Things To Do In SW Florida

Christine Benz of Morningstar

If you have gifting to loved ones on your mind, here are some considerations related to taxes and logistics.

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Gifting logistics

Unless you’re writing a check from your bank account, the logistics of gifting funds can get a bit complicated.

If you want to gift from your IRA, your only option is to sell a chunk of it, then pay any taxes due, then write a check. That’s not terrible, so long as you understand the tax implications. IRA withdrawals are typically subject to ordinary income tax, along with penalties if you’re not yet 59½. You could also trigger some knock-on tax effects like the income-related monthly adjustment amount. In other words, gifting from your IRA isn’t as seamless as making a qualified charitable distribution from your IRA or naming someone as a beneficiary of your IRA. read more

By MORGAN LEE, Associated Press

SANTA FE, N.M. (AP) — A trial focused on the dangers of child sexual exploitation on social media and whether Meta misrepresented the safety of its platforms began Monday in New Mexico with opening statements.

It’s the first stand-alone trial from state prosecutors in a stream of lawsuits against major social media companies, including Meta, over harm to children, and one that is likely to highlight explicit online content and its effects.

Prosecutors told a jury that Meta failed to disclose what it knew about harmful effects of its platform on children, in violation of state consumer protection laws. Meta also is accused of creating a public nuisance.

“The theme throughout this trial is going to be that Meta put profits over safety,” attorney Donald Migliori, representing the state of New Mexico in its suit against Meta. “Meta clearly knew that youth safety was not its corporate priority … that youth safety was less important than growth and engagement.” read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks are drifting in mixed trading Monday, a downshift following bursts higher for stocks in Asia earlier in the day and Wall Street’s own rally to close last week.

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The S&P 500 rose 0.5% and inched closer to its record set two weeks ago. The Dow Jones Industrial Average was down 45 points, or 0.1%, as of 1:05 p.m. Eastern time, and the Nasdaq composite was 1% higher.

The relatively modest moves followed a 3.9% burst higher for Japan’s Nikkei 225 to a record. Stocks rallied there following a landslide victory for the prime minister’s political party in a parliamentary election. The thought is that will give Sanae Takaichi more power to push through reforms that will boost the economy and market. read more

By ANNE D’INNOCENZIO, AP Business Writer

NEW YORK (AP) — The operator of roughly 180 Eddie Bauer stores across the U.S. and Canada has filed for Chapter 11 bankruptcy protection, blaming declining sales and a litany of other industry headwinds.

The bankruptcy filing marks the third time in a little over two decades for the storied-but-now-tired brand that began as a Seattle fishing shop, later outfitted the first American to climb Mount Everest and made thousands of newfangled down jackets and sleeping bags for the military during World War II.

Eddie Bauer LLC said Monday it had entered into a restructuring pact with its secured lenders as it made the filing in the U.S. Bankruptcy Court for the District of New Jersey.

Most Eddie Bauer retail and outlet stores in the U.S. and Canada will remain open as the company winds down certain locations. It noted that it will conduct a court-supervised sales process, and if a sale can’t be executed, it will begin a wind-down of its U.S. and Canadian operations. read more

By KAITLYN HUAMANI and BARBARA ORTUTAY, AP Technology Writers

LOS ANGELES (AP) — The world’s biggest social media companies face several landmark trials this year that seek to hold them responsible for harms to children who use their platforms. Opening statements for the first, in Los Angeles County Superior Court, began on Monday.

Instagram’s parent company Meta and Google’s YouTube will face claims that their platforms deliberately addict and harm children. TikTok and Snap, which were originally named in the lawsuit, settled for undisclosed sums.

“This was only the first case — there are hundreds of parents and school districts in the social media addiction trials that start today, and sadly, new families every day who are speaking out and bringing Big Tech to court for its deliberately harmful products,” said Sacha Haworth, executive director of the nonprofit Tech Oversight Project.

A separate trial in New Mexico, meanwhile, was also set to kick off with opening arguments on Monday. read more