The Internal Revenue Service has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).
In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that they qualify for the waiver.
Reports CNNMoney, "More than 20 years after its creation, NAFTA is a hot topic on the campaign trail. We walk you through the agreement that launched the world's largest free-trade zone."
Watch the video.
Reports Looper, "There's an art to finding the right actor for a role, and sometimes, filmmakers need to see what they don't want before they're able to settle on that perfect match. It's easy to imagine that the stars who play our favorite film characters were the first and only people considered for the part, but that isn't always the case. Hard as it might be to believe, these iconic roles could easily have ended up in different hands."
What roles are we talking about? Watch the video!
Tax Effects of Divorce or Separation
If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind:
- Child Support. Child support payments are not deductible and if you received child support, it is not taxable.
- Alimony Paid. You can deduct alimony paid to or for a spouse or former spouse under a divorce or separation decree, regardless of whether you itemize deductions. Voluntary payments made outside a divorce or separation decree are not deductible. You must enter your spouse's Social Security Number or Individual Taxpayer Identification Number on your Form 1040 when you file.
Reports Karsten Strauss of Forbes.com, "It’s dirty work, but somebody’s got to do it—often for not a lot of pay.
Certain jobs on offer out there in the job market carry with them some ominous threats. You may be able to imagine some of them; positions that ask workers to take risks many might find too dangerous."
See this related Forbes.com video.
"The Hanfparade is the traditional and german-wide pro-Cannabis march in Germany. Every year in August we gather for the legalisation of Cannabis as resource, medicine and recreational drug.
There were 8000 to 10.000 participants from all over Germany and the world to the Hanfparade in last year. We want to top it this year so: tell your friends, bring your friends!
This years motto is "Legalization is in the air!" (Legalisierung liegt in der Luft!) They meet at 13th of August 2016, 1pm @ Central Train Station
"Washington DC smells of pot and no one cares" is the title of news from the US. This should be Germany too! Hemp - Cannabis - Marijuana - Hanf (German for Hemp) was always in the society. The principle of prohibition is the experiment which began more than 55 years ago. The normal state is usage of Cannabis in all its forms. Cannabis is a natural and renewable source for feed and food, housing, medicine and energy. All this the society needs - and Cannabis can deliver!
Hanfparade is a march and a movement to push ideas on how the legalisation of Cannabis can be done. We fight for the human right to use Cannabis as resouce, medicine and recreational drug" reports http://en.hanfparade.de/.
"As a long time cyclist, I was never a fan of wearing a helmet.
I always thought they were bulky, “sci-fi” nuisances. But after the loss of a friend, I knew I needed to change. Wanting to give others an option to change as well, I emptied my savings account and convinced my friends to help me build Thousand.
Finally, a helmet you’d actually want to wear.
We just started down this road, but we can’t wait for you to join us on the ride."
See this inspirational video!
"Hackers enter the confessional booth to tell CNNMoney their craziest stories."
Watch the video here!
In other news, are you in control of your business financials?
At NestEggg Accounting Services, our goal is to help you find the solution that meets your needs. Whether you just need initial set-up services and will do the rest yourself, or whether you want to fully outsource your accounting/finance department, or whether you are somewhere in between, we can do it for you.
"Before anyone else can claim the title, a mogul-in-training by the name of Michael Straumietis wants to be the playboy of pot. Straumietis has deep roots in the legal weed industry—he doesn’t grow, but sells fertilizer to growers through his company, Advanced Nutrients—and he’s been posting over-the-top, boobs-and-bud-filled snaps to Instagram to prove it," reports SanFrancisco Magazine.
See the video from Business Insider (as is the still included with this story).
Reports CNN, "For those unfamiliar with "Ben-Hur" -- or who only remember that it involves a chariot race and Jesus -- a new scaled-down movie version might be deemed harmless. Anyone hoping to find something even remotely worthy of the 1959 epic that won 11 Oscars, on the other hand, is advised to steer clear.
Indeed, despite its period trappings and earnest biblical underpinnings, director Timur Bekmambetov and writers Keith R. Clarke and John Ridley have essentially turned "Ben-Hur" into a "Rocky" movie built around that chariot contest, coupled with an overt religious theme."
Watch the video.
The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the "Federal Student Tax."
People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake "federal student tax." If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the nation prepare to re-open, it is important for taxpayers to be particularly aware of this scheme going after students and parents.