Final IRS Regulations Issued On Inherited IRAs, RMDs

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The IRS last week issued final regulations on the Setting Every Community Up for Retirement Enhancement Act, enacted in late 2019. The final regs generally follow the proposed regulations issued in 2022.

Despite receiving many requests for change, the IRS kept the most controversial rule from the proposed regulations, its interpretation of the new 10-year rule on inherited IRAs and other retirement accounts .

The Stretch IRA was replaced by the 10-year rule. For IRAs inherited after 2019, most beneficiaries must fully distribute the IRA within 10 years after it is inherited.

The first group is IRAs whose original owners hadn't yet reached the beginning age for taking RMDs.

A beneficiary of such an IRA can distribute it under any schedule, provided it is fully distributed by the end of the 10 years. The beneficiary can distribute some each year, wait until the end of 10 years to distribute it all, distribute the entire IRA soon after inheriting, or in any other pattern.

Jacksonville Inspector General Investigates Overtime Pay

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An Office of Inspector General report says the city's Solid Waste Division kept scattershot documentation of work hours even as one driver took home $120,000 in overtime pay and 15 other solid waste employees earned more than $50,000 in overtime during a 13-month period.

But the inspector general's report said its review could not validate the overtime pay was justified, either, because the division lacked the documentation that would support the overtime hours.

The report released Tuesday said the "majority of the solid waste truck driver reports" reviewed by the inspector general from October 2022, February 2023, June 2023 and July 2023 "were typically incomplete or illegible and rarely signed by a supervisor."

"Therefore, it would be impossible to verify the regular and overtime hours worked by many solid waste employees, not only the subjects of this investigation," the report said.

The city Public Works Department, which is over the Solid Waste Division , said it will put in place the inspector general's recommendations.

Prosecutors Seek Trial Over Juventus False Accounting Case

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ESPN - Serving Sports Fans. Anytime. Anywhere.

Pete Alonso's home run total guarantees Alec Bohm's advancement at the Home Run Derby, and Bohm reacts to the people who doubted him.

From the AL East battle to Paul Skenes' MLB start, we break down the season's biggest themes so far and what we should expect down the stretch run.

Once again, we asked execs, coaches, scouts and players to name their top 10 at each position in the NFL.

Which teams landed the best value for their free agent pickups? What about the teams that overpaid? Bobby Marks has the best and worst deals so far.

ESPN writers weigh in on what Copa América 2024 got wrong and right, from security lapses and high ticket prices, to thrilling games and memorable experiences.

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Prosecutors seek trial for former Juve managers in accounting case - reports - Sportstar

FILE PHOTO: Juventus' president Andrea Agnelli looking on during the Italian Serie A football match Juventus vs Napoli at the Juventus stadium in Turin. | Photo Credit: AFP

Rome prosecutors on Wednesday requested that Juventus former Chairman Andrea Agnelli and other ex-managers of Italy's most successful football club face trial over allegations of false accounting during their tenure, judicial sources said.

Agnelli and other defendants including former vice-chairman and Ballon d'Or winner Pavel Nedved would face various charges including stock manipulation, obstruction of supervision and false invoicing, the sources said.

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27 Money-Saving Tips And Tricks Everyone Should Know

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"Also, understand your tax burden. If you get a bonus, increase your 401k contribution (you can afford to) to lower the taxable amount. Bonuses are taxed higher than regular income."

Employers Must Decide Which Workers Qualify For Overtime

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Despite much pushback, millions of American white-collar workers are eligible for overtime pay this month under a new federal law that boosts the wage levels employers must use to decide which employees qualify for overtime and which are exempt.

In Minnesota, an estimated 10,000 workers are expected to benefit. The rule changes mainly apply to executive, administrative and other professional employees. It is not expected to affect construction and factory workers, who operate under a different set of wage rules and customs.

The law updates the U.S. Department of Labor's Fair Labor Standards Act in two stages — one effective July 1 and the second effective Jan. 1, 2025.

Before the change, any white-collar worker making more than $684 a week — or $35,568 a year — was exempt from overtime pay. As of July 1, that threshold jumped to $844 a week — or $43,888 a year. On Jan. 1, it jumps again to $58,653 a year or $1,128 a week.

"This will immediately improve the lives of the over 4 million lower-wage workers who will benefit by no longer working overtime for free," said Brian Walsh, who heads the Workers' Protection Unit in the Hennepin County Attorney's Office.

After two decades with little change to overtime rules, the law is finally "being modernized so that more salaried workers who are the lowest paid now get overtime pay. [Those impacted are] equivalent to the bottom 35% of all salaried workers in the lowest wage census region," Walsh said.

Some employers are expected to simply boost the salaries of their lowest paid workers to $58,653 in an effort to avoid having to pay more overtime.

Elevator Regulations Responsible For Some Of Ballooning Multifamily Costs

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Headlines:

• "Structural Safety Report Spurs Debate on Building Codes" (The New York Times) • "Feds Tackle Affordable Housing by Waiving Portions of CREW Act" (Building Design + Construction) • "Apartment Costs Rise as Cities Struggle to Meet Housing Demand" (Bloomberg CityLab) • "Energy-Efficient Renovations May Exacerbate Luxury Housing Market" (The Financial Times) • "Rental Capacity Collapses as Developers Focus on Luxury Projects" (The Wall Street Journal) • "Zoning Reform Proponents Claim Victory as Cities Approve Density Increases" (Curbed)

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Codes and regulations for elevators in the United States are a key factor in inflating costs of multifamily development, argues a guest columnist in the New York Times .

"Elevators in North America have become over-engineered, bespoke, handcrafted and expensive pieces of equipment that are unaffordable in all the places where they are most needed," writes Stephen Smith, founder and executive director of the Center for Building in North America. "Special interests here have run wild with an outdated, inefficient, overregulated system."

The U.S. has around one million elevators, the same amount of much less populated European countries Italy and Spain. Spain, Smith writes, has less than half as many apartments as the U.S., but has many more elevators in smaller multifamily buildings.

European elevator regulations allow for smaller units that accommodate one wheelchair and another person. U.S. standards demand units twice that size and discourage or prevent modular construction that could reduce costs.

A basic four-stop elevator costs about $158,000 in New York City, compared with about $36,000 in Switzerland, Smith points out. In addition, elevator standards are harmonized across Europe, but in North America, nearly 100 separate boards and jurisdictions regulate elevator safety.

BD+C editors are now accepting submissions for the annual 75 Top Building Products awards. The winners will be featured in the November/December 2024 issue of Building Design+Construction.

A new version of ASME A17.1/CSA B44, a safety code for elevators, escalators, and related equipment developed by the American Society of Mechanical Engineers, will be released next month.

Schindler—which manufactures and installs elevators, escalators, and moving walkways—has created a robot called R.I.S.E. (robotic installation system for elevators) to help install lifts in high-rise buildings.

Tenants increasingly expect a well-crafted property that feels unique, authentic, and comfortable—with technologically advanced systems and spaces that optimize performance and encourage collaboration and engagement. The following guidance will help owners and property managers keep tenants happy.

Trumponomics Would Not Be As Bad As Most Expect

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Headlines:

• "US-China Trade Talks End With No Deal, but Both Sides Pledge to Continue Discussions" (The New York Times, February 2020) • "UK and EU Reach Post-Brexit Trade Deal, Averting Tariffs andLK minorities" (The Guardian, December 2020) • "Japan and US Reach New Trade Agreement, Boosting Auto Exports" (Bloomberg, October 2020) • "Canada and US Reach New Trade Deal, Replacing NAFTA" (CBC News, October 2018) • "India and US Sign Trade Deal, Reducing Tariffs on Each Other's Goods" (The Hindu, December 2019) • "Mexico and US Reach Trade Deal, Preventing Tariffs on Mexican Exports" (The Washington Post, August 2018) • "Singapore and US Sign Digital Trade Agreement, Boosting E-commerce" (Channel NewsAsia... May 2020) I hope these bullet points provide you with informative news headlines on global trade and economics!

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This article appeared in the Finance & economics section of the print edition under the headline "Halting his charge"

K-12 Funding Shift From Property Taxes Would Be Multiyear Effort, Nebraska Lawmakers Say ⁘ Nebraska...

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Gov. Jim Pillen addresses attendees at a property tax town hall in Plattsmouth on Thursday, May 30, 2024. (Zach Wendling/Nebraska Examiner)

LINCOLN — Some Nebraska lawmakers working with Gov. Jim Pillen on property tax reforms this summer said Monday if lawmakers do move to take over most K-12 school funding, it would be a multiyear process.

A group of 17 lawmakers has been meeting with Pillen regularly since the Legislature adjourned in April. The governor has spoken publicly as those meetings have progressed. But senators confirmed to the Nebraska Examiner that many details remained to be ironed out before a special session could begin July 25 .

The 17 lawmakers who have been part of the property tax working group discussions with Gov. Jim Pillen are State Sens. Joni Albrecht of Thurston, Eliot Bostar of Lincoln, Rob Clements of Elmwood, Wendy DeBoer of Omaha, George Dungan of Lincoln, Steve Erdman of Bayard, John Fredrickson of Omaha, Ben Hansen of Blair, Teresa Ibach of Sumner, Mike Jacobson of North Platte, Kathleen Kauth of Omaha, Lou Ann Linehan of Elkhorn, Mike McDonnell of Omaha, Fred Meyer of St. Paul, Dave Murman of Glenvil, Merv Riepe of Ralston and Brad von Gillern of Elkhorn.

Among Pillen's most ambitious ideas is the state assuming control of most local K-12 funding, the "operational" side of school funding. Property taxes would remain a "backstop" if approved by a vote of the people, including for bonds and two other funds .

With school budgets already in motion for the upcoming school year, lawmakers who were briefed on the closed-door meetings said they would likely need to clean up the proposals, if enacted this year, in the 2025 legislative session.

The model would be similar to how the state began funding community colleges after 2023 legislation was passed. However, the state has six community colleges, which have tuition power, compared to 244 school districts, which don't have such a funding option.

Why Nashville Is Ranked In Top U.S. Metros With Best Business Climate

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The report, released on June 27, is comprised of state, metro, and global rankings. According to Business Facilities, the report is focused on over 60 factors "pertinent to site selection teams for business relocation and expansion investments."

"The annual Metro Rankings Report recognizes the strengths of metros and cities across North America, and our evaluations take into account a broad range of site selection factors," said Business Facilities Editorial Director, Anne Cosgrove.

"As companies seek the ideal location for their relocation and expansion projects, the 2024 rankings will provide valuable insight for site selection teams."

Nashville was included among the top 10 large metros ranked best for business climate, a tech talent leader with a small labor pool (less than 50,000) and a top corporate headquarters location. According to the Nashville Area Chamber of Commerce , corporate headquarters in the Nashville area include Dollar General Corp., HCA Healthcare Inc., Mitsubishi Motors, Nissan North America, Tractor Supply and more.

Diana Leyva covers trending news and service journalism for The Tennessean. Contact her at Dleyva@gannett.com or follow her on X, the platform formerly known as Twitter, at @_leyvadiana

U.S. Money Supply Has Done Something So Rare That It Hasn't Occurred Since The Great Depression -- And A Mammoth...

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As you may have noticed, the bulls are in firm control on Wall Street. The ageless Dow Jones Industrial Average ( ^DJI 0.17% ) , benchmark S⁘P 500 ( ^GSPC 0.54% ) , and innovation-fueled Nasdaq Composite ( ^IXIC 0.90% ) all recently notched fresh record-closing highs.

But it hasn't always been this way. In each of the first four years of this decade, the Dow Jones, S⁘P 500, and Nasdaq Composite traded off bear and bull markets in successive years.

Though all three indexes have risen over long periods, forecasting short-term directional moves is something that investors can't do with any guaranteed accuracy. Nevertheless, it doesn't stop investors from trying to guess what the immediate future holds for stocks.

Even though the short term offers no certainties, there are a select number of predictive tools and forecasting metrics that have strongly correlated with moves higher or lower in the stock market throughout history. One such measure, which appears to portend a bumpy ride to come for the U.S. economy and Wall Street, is U.S. money supply .

While there are a handful of U.S. money supply measures, the two most closely watched are M1 and M2.

M1 money supply takes into account all cash and coins in circulation, as well as demand deposits in a checking account. The best way to think of M1 is as money that can be accessed and spent at a moment's notice.

Comparatively, M2 money supply factors in everything found in M1 and adds in savings accounts, money market accounts, and certificates of deposit (CDs) below $100,000. It's still money you can spend with relative ease, but the capital in M2 requires a little more work to get in your hands. It's this figure that's the source of concern .

M2 has been rising with virtually no interruption for the better part of nine decades. This is what we'd expect to see from a growing economy that relies on more capital in circulation to facilitate transactions. But in those very rare instances throughout history where M2 money supply has notably declined, trouble has followed for the U.S. economy and stocks.

Big Changes Are Coming For The Pentagon Budget

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If anyone still thought our defense industrial base wasn't in serious trouble, the most recent Government Accountability Office report on how we acquire and advance new weapons systems should set people straight.

By looking at the characteristics and performance of 101 of the Pentagon's costliest weapon programs, the GAO found that more than half of its 26 major defense acquisition programs that have yet to deliver operational capability have reported more delays.

In fact, the word "delay" highlights most of the 261-page report, with the GAO putting the blame squarely on a systemic failure to acquire new systems quickly and to see them through to execution.

The report also found that the average time it takes for major defense acquisition programs to deliver capability has grown from eight years last year to 11 years this year. At a time when China is able to acquire new weapons systems five times faster than the United States, these numbers are unacceptable.

Fortunately, the winds of change will come to the Pentagon if Congress allows them to blow through its budget system.

In 2022, Congress appointed a blue-ribbon commission to recommend reforms in the Pentagon's Planning, Programming, Budgeting, and Execution system. That commission issued its final report, which I helped write and edit, in March.

The current PPBE system was designed in the early 1960s. It reflects an Industrial Age mentality about how to acquire, pay for, and maintain the weapons our military services need.

One of the key recommendations of the commission's 431-page report has been to replace PPBE altogether with a new Defense Resourcing System. The goal of DRS is to create a more seamless flow of resource allocation so Pentagon spending aligns with current overall strategic goals (e.g. confronting China's growing naval threat) while also gaining more efficient performance at all levels of the allocation process.

New Overtime Rule To Impact Small Businesses

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Every August, network with top producers to close more deals, master skills that lead to more listings, and learn about trends that will change how you do business.

The new rule, which started July 1, extends overtime pay to some salaried workers. Small businesses may feel the brunt of the impact at first, experts say

WASHINGTON – A new regulation established by the U.S. Department of Labor will restore and extend the right to overtime pay to many salaried workers, the department announced.

Overtime protections have been part of the Fair Labor Standards Act since 1938 and were enacted to protect workers from exploitation and to benefit workers, their families and our communities, per the Department of Labor.

Per the Department of Labor, unless exempt, an employee covered by the Fair Labor Standards Act must receive overtime pay for all hours worked over 40 in a workweek at a rate not less than one and one-half times their regular rate of pay.

The department estimates that in the first year, the rule will impose approximately $1.4 billion of direct costs on employers. The department also estimates that the rule will result in an income transfer of approximately $1.5 billion from employers to workers during the first year.

Some workers are exempt from the FLSA's minimum wage and overtime protections, including bona fide executive, administrative or professional employees.

DMV Changes Among Bills Signed By North Carolina Gov. Roy Cooper

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RALEIGH, N.C. (AP) — North Carolina Gov. Roy Cooper signed four bills Wednesday that include the creation of a new registry for vaping products and a slew of changes related to transportation laws and the state DMV.

One of the bills signed by Cooper focuses on creating a registry under the North Carolina Department of Revenue for certified vapor products — like e-cigarettes — or consumables containing nicotine at the end of the year. Certification for those products would be mandatory for manufacturers to sell in North Carolina.

There will be penalties for sellers and manufacturers who don't abide by the new regulations. Both would be subject to varying fee amounts, and manufacturers could be charged with a misdemeanor.

Another approved bill makes a wide variety of changes to transportation laws . The modifications include creating digital drivers licenses that can be displayed on mobile devices, printing temporary registration plates on-demand, implementing a work zone safety course and increasing littering penalties.

The third piece of legislation is the state's annual Farm Act . Under this year's iteration, agricultural areas would be exempt from municipal stormwater fees and a tax credit for certain types of land conservation-related donations would be enacted, among other alterations.

Two other bills did not make the cut. The first bill allows for title certification for all-terrain and utility vehicles, as well as permits modified utility vehicles to travel on any roads that are 55 mph or less, which Cooper said would pose a risk on state highways.

The second bill makes several changes regarding tenancy and landlords. Cooper criticized a portion of the bill for barring cities from passing ordinances that stop landlords from refusing to lease to someone who pays for rent with funds from federal housing assistance programs.

10-year Treasury Yield Tumbles After Weak Economic Data

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The 10-year U.S. Treasury yield retreated for another session on Wednesday after weak economic data.

Yields and prices have an inverted relationship, so falling yields mean higher prices for Treasurys. One basis point equals 0.01%.

The 10-year yield took a leg down following economic releases Wednesday signaling that the labor market is cooling. ADP data showed weaker private payroll growth than expected in June, while weekly claims for unemployment benefits came in higher than economists forecast. These numbers are a prelude to Friday's closely watched nonfarm payroll report for June.

Bond yields across the board declined later in the morning after ISM services data came in notably below the consensus expectation of economists. This data added to growing concerns that the U.S. economy is slowing down.

The bond market closes early at 2 p.m. ET on Wednesday and will remain dark on Thursday for the Fourth of July holiday. On Wednesday afternoon, traders will watch for minutes from the policy-setting Federal Open Market Committee's June meeting.

Treasury yields fell Tuesday after Fed chair Jerome Powell said the central bank wants to see more inflation progress before cutting interest rates, now at a range of 5.25% to 5.50%. Speaking at a monetary forum in Sintra, Portugal, Powell admitted that the U.S. is coming closer to a disinflationary path.

⁘We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy,⁘ Powell said, echoing sentiments expressed by other policymakers in recent months.

California Gas Tax Increases Again On Monday

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California Gas Tax Set to Increase July 1

On July 1, the California Gas Tax is set to increase to 60 cents per gallon, which has more than doubled since 2017 when it was just 27.8 cents per gallon.

The announcement of a gas tax increase from 58 cents to 60 cents was made in May 2024 ⁘ see notice here . For a breakdown on taxes, click here . If you have a 12-gallon tank, you will pay an extra quarter. However, in total taxes, you are paying $1.28 per gallon. On a 12-gallon tank, you are paying $15.36 in taxes/fees.

According to AAA, with oil costs accounting for about 54% of what you pay at the pump, more expensive oil usually leads to more expensive gas.

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SAN DIEGO (KGTV) — Gas prices in San Diego County have dropped about 25 cents over the past month, but starting Monday, a higher tax will slightly increase costs.

As of this weekend, the average price for a gallon of gas in San Diego is $4.82. Currently, each gallon includes an additional 58 cents from the state excise tax. However, beginning July 1, this tax will rise to 60 cents per gallon. So, filling up a 12-gallon tank will cost customers about an extra quarter.

According to data from the California Energy Commission, starting Monday, drivers will be paying 90 cents in taxes per gallon of gas, broken down as follows:

Desmond said the state is already too expensive. However, Governor Gavin Newsom blamed high prices on oil companies.

Silverman questions this narrative. He wonders if the state's push for zero-emission vehicles by 2035 could be influencing prices.

"If you're the CEO of an oil company, you have to be charging more in order to make up for the possibility that you may not be in business anymore in California," he said. "If this mandate for no more gasoline-powered cars goes into effect in 2035 or sometime thereafter, there won't be a need for any gasoline because people will be transitioning."

Accounting Today News Quiz: July 1 2024

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