November 30, 2017

The Captain Louis Renault Awards

          The media and/or elites were shocked that Hollywood has a long culture of casting couches, sexual harassment and abuse of power. . . .
          that foreign powers attempt to influence the elections of their rivals . . . .
          that the wealthiest people in the world have been hiding money offshore….
          that there was gambling going on in a casino….  Modern Trader Issue 539 p.33

Regulations Are a Hidden Economic Problem

          IBM has been running full page newspaper ads boasting that its Watson artificial intelligence capability can help compliance officers “keep up with 20,000 new or modified regulations a year and 200 revisions a day”.  An IBM executive and former bank regulator warns “humans alone are not going to be able to meet these challenges.  Advanced technology tools are essential”.

          President Trump, in a brief telephone call with the New York Times, listed what he saw as his biggest accomplishments, including a focus on deregulation.  The Times relegated the mention of deregulation to a paragraph low down in the story, which itself ran inside the newspaper rather than on the front page.  New York Sun November 13, 2017

Failing to Report Foreign Accounts Lands Paul Manafort in Hot Water

           Included in the Department of Justice’s Criminal indictment against political consultant Paul Manafort are charges he willfully failed to file FBAR forms to disclose offshore accounts in Cypress and the Grenadines that were in Manafort related entities.  Manafort also reported on his income tax returns that he did not have ANY foreign accounts.  The penalties that he thus incurs for failure to report the account includes seizure of the assets in the account, in addition to tax, penalties and interest on the unreported income.

          Have you FAILED to inform us of accounts you may have because you do not think it is important to notify us of their existence?

Walk For a Better Brain

          Want to improve brain function?  A recent study found that walking might be as beneficial for your brain as it is for the rest of your body.

           The researchers studied blood flow in the brains of healthy young adults both while walking and at rest. They found the impact of the foot during walking increased blood flow to the brain.  Running and cycling also increased blood flow, with running having the biggest effect.  Hackensack Meridian Health.org

           No wonder some of my best thoughts come while on a brisk stroll.

Man’s Divorce Chicanery Gives Ex-wife More Time For IRA Rollover

          After the wife filed for divorce the husband kept the marital home.  During divorce mediation he promised to repay her the funds she needed in order to buy a place to live.  Based upon those assertions she withdrew money from her IRA to purchase a residence.  The husband failed to live up to his promise until a court ordered him to do so.  When he eventually did transfer the money she put it into a second IRA at which time the 60 day rollover period had expired.  In a private ruling the IRS granted her the extra time to rollover the funds tax-free.

           As always, if you have any questions about these or any other matters, do not hesitate to call us.
          
           Remember, We’re Here For You!