Puerto Rico to Allow Rollovers from the Government Plan for Puerto Rico Employees to Qualified Retirement Plans
On January 20, 2021, the Puerto Rico Department of Treasury released Administrative Determination No. 21-01 (?Ç£AD 21-01?Ç¥), allowing for direct and indirect rollovers of lump-sum distributions from the defined contribution government plan for Puerto Rico employees to a plan that is qualified under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011, as amended (the ?Ç£Code?Ç¥), maintained by a private-sector employer. Such rollovers would be considered exempt transactions and would not be subject to income tax withholding under Section 1081.01(b) of the Code. The provisions of AD 21-01 are effective immediately. AD 21-01 is available here.
Recent social media restrictions in two of the world’s more technologically-advanced countries portend possibly similar bans elsewhere of popular social media sites. A German state, Schleswig-Holstein, apparently does not “like” Facebook. In August, Schleswig-Holstein ordered state institutions to delete their Facebook pages and to remove the “Like” button from their websites. If those institutions do not comply, they could be fined. The edict resulted from the Schleswig-Holstein data commissioner’s concern that Facebook builds profiles of users and non-users based on data Facebook collects when someone clicks the Like button. Such a practice, the data commissioner alleged, violates German and European data protection laws. Facebook disagrees with the commissioner’s contention. As reported on pcmag.com, a Facebook spokesperson stated: “The Facebook Like button is such a popular feature because people have complete control over how their information is shared through it.” Moreover, Facebook asserts that the only information the company receives, when… Continue Reading