+ and more than 200 transactions 2024 $5,000+ $5,000+ 2025 $2,500+ $20,000+ and more than 200 transactions 2026 $600+ $20,000+ and more than 200 transactions 'For the 2024 tax year, the IRS will continue using a $5,000 threshold, which was implemented as a transitional measure away from the $600 rule,' Rivkin says. 'Taxpayers should be aware of the differences in reporting rules for 2024 and 2025.' The new law applies beginning with the 2025 calendar year, which means the updated 1099-K thresholds will apply to tax returns filed in 2026. Companies must issue Form 1099-K by January 31 of the following year. Learn more: If you're a fan of sports betting or casino gambling, you won't be a fan of the new tax law Zelle is an exception While most platforms are required to follow 1099-K reporting requirements, Zelle doesn't fall within that category. 'The Zelle platform directly transfers funds from one bank account to another, similar to a wire transfer,' says Monica Houston, a certified public accountant in Brentwood, Calif. 'Because Zelle never has custody of the funds — it simply moves money — it is not subject to 1099-K reporting requirements,' she says. Learn more: How to use Zelle: A beginner's guide to digital payments Who is likely to receive a 1099-K? Form 1099-K is issued to taxpayers who receive payments for selling goods or providing services through third-party networks. Even if you don't meet the threshold, you may still receive a form, and you are still responsible for reporting all taxable income. Payments received for personal reasons — such as gifts or reimbursements for shared expenses — are not considered taxable and should not be reported on a 1099-K. If you receive a 1099-K in error, contact the issuer and request a corrected version with the erroneous amounts removed. Houston recommends having a clear accounting system to distinguish between personal and business transactions. 'I recommend using an Excel spreadsheet or QuickBooks Online to organize your records,' she says. 'A solid accounting system will help ensure you report income accurately on your tax return.' Learn more: 2025 federal tax brackets and income tax rates How to report 1099-K income on your tax return Form 1099-K can reflect various types of payments, which affect how you report the income on your tax return: Personal sales: If you sell personal items at a loss (e.g., used furniture or electronics), the loss is not deductible, but the income can be excluded. 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Yahoo
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Trump floats plan to legalize undocumented immigrant farmworkers
President Donald Trump on Tuesday floated a plan to grant legal status to undocumented immigrant farmworkers, claiming that foreign-born migrants are 'naturally' better suited than 'inner city' Americans to menial agricultural jobs. In what would be a controversial partial break from his hard-line mass deportation plan, Trump said he wants to allow migrant farmworkers, millions of whom have lived in the country for years or decades, to remain in the U.S. indefinitely. 'In some cases, we're sending them back to their country with a pass back (so when) they're coming in, they're coming in legally,' Trump said in an interview with CNBC. 'We can't let our farmers not have anybody.' Trump used the present tense in the interview, even though no such plan currently exists. Any change to federal immigration laws would normally require congressional action, though Trump might seek to take executive action to achieve his goals, which he portrayed as helping farmers who rely on undocumented immigrant labor. Trump asserted that low-income American citizens are not as well suited to tough and low-paying farm work compared to immigrants, without offering any evidence. 'People that live in the inner city are not doing that work. They've tried, we've tried, everybody tried. They don't do it,' Trump said. 'These people do it naturally. They don't get a bad back.' Trump has spoken for months about creating some kind of legal status for undocumented immigrants who work in the agriculture and hospitality industries, both of which are highly dependent on them. He even briefly approved a pause in immigration enforcement actions aimed at California's vast agricultural heartland in the Central Valley, but it was quickly reversed. Big Ag and giant hospitality firms have lobbied the White House for a reprieve from his much-hyped mass deportation plan, which aims to oust up to 20 million undocumented immigrants from the U.S., regardless of how long they have lived here. The corporate titans, many of whom are also Republican donors, point out that America would have no way of feeding itself or running its restaurants and hotels without undocumented immigrants, a rare point of common ground with progressive advocates for immigrants. Any formal program to carve out a new legal status to groups of undocumented immigrants is likely to spark strong opposition from right-wing hard-liners, who decry such compromises as amnesty for law-breaking illegal immigrants. It's unclear if Trump has the stomach to push through a plan to ease his own immigration crackdown or if his MAGA base would back him if he does. _____
Yahoo
20 minutes ago
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Alaan Raises $48 Million in Series A to Accelerate AI-Powered Finance Automation in MENA
Dubai, United Arab Emirates--(Newsfile Corp. - August 5, 2025) - Alaan, a UAE-based corporate spend management platform, has announced the successful close of its $48 million Series A funding round, marking one of the largest fintech Series A rounds in the Middle East. (Left) Karun Kurien, Co-founder and CPO of Alaan (Right) Parthi Duraisamy, Co-founder and CEO of Alaan Founded in 2022, Alaan provides businesses across the MENA region with corporate cards and an integrated platform that automates expense management, reconciliation, and payment workflows. The company's latest funding will enable deeper expansion across the GCC, particularly in the Kingdom of Saudi Arabia, and accelerate development of its AI-powered finance operations suite. The Series A round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from international and regional investors. The capital includes a mix of primary and secondary investment. Since its inception, Alaan has processed over 2.5 million transactions and is used by more than 1,500 finance teams in the region. The company reports significant growth in its recently launched Saudi Arabia operations, with transaction volumes doubling month over month for the past six months. The new capital will support further product innovation focused on AI agents for finance teams. These agents are designed to reduce time spent on manual tasks such as receipt matching, reconciliation, and VAT data extraction. The company aims to expand its offering into a full-stack finance operations platform, helping businesses gain greater control and visibility over their spending. Alaan also plans to strengthen its UAE base while scaling teams across sales, customer success, and compliance to support regional clients. About Alaan Alaan is a corporate spend management platform headquartered in Dubai, UAE. Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan enables businesses to issue corporate cards, manage expenses, and automate financial workflows. The platform is used by a wide range of companies in sectors including retail, logistics, and services. Pankaj Somanath Sureshhttps:// Shohada Road, AL Hamra Industrial Zone-FZ, Ras al-Khaimah United Arab Emirates To view the source version of this press release, please visit
