Amendment to Welfare Plan Held to Be Constructive Amendment to Pension Plan That Reduced Accrued Benefit

The Court of Appeals for the Third Circuit in Battoni v. IBEW Local Union 102 Employee Pension Plan held that a change in a welfare plan amounted to, in effect, an unlawful cutback of participants’ benefits in a pension plan in violation of the anti-cutback provisions of ERISA and IRC §411(d)(6).  The matter in question involved the merger of two locals of the International Brotherhood of Electrical Workers (IBEW) and their plans.  Prior to the merger, IBEW Local 675’s pension plan permitted beneficiaries to choose between a lump sum retirement benefit or periodic payments, while Local 102’s plan (which was to be the surviving plan) did not provide for such a benefit.  The combined pension plan provided that members of Local 675 retained the right to take a lump sum payment, but only for benefits accrued prior to the merger.

President’s Tax Proposals for FY2011 Outlined in Treasury Green Book

Details of the tax proposal in the President’s 2011 budget proposal are described in the Treasury Department’s “Green Book,” more formally known as the General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals.  The 153 page document is available from the Treasury Department’s website as a PDF file.

IRS Announces Plan to Require Disclosure of FIN48 Information by Corporations With Assets Greater than $10 Million

As some had surmised was likely to happen, the IRS is getting ready to make use of the data regarding uncertain tax positions being assembled by entities to comply with FIN48 (now in FASB ASC 740-10). The IRS announced that it is considering requiring business taxpayers with total assets in excess of $10 million that have financial statements prepared to which FIN48 is applicable to give more detailed disclosures of uncertain tax positions.  Announcement 2010-9 the IRS has asked for comments to be submitted by March 29, 2010.  The IRS expects to issue a schedule on which the disclosures will be made, and the disclosures will be required on returns filed after the schedule is released.

IRS Wants Firms to Flag Tax Strategies

Large corporations will be required to file a summary of their questionable tax positions to the Internal Revenue Service under a plan announced Tuesday designed to give the agency a road map for preventing tax avoidance.

US: Business News:
http://online.wsj.com/article/SB10001424052748703906204575027320135790934.html?mod=rss_whats_news_us_business

Reading this on your Blackberry? Try The Wall Street Journal Mobile Reader now by clicking http://www.wsjmobilereader.com.”

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

There are few totally original ideas.

Most good ideas are borrowed from other ideas, or simply reformat existing ideas in new, interesting ways.

I developed this precise 5 X 11 approach for my personal time management a decade ago. I am certain that these ideas which I developed for my personal habits & discipline drew heavily from various coaches & time management experts.

It is a great stress reliever in our work-a-day world.

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One Great Productivity Idea for 2010 – Morningstar Advisor

http://advisor.morningstar.com/articles/article.asp?docId=18419&email=pb0120A2

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

Taxpayer Both Properly Discloses a Position and Fails on Another When Dealing with §6662 Penalty

The Tax Court took a look at what represents adequate disclosure and a reasonable basis for a position in the case of Campbell v. Commissioner, 134 TC No. 3.

Congress Passes Bill Allowing Cash Contributions for Haitian Earthquake Relief Made in January and February Deductible on 2009 Returns

In response to the earthquake in Haiti, Congress has unanimously enacted the Haitian Assistance Income Tax Relief Act.  That bill contains three provisions that apply to contributions for Haitian earthquake relief.  Taxpayers may elect to treat any contribution made after January 11, 2010 and before March 1, 2010 as if it were made on December 31, 2009.  To qualify the contributions must be made in cash, has to be made for the relief of victims in the areas affected by the earthquake in Haiti on January 12, 2010 and for which a charitable contribution is allowed under IRC §170.

Distribution from Qualified Plan Does Not Qualify for Relief from 10% Premature Distribution Tax Under First Time Homeowner Exception

John Armbrust (Armbrust v. Commissioner, TC Summary Opinion 2010-5) ran into what appears, even to the Tax Court, to be a rather arbitrary distinction between funds received from an IRA and a qualified plan.  However, the Court found that the law was clear and it had no choice but to subject the entirety of John’s plan distribution used for acquisition of a new home to the 10% tax on premature distributions.

Bill Gates brings far-ranging musings to the Web

AP – When Bill Gates was at Microsoft’s helm, his internal memos set the company’s course for such radical shifts as the rise of the Internet.

http://us.rd.yahoo.com/dailynews/rss/tech/*http://news.yahoo.com/s/ap/20100120/ap_on_hi_te/us_tec_techbit_bill_gates_new_site

Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

YouTube – Lost Generation

YouTube – Lost Generation.

You may find this video very clever.

A palindrome reads the same backwards as forward. This video reads the exact opposite backwards as forward.  Not only does it read the opposite, the meaning is the exact opposite. This is only a 1 minute, 44 second video and it is brilliant.   Make sure you read as well as listen both forward and backward.

This is a video that was submitted in a contest by a 20-year old.   The contest was titled “u @ 50″  by  AARP. This video won second place. When they showed it, everyone in the room was awe-struck and broke into spontaneous applause.  So simple and yet so brilliant.

Take a minute to watch it.

via YouTube – Lost Generation.