Jeff Bezos

REM Cycle Review: Unexpected DNA kits and spousal support

At last, the moment you’ve been waiting for all week—the latest installment of the REM Cycle Review, the only weekly tax roundup compiled by a penguin who consumes nothing but Red Bull and burritos. (You’ve got to lay off the Red Bull, Crystal. It’s starting to get weird.) We’ve got lots of tax tidbits to get you through these cold winter nights, plus this week’s staff video picks. Join us, won’t you?

Spousal support after a divorce? There’s a new tax rule for that. A more in-depth, less pun-laden look at the new divorce rules under the Tax Cuts and Jobs Act (TCJA) than last week’s article on the Jeff and MacKenzie Bezos split. [Business Insider]

Withholding and estimated tax payments fall short? The IRS may waive your penalty. In a move sure to relieve many, the IRS announce this week that it will waive the estimated tax penalty for many taxpayers whose withholding and estimated tax payments fell short of their total tax liability for the year. [IRS.gov]

Surprising absolutely no one, student loan debt keeps young people from buying homes. The Federal Reserve commissioned a long-term study to figure out why millennials weren’t buying houses. As it turns out, $1.5 trillion ($1,500,000,000,000—that’s eleven zeroes, for those playing along at home) in education-related loans is an “important factor.” [CNBC]

Unexpected DNA test kits + hackers + $10 Amazon gift cards = FRAUD. It’s weird enough to receive a DNA test kit in the mail you didn’t order. Weirder still if you discover the kit was ordered by someone you don’t know, who used a stolen credit card number in order to do it. The weirdness reaches M.C. Escher levels when it’s revealed all this nefarious naughtiness was committed in the name of… getting a ten-dollar gift card for Amazon? Uhhh… seriously? [USA Today]

Today, January 18, is National Thesaurus Day. National Thesaurus Day is observed annually on January 18 in honor of Peter Mark Roget (1779-1869), creator of Roget’s Thesaurus. Today, the thesaurus is also celebrated, appreciated, valued, treasured, esteemed, and held in high regard. [National Day Calendar]

This week we’re watching…

The REM Cycle editorial staff recommends one professional development video and one funny or thought-provoking video each week.

Former FBI hostage negotiator Christopher Voss created his company Black Swan based on the skills learned as a negotiator in hostage situations.

DNA tests you can take with do-it-yourself kits sent right to your home are more popular than ever, but how well do they really work?

Thanks to astute reader Greg Lavin for pointing out the correct number of zeroes in a trillion. We send him a trillion thanks and good wishes.

The REM Cycle Review is a weekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general.

Got a hot tip? Email us at REMCycle@rem-co.com.

REM Cycle Review: Amazon divorce and a GILTI proposal

Ahhhh, Friday. The work week is almost over, the weekend is almost upon us, and it’s time to lean back in your chair and relax with another edition of the REM Cycle Review, the only weekly tax roundup written on an Apple MacIntosh. (The last part of this statement is not true.) We’ve got tax news that might have slipped under your radar this week, as well as this week’s staff video picks. Let’s dive in!

When Amazon founder Jeff Bezos couldn’t re-Kindle Fire into his marriage, the entire world took note—including tax professionals. One thing Jeff and MacKenzie Bezos may not have Primed themselves for is the new divorce rules under the Tax Cuts and Jobs Act (TCJA)... [Fox Business]

There is no average taxpayer anymore—not that there was an average taxpayer to begin with. But now that the TCJA has turned filing requirements upside down, New Yorkers will find their requirements even more complex, as NYS has decoupled its tax policies from the new federal laws. [Rochester Democrat & Chronicle]

A GILTI proposal. The American Institute of CPAs has requested that the IRS and Department of the Treasury change proposed regulations to the Global Intangible Low Tax Income provision in the TCJA. [Tax Pro Today]

Cryptocurrency markets plunge 11% in a single day. As of this writing, the biggest losers are Bitcoin Cash, EOS, Tron, and Cardano. So…not a super-great day to be a crypto investor. [Ethereum World News]

This week we’re watching…

The REM Cycle editorial staff recommends one professional development video and one funny or thought-provoking video each week.

Craig Wortmann shares five elements to running a high-impact business meeting.

Did Pepsi really run a commercial promising drinkers a military aircraft? Uhhh…

The REM Cycle Review is a weekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.