What Is a Mega Backdoor Roth 401(k) Conversion? A mega backdoor Roth 401(k) conversion is a tax-shelter strategy available to employees whose employer-sponsored 401(k) retirement plans allow them to make substantial after-tax contributions in addition to their pretax deferrals and to transfer their contributions to an employer-designated Roth 401(k). The Build Back Better Act, H.R. 5376, passed by the House of Representatives on Nov. 19, 2021, contains provisions that, if enacted, would limit the ability of high-income taxpayers to accumulate extremely high-value balances in Roth 401(k)s and would eliminate backdoor Roth conversions for high-income taxpayers after Dec. 31, 2031. As of spring 2022, the Build Back Better Act remains stalled in the Senate, and these provisions may not come to pass, at least not in their current form. But mega backdoor Roth conversions remain an important issue—and a notable route to wealth for higher-income taxpayers. Key Takeaways H.R. … [Read more...] about Mega Backdoor Roth 401(k) Conversion: Overview and FAQ
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Oasis, a dawn-delivery success story, to list on Korea’s Kosdaq
Oasis's CEO Ahn Jun-hyung speaks during a press conference to announce the company's plans for its listing at Yeouido, western Seoul, on Wednesday. [OASIS] Oasis, a Korean e-commerce company that's actually profitable, is set to list on Kosdaq on Feb. 23 in an offering that could raise as much as 206.8 million, with some of the proceeds going to the largest shareholder. If the initial public offering (IPO) goes as planned, Oasis will be the first domestic e-commerce operator to go public. Other e-commerce companies, such as Kurly and SSG.com, have either postponed or canceled. Coupang, another major e-commerce operator, listed on the New York Stock Exchange in 2021. Founded in 2011, Oasis started off by focusing on developing and selling organic goods through it physical stores. It expanded its business to dawn deliveries and online sales with Oasis Market in 2018. The company plans to issue 3.66 million new shares and 1.57 million old shares priced between 30,500 won to … [Read more...] about Oasis, a dawn-delivery success story, to list on Korea’s Kosdaq
For Country Artist Tolman – Gratitude Is Everything
Share to Twitter Share to Linkedin Jenny Tolman spent the past year making many of her biggest dreams come true. She released a new album, got married, organized the first all-female country festival in Jackson Hole, Wyoming, saw her music video celebrating women who’ve survived drug addiction and human trafficking go viral, and welcomed her first child, a beautiful baby boy named Bear. It seemed fitting the little guy would wrap up 2022 so perfectly, arriving on the very last day of the year, December 31 st . Tolman let fans know he was on his way with her song “It’s a Boy,” late last year, and People Magazine helped introduce him to the world in January. At 26, Tolman feels incredibly blessed. “I feel very, very grateful. The only two things I’ve ever wanted in my life is to be a singer and to be a mom,” she says. “And I’m like, oh my gosh, it makes me want to cry.” She’s a strong believer in expressing gratitude - consistently and … [Read more...] about For Country Artist Tolman – Gratitude Is Everything
Budget 2023 deals a body blow to market-linked debentures
Market-linked debentures are listed securities and are currently being taxed as long-term capital gain (LTCG) at the rate of 10% without indexation. The Union Budget for 2023-24 on February 1 has said that the capital gains on market-linked debentures (MLDs) will now be taxed as short-term capital gains, a blow to high net-worth individuals and family offices. High net-worth individuals tend to pick MLDs, given the tax treatment they attract. Market-linked debentures are listed securities and at present, are being taxed as long-term capital gain (LTCG) at the rate of 10 percent without indexation. Also read | Rs 7-lakh tax-free income limit, how does that play out for you? But according to the government, these securities are in the nature of derivatives, which are normally taxed at applicable rates. Further, they give variable interests as they are linked with the performance of the market. “One of the positive aspects of the Budget was to deal a body blow to … [Read more...] about Budget 2023 deals a body blow to market-linked debentures
As AI war rages, Korea seeks a place among giants
Google CEO Sundar Pichai [REUTERS/YONHAP] Amid the accelerated rivalry for artificial intelligence (AI) leadership between Microsoft and Google, Korea's tech companies are eyeing the non-English speaking countries with their capabilities in search engine and messenger services. Whereas the ChatGPT — a free chatbot system capable of generating conversational dialogue — displays a surprising level of sophistication in response to English language prompts, the Korean version of its service is lacking. And that might leave an opening for a niche market for local competitors. On Tuesday, Microsoft said that it will incorporate Open AI’s GPT technology into its Bing search engine. “This technology is going to reshape pretty much every software category that we know,” said Microsoft CEO Satya Nadella. The updated version of Bing will have a conversational interface similar to ChatGPT. The goal is to have the unpopular search engine compete against Google. Microsoft CEO … [Read more...] about As AI war rages, Korea seeks a place among giants
What may have forced the government to make new tax regime the default
Use tax planning to achieve your financial goals The gradual move towards a new, simplified tax system has been on the horizon of the government since the new tax regime was first introduced under the Union Budget 2020. After all the new tax regime is about low deductions and lower taxes. Yet, a complete tilt was still hanging. On Wednesday, finance minister Nirmala Sitharaman finally announced the government’s seriousness in marking this shift. The FM said the government proposes to make the new tax regime as the default setting for all income tax returns from April 1, 2023. What forced the government’s hand? The answer may lie in a series of specific complaints by taxpayers. Tax processing centres and the tax department itself received complaints from individual assesses that a higher rate of tax was deducted even though they didn’t have any tax-saving or home loan. Read More “Since their taxes were deducted at a higher rate and they were clueless, there … [Read more...] about What may have forced the government to make new tax regime the default
The FTC’s Fight Against Non-Monopolies Won’t Help Consumers
Share to Twitter Share to Linkedin Popular Bloomberg News columnist Matt Levine likes to make a comical point in his popular Moneystuff column for Bloomberg that from the SEC’s perspective nearly everything a company does (or its executives) that violates the law can be construed as securities fraud. The Federal Trade Commission under Lina Khan has embraced a similarly omnivorous jurisdictional appetite by declaring that a wide array of heretofore commonly accepted business practice could potentially be construed as a violation of antitrust laws. Abandoning the notion that the FTC should be concerned first and foremost with consumer welfare and prices has given Khan the freedom to pursue an overtly political agenda, which a cursory exam of the industries in her crosshairs makes abundantly clear. Two issues in particular illustrate the extent to which the current FTC is pursuing a narrow ideological agenda rather than attempting to improve consumer welfare. … [Read more...] about The FTC’s Fight Against Non-Monopolies Won’t Help Consumers
Edge Browser Gets PDF Boost With Adobe Acrobat Built In
Share to Twitter Share to Linkedin Microsoft and Adobe are teaming up to build Adobe Acrobat into the Edge web browser. The Adobe Acrobat PDF engine will replace Edge’s current PDF reader over the course of the next two years. This will, according to Adobe, result in improved performance, higher fidelity documents and stronger security options. It will also provide a boost for accessibility, with improved read-aloud narration and text selection. The basic Acrobat capabilities will be free of charge, although users will be prompted to subscribe to the full version of Acrobat if they want more advanced features, such as the ability to edit text and images, convert PDFs into Word documents or combine multiple PDF documents into one file. Acrobat Standard currently costs $12.99 per month, although Acrobat Pro is part of the wider (and much more expensive) Creative Cloud package. Existing Acrobat subscribers will get access to the full range of … [Read more...] about Edge Browser Gets PDF Boost With Adobe Acrobat Built In
On Destiny 2’s Titan ‘Punch-Based’ Class Identity
Share to Twitter Share to Linkedin On Tuesday, Bungie laid out detailed plans for Strand , its fifth subclass, including how it will be applied to all three subclasses, Warlocks, Hunters and Titans. Warlocks will command armies of little Strand aphids that follow them around and attack enemies. Hunters will have access to unparalleled mobility with constant grapples and aerial slams. Titans will have…green blade fists. This sparked a debate among the community about “class identity” something Bungie frequently references when they build new subclasses or re-do old ones like the light 3.0 reworks. And the problem that keeps coming up is that the class identity of Titans feels like it relies too much on the singular concept of “Titans like to punch things.” Designer Kevin Yanes reinforced this idea with a quote he gave to GamesRadar about pushback to Titans getting so many fist-based kits: “Titan mains, we love you. We do. But remember that … [Read more...] about On Destiny 2’s Titan ‘Punch-Based’ Class Identity
Embassy reports first Indonesian deaths in Turkey quakes
Yvette Tanamal (The Jakarta Post) Jakarta ● Wed, February 8, 2023 2023-02-08 18:13 0 d5259e4d93052b0e76bee70b050d8960 1 Middle East and Africa Turkey-Syria-earthquake,death-toll,disaster-relief,evacuation Free An Indonesian woman and her family were among those who perished in the 7.8-magnitude earthquake that struck on Monday in Turkey, the Indonesian Embassy in Ankara confirmed on Wednesday. Entering the third day of search and rescue efforts in the aftermath of the earthquake, the embassy announced the first two confirmed Indonesian deaths in the disaster. It also announced that 123 people, including two Malaysians and a Myanmar national, had been evacuated to safety. Three teams from the embassy were deployed in freezing winter conditions as they arrived to help evacuate hundreds of their fellow citizens from the four hardest-hit regions of Diyarbakir, Gaziantep, Hatay and Kahramanmaras. Scenes of utter destruction filled the footage taken by … [Read more...] about Embassy reports first Indonesian deaths in Turkey quakes