In 2009, my aunt passed away. She left my siblings and me a sizable amount in inherited IRAs, and we began taking minimum distributions out of these accounts.
On December 30th 2021, without contacting us, the firm that manages the inherited IRAs drained the accounts and sent us distribution checks for the lump sum amounts, sans taxes. It’s a significant amount of money, and it elevates us into a much higher tax bracket. When I called to ask about why we’d been issued a lump sum without any communication, I was told that it was due to the SECURE act, which requires beneficiaries to drain the account after 10 years. But when I searched, I saw that this rule was only applicable for persons who had passed away after 2020, so certainly not my aunt.
There was some money with the bank that was mismanaged (my siblings and I were all listed as former employees rather than beneficiaries. We inherited from a workplace IRA account, so our best guess is that we were confused with our deceased aunt), and my sister recently called to clear that up and try to get the money classified correctly. We suspect this might have caused some sort of a panic which is why the firm is distributing the money to us all at once now.
If the firm refuses to make this right for me, do I have any recourse?
But as usual it works in theory... but just not in practice.
Last week NY Governor Cuomo signed the state's 2020-2021 budget into law. Included in it are the following tax provisions:
For Corporate taxpayers, the new 50% of ATI limitation on Interest Expense under Section 163(j) does not apply. The 30% of ATI limitation still applies for tax years 2019 and 2020. Interestingly, it appears that corporate taxpayers can still elect to use their 2019 ATI for purposes of calculating their 2020 163(j) limitation.
For individuals the budget act is far more consequential. NYS and NYC have decoupled from All provisions of the CARES Act that affect individual taxpayers for tax years beginning before 2022. This means no COVID-related IRA or 401(k) et al withdrawals & rollovers or election to spread them out over three years, no increased 163(j), no deferral of 461(l), no 5 year carryback of NOL's, no $300 above the line deduction for charitable contributions, etc.
I've been warning people in my firm that SALT is going to get a lot more difficult in the coming years. Because NY's budget year ended March 31'st they're just the first state to announce decoupling. Most state budgets end June 30 and we can expect many of them to decouple from provisions of the CARES Act and TCJA as well as increase tax rates, become very aggressive in asserting economic nexus, not be as forgiving when being asked to abate penalties, etc.
WHAT. I couldn't believe when I heard this shit is happening. How the fuck don't we all go fucking crazy and just eat them all ? How are we letting this happen ? How the fuck can Jeff the lizard Bezos be the richest man on the planet and his workers get food stamps paid by THE PEOPLE ?? How ?? I just can't get over this. We really are cattle for slaughter.
This is the best tl;dr I could make, original reduced by 60%. (I'm a bot)
> The world's four major tobacco companies - two of which have HQs in the UK - are paying minimal UK corporation tax despite enormous reported profits, according to findings from new research published in the Journal of Public Health.
> The study, authored by researchers at the University of Bath, suggests that the UK needs far better reporting standards for corporation tax in order to hold tobacco companies to account in meeting the enormous public health costs caused by their deadly product.
> They call for extension of the bank focused corporation tax surcharge to cover tobacco companies and also for mandated country by country reporting on tobacco sales and profits.
> For the current study, which set out to identify profit earned and tax paid by the different tobacco companies operating in the UK, the team extracted profit and tax data from company annual financial statements covering 2009 to 2016.
> "The government must better hold these companies to account and an essential first step is the publication of accurate country by country information on sales and profits. We urge the government to consider an extension of the bank focused corporation tax surcharge to cover tobacco companies."
> George Butterworth, Cancer Research UK's policy manager, said: "Preventable diseases caused by tobacco products cost the NHS billions each year. The tobacco industry is dodging its obligation to contribute to the UK tax system leaving the public to pay for clearing up the mess caused by its products. The government should impose a tobacco industry levy, considering a surcharge on corporation tax or other mechanisms, to help fund services to help smokers quit."
Summary Source | FAQ | Feedback | Top keywords: tobacco^#1 company^#2 tax^#3 profit^#4 corporation^#5
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M332 - Motion to Ratify the Corporation Tax (Northern Ireland) Act 2015
This House Recognises that:
Devolution is a key part of the British Constitution
-
The Corporation Tax (Northern Ireland) Act 2015 received Royal Assent in 2015 but was never Commenced
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The alteration of Corporation Tax in Northern Ireland was a key part of the Manifestoes of the Ulster Unionists, the Alliance Party and Fianna Fáil
This House urges the Secretary of State for Northern Ireland to:
- Commence the Corporation Tax (Northern Ireland) Act 2015
This Motion was written by the First Minister of Northern Ireland, u/eelsemaj99, on behalf of the Ulster Unionist Party
This Division shall end on the 24th of September at 10pm
