The American Taxpayer Relief Act of 2012 extended the provision allowing qualified charitable distributions (QCDs) for 2012 and 2013. IRA owners 70 ½ or older can exclude from gross income up to $100,000 of QCDs each year.
Former New Orleans Saints punter Russel Erxleben was indicted in the United States District Court Western District of Texas Austin Division for allegedly running a Ponzi scheme obtaining over $2 million.
Mary Jo White, the former U.S. attorney for the Southern District of New York, is President Obama's nomination to be the next chairwoman of the Securities and Exchange Commission. "It's not enough to change the law," President Obama stated. "We also need cops on the beat to enforce the law." Mr. Obama added that as the United States attorney in New York in the 1990s Ms. White prosecuted money launderers, mobsters and terrorists. "I'd say that's a pretty good run," he said. "You don't want to mess with Mary Jo. As one former S.E.C. chairman said, Mary Jo does not intimidate easily." Whether Ms. White's nomination will be accepted remains to be seen. Even if her nomination is accepted, some commentators have question whether she would be effective because her work in private practice involved defending some of Wall Street's biggest players.
Garry Milosevich of Duluth, Minnesota pled guilty on January 17, 2013 to mail fraud in the U.S. District Court for the Western District of Wisconsin. Milosevich was indicted on April 19, 2007, but remained at large until he was found in Honduras in January 2012. The indictment alleged that Milosevich solicited individuals to invest in a "prime back guarantee" under the company names Rainbow Management Trust and Interstar Management Limited. Milosevich, and his co-defendant Daniel Tepoel, mailed promotional materials to potential investors assuring a high rate of return from a principal balance that would never be at risk.
Earlier this month, Congress passed the American Taxpayer Relief Act of 2012 which extends many of the Bush-era tax cuts and provides some much needed stability to the federal estate, gift and generation-skipping transfer tax law. Below is a brief synopsis of the current federal estate and gift tax law: