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Two unexpected ways the new alimony tax rules affect your retirement savings

Two unexpected ways the new alimony tax rules affect your retirement savings

Finance
Alimony payments will fall under new tax rules starting in 2019. That could mean big changes for your retirement accounts. It's all a part of the Tax Cuts and Jobs Act that was ushered in by Congress late last year. Under the new regulations, the individual who pays alimony to an ex-spouse will no longer be able to deduct those payments. And the recipient of the money will no longer pay taxes on that income. The law applies to divorce agreements that are formed after the New Year. "If you wer...
Banks have first right over pledged assets, rules tribunal

Banks have first right over pledged assets, rules tribunal

Finance
MUMBAI: In a landmark ruling, the appellate tribunal on matters related to the Prevention of Money Laundering Act has ruled that Enforcement Directorate cannot claim rights over assets of people suspected of criminal activity if banks have created prior rights over them through lending. The tribunal has ruled in favour of Standard Chartered Bank in a dispute involving the ED on the Winsome Diamonds & Jewellery case saying that it would be against the spirit of the Money Laundering Act if assets pledged are not available for banks to recover their dues. “The mortgaged properties of the appellant bank cannot be attached or confiscated unless link and nexus directly or indirectly established,” Justice Manmohan Singh, chairman of the tribunal wrote in his order passed on August...
PayPal told customer her death breached its rules

PayPal told customer her death breached its rules

Technology
PayPal wrote to a woman who had died of cancer saying her death had breached its rules and that it might take legal action as a consequence.The firm has since acknowledged that the letter was "insensitive", apologised to her widower, and begun an inquiry into how it came to be sent.The matter came to light after her bereaved husband contacted the BBC.He said he wanted to make other organisations aware how distressing automated messages could be.Lindsay Durdle died on 31 May aged 37. She had been first diagnosed with breast cancer about a year-and-a-half earlier. The disease had later spread to her lungs and brain.PayPal was informed of Mrs Durdle's death three weeks ago by her husband Howard Durdle.He provided the online payments...
Supreme Court rules for states in online sales tax case

Supreme Court rules for states in online sales tax case

Technology
States will be able to force more people to pay sales tax when they make online purchases under a Supreme Court decision Thursday that will leave shoppers with lighter wallets but is a big financial win for states. Consumers can expect to see sales tax charged on more online purchases — likely over the next year and potentially before the Christmas shopping season — as states and retailers react to the court's decision, said one attorney involved in the case. The Supreme Court's 5-4 opinion Thursday overruled a pair of decades-old decisions that states said cost them billions of dollars in lost revenue annually. The decisions made it more difficult for states to collect sales tax on certain online purchases, and more than 40 states had asked the high court for action. Five st...
Time Warner shares shoot higher after judge rules in favor of merger with AT&T; other media stocks gain

Time Warner shares shoot higher after judge rules in favor of merger with AT&T; other media stocks gain

Finance
Media and telecommunications stocks shot higher in aftermarket trading Tuesday after a federal judge ruled in AT&T's favor on its $ 85 billion acquisition of Time Warner. Time Warner shares traded more than 5 percent higher in aftermarket trading. The widely anticipated ruling comes amid pent up interest in forging combinations across the entertainment and communications industries. CNBC's parent company, Comcast, has been eyeing a $ 60 billion offer for the Twenty-First Century Fox studio and production assets that are currently part of a deal with Disney. ...