New payments platform

Share to Twitter Share to Linkedin A new rule under SECURE 2.0 creates a great opportunity for IRA owners 70 ½ or older with charitable inclinations to get a prospective valuable tax benefit and keep cash flow. The current law allows a charitable distribution from an IRA for individuals age 70 ½ or older (irrespective of the new Required Minimum Distribution of age 73) to make a distribution of up to $100,000 a year directly to a qualified charity. This is called a Qualified Charitable Distribution, or QCD, and they are fantastic opportunities on their own. Now, SECURE 2.0 has introduced a provision that allows a ‘split-interest’ gift, which gives the IRA owner a tax break and provides continuing cash flow. Why a QCD is a great idea. QCDs have a lot of advantages over a conventional charitable deduction. 1. A QCD is eliminated from income, and not treated as an itemized deduction. Thus, a donor can use the standard deduction or other itemized … [Read more...] about SECURE 2.0’s New Rule On IRAs And Charity Can Really Pay Off

Share to Twitter Share to Linkedin Topline Former President Donald Trump’s anticipated arraignment next week on criminal charges will be overseen by the same New York state judge who presided over the Trump Organization and former CFO Allen Weisselberg’s convictions for tax fraud—leading Trump to rail against the judge Friday as the ex-president lashes out against his indictment. Key Facts Trump’s case will be overseen by acting New York State Supreme Court Justice Juan Merchan, who the ex-president claimed on Truth Social Friday “HATES ME.” Merchan, who the New York Times notes previously served as an assistant district attorney in Manhattan—the same office that has now indicted Trump—presided over the Manhattan DA’s previous criminal cases against the Trump Organization and Weisselberg, who were charged with tax fraud related to gifts and other “off-the-books” compensation that executives received without the company paying tax on it. … [Read more...] about Trump’s Criminal Charges To Be Overseen By Same Judge Who Sentenced His Company For Tax Fraud—And He’s Not Happy About It

By MICHAEL R. SISAK (Associated Press) NEW YORK (AP) — Former President Donald Trump will be arraigned Tuesday after his indictment in New York City, court officials said Friday, his formal surrender and arrest presenting the historic, shocking scene of a former U.S. commander in chief forced to stand before a judge. While Trump and his lawyers prepared for his defense, the prosecutor in his hush money case defended the grand jury investigation that propelled him toward trial, as congressional Republicans painted it all as politically motivated. In a letter obtained by The Associated Press, Manhattan District Attorney Alvin Bragg told three Republican House committee chairs Friday that such claims are “misleading and meritless” and rebuffed congressional probing into the grand jury process — by law, a confidential one. “We urge you to refrain from these inflammatory accusations, withdraw your demand for information, and let the criminal justice process proceed without … [Read more...] about Trump to be arraigned Tuesday to face hush money indictment

By SEUNG MIN KIM (Associated Press) WASHINGTON (AP) — Does President Joe Biden have any reaction to the indictment of former President Donald Trump? Is he concerned about possible protests or that the unprecedented indictment could further divide the nation? What does the indictment mean for the rule of law in the United States? Biden’s answer on Friday was the same each time: No comment, no comment, no comment. “I’m not going to talk about Trump’s indictment,” Biden said firmly as he departed the White House en route to Mississippi, where he toured storm damage. In his brief exchange with reporters, the Democratic president underscored the broader tactics that his administration is trying to take as it relates to the Republican former president’s indictment by a Manhattan grand jury: Take the political temperature down, stay out of active criminal matters, focus on Biden’s agenda and priorities. It may become more difficult as Trump’s legal matters progress. But at least … [Read more...] about Biden’s strategy on Trump’s indictment: No comment

Share to Twitter Share to Linkedin Today we look at the first U.S. president to be indicted. Trump Indicted By Manhattan Grand Jury—Arraignment Expected Tuesday On Over 30 Charges, Reports Say “A Manhattan grand jury voted Thursday to indict former President Donald Trump over an alleged hush money payment to porn star Stormy Daniels, a source with knowledge of the proceedings told Forbes , with an arraignment reportedly expected Tuesday—marking the first time in American history a former president has been criminally charged,” report Nicholas Reimann and Sara Dorn. Trump’s team has indicated he will surrender to authorities in New York for his arraignment, where he will briefly be under arrest at the district attorney’s office—he will likely be fingerprinted, have his mugshot taken and enter a plea before being released from custody. The investigation into Trump—led by the Manhattan District Attorney’s office—centers on a $130,000 payment … [Read more...] about Checks & Imbalances: Trump Indicted

Share to Twitter Share to Linkedin Topline The Federal Reserve and Treasury Department fined Wells Fargo $97.8 million on Thursday for allowing a foreign bank to make hundreds of millions of dollars in transactions that were prohibited under U.S. sanctions laws, the latest multi-million-dollar penalty from regulators to hit Wells Fargo in recent years. Key Facts Wells Fargo is accused of allowing an unnamed foreign bank to process $532 million worth of prohibited transactions on its Eximbills financial platform from 2010 to 2015, the Federal Reserve Board said in an announcement. The bank kicked the foreign client off its platform in 2015 and reported the issue to the Fed and the Treasury, according to a filing from U.S. regulators. The Treasury says the bank—which agreed to a settlement with the federal government—violated sanctions against Iran, Syria and Sudan. The Federal Reserve fined the bank $67.8 million, and the Treasury … [Read more...] about U.S. Fines Wells Fargo Nearly $100 Million For Sanctions Violations

Share to Twitter Share to Linkedin President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work better for families. But in doing so, the plan would likely deliver extra benefits to some very well-off families. It could also increase complexity – pushing against a key argument for operating benefit programs through the tax system . First, the good stuff. The proposal would extend full refundability permanently, allowing even very low-income families to receive the full benefit of the CTC. Full refundability is critical to reducing child poverty , especially among Black and Hispanic children. Under current law, about 19 million children in low-income families fail to get the maximum credit because their parents don’t earn enough money. As in 2021, younger children would qualify for larger benefits than older children – an idea backed by research . This … [Read more...] about Biden’s Child Tax Proposal Would Help Many But Presents Administrative Challenges

Share to Twitter Share to Linkedin The popular AI image generator Midjourney halted free trials late Wednesday, leading many news outlets to blame fake photos of Donald Trump getting arrested and Pope Francis wearing a white coat , two images that recently went viral. But that’s not the reason Midjourney says it’s stopping free trials of the service. Midjourney CEO David Holz broke the news about the end of free trials on the company’s Discord channel, citing “extraordinary demand and trial abuse,” but that term “abuse” apparently confused a lot of news outlets, which assumed it had something to do with all the fakes that have recently gone viral. Holz, who tried to clarify things on Thursday, told The Verge that it was a “ misunderstanding .” The abuse Holz referenced was people creating multiple accounts in order to get around the free trial limits for the number of images that people could create. Specifically, a large influx of new users from … [Read more...] about AI Image Creator Midjourney Halts Free Trials But It Has Nothing To Do With The Pope’s Jacket

Share to Twitter Share to Linkedin Topline Billionaire GOP megadonor and onetime ally to former President Donald Trump Ronald Lauder, met with Florida Gov. Ron DeSantis recently as the likely 2024 GOP presidential candidate pitches himself as the adult in the room to wealthy donors amid increasingly incendiary rhetoric from Trump. Key Facts Lauder met with DeSantis, who is widely expected to announce a run for president in early summer, at his Long Island estate several months ago, Politico reported , citing two unnamed sources familiar with the meeting. The reported meeting comes after Lauder—heir to Estée Lauder who has known Trump for decades and helped fund his 2020 reelection bid—said through a spokesperson in November that he will not donate to Trump’s 2024 campaign, though he did not say whom he would support in 2024 and did not comment to Politico on the recent DeSantis meeting. DeSantis is reportedly targeting wealthy New … [Read more...] about Billionaire Ex-Trump Ally Ronald Lauder Met With Ron DeSantis As He Courts Wealthy Execs On Trump’s Turf, Report Says

By JENNIFER PELTZ (Associated Press) NEW YORK (AP) — Every day, hundreds of people are taken into law enforcement custody in New York City. Former President Donald Trump will become one of them next week. Trump was indicted by a Manhattan grand jury and is scheduled to be arraigned Tuesday afternoon after an investigation into payments made during his 2016 presidential campaign to silence claims of an extramarital sexual encounter. The indictment itself remains sealed for now in the first criminal case ever brought against a former U.S. president. Trump — a Republican who assailed the case Thursday as a Democratic prosecutor’s “political persecution” of “a completely innocent person” — is expected to turn himself in to authorities next week, according to three people familiar with the matter but not authorized to discuss it publicly. The people said the details of a surrender are still being worked out. Manhattan District Attorney Alvin Bragg’s office said it had contacted … [Read more...] about Donald Trump has been indicted. Here’s what happens next