This is a roundup of news that I have come across during the day. Read an analysis of a recent ruling made by the US Tax Court could have some interesting effects on the taxability of credit card rewards, quarantine-free travel may be one step closer with new travel industry app, Point Rewards Debit Card, Qantas pushes back restart of international flights, and Fed glitch that shut down ACH and wire transfers.
A recent ruling made by the US Tax Court could have some interesting effects on the taxability of credit card rewards going forward. This is a good analysis of the ruling. It involves two American Express customers who used an old Amex Blue Cash card to earn massive amounts of rewards back in 2014. They charged around $5M, earning 5% on most charges.
The International Air Travel Association (IATA) travel app will allow governments and airlines to digitally collect, access and share information on the status of individual passengers’ Covid-19 test and vaccination. The industry body, of which 290 airlines are members, said the tool will bring greater “efficiency” to health documentation checks, while speeding up the recovery of the hard-hit travel sector.
A quick review of the Point Rewards Debit Card. The card comes with a $49 annual fee and can earn up to 5X back in rewards. There’s no signup bonus, but you can get $50 through Drop.
As the Covid-19 pandemic has raged on, new variants have become cause for greater concern, and Australia has only just begun vaccinations on a very small scale in the past week, Qantas admits July 1 isn’t going to happen and pushed back the re-start of its international route network further.
The Federal Reserve’s system that allows financial institutions to send money back and forth electronically went down for several hours Wednesday, but appeared to be coming back online later in the afternoon. The “operational error,” as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions sending electronic credit and debt transfers.