IRS rule on reselling concert, sporting event tickets could impact many

 People who have made money from reselling tickets to concerts or sporting events this year will face new scrutiny from the Internal Revenue Service (IRS) when it comes time to file their 2023 taxes.

A newly implemented law lowered the tax reporting thresholds for users of e-commerce platforms, including event ticketing websites like Ticketmaster and StubHub, by requiring those platforms to provide information on sellers’ proceeds to the IRS if their ticket sales in 2023 were worth more than $600. The previous reporting threshold applied to users with $20,000 in revenue and more than 200 transactions, but the new threshold can be triggered with just one transaction if it tops $600.

Under the rule, ticketing platforms will be required to report sellers’ proceeds of $600 or more over the course of the year and send them a 1099-K form regardless of whether they earned a profit. However, sellers will only owe additional taxes if they made a profit by selling a ticket for more than they paid for it.

Ticket resellers using platforms like Ticketmaster and StubHub will receive 1099 forms from the IRS if their revenue from sales exceeds $600 in 2023. (Mateusz Slodkowski / SOPA Images / LightRocket via Getty Images / File | Reuters / Erin Scott / File / Getty Images)

The lower threshold and reporting changes may cause confusion among concertgoers and sports fans who have bought and sold tickets over the course of 2023 – which has seen strong demand for live events that range from professional and college sports to Taylor Swift’s Eras Tour.

The rule change stems from a provision included in legislation enacted in the early months of the Biden administration that was phased in to take effect in 2023.

There was strong demand for tickets to concerts on Taylor Swift's Eras Tour, which could trigger tax reporting for those who sold tickets. (Bob Levey / TAS23 / TAS Rights Management / File / Getty Images)

The tax provision was included as a revenue-generating measure in the American Rescue Plan Act – a $1.9 trillion stimulus package enacted along party lines by Democrats in early 2021 through the budget reconciliation process. It was initially poised to take effect for the 2022 tax year, but the Biden administration opted to delay the rule for a year to allow the IRS more time to implement the change.

IRS Commissioner Daniel Werfel has said that the agency is planning to issue guidance on the subject for taxpayers who may receive 1099-K’s due to their proceeds from ticket sales and could owe taxes.

Internal Revenue Service Commissioner Daniel Werfel has said the agency will put out more information on the $600 reporting threshold for taxpayers as tax filing season approaches. (Stefani Reynolds / AFP / File / Getty Images)

Lawmakers in Congress are considering changes to the reporting threshold, although it’s unclear whether any changes will be made before filing season for the 2023 tax season arrives.

https://www.foxbusiness.com/economy/new-irs-rule-reselling-concert-sporting-event-tickets-impact-large-number-americans

Federal judge again strikes down California law banning gun magazines of more than 10 rounds

 California cannot ban gun owners from having detachable magazines that hold more than 10 rounds, a federal judge ruled Friday.

The decision from U.S. District Judge Roger Benitez won't take effect immediately. California Attorney General Rob Bonta, a Democrat, has already filed a notice to appeal the ruling. The ban is likely to remain in effect while the case is still pending.

This is the second time Benitez has struck down California's law banning certain types of magazines. The first time he struck it down — way back in 2017 — an appeals court ended up reversing his decision.

But last year, the U.S. Supreme Court set a new standard for how to interpret the nation's gun laws. The new standard relies more on the historical tradition of gun regulation rather than public interests, including safety.

The Supreme Court ordered the case to be heard again in light of the new standards. It's one of three high-profile challenges to California gun laws that are getting new hearings in court. The other two cases challenge California laws banning assault-style weapons and limiting purchases of ammunition.

Benitez ruled that “there is no American tradition of limiting ammunition capacity.” He said detachable magazines “solved a problem with historic firearms: running out of ammunition and having to slowly reload a gun.”

“There have been, and there will be, times where many more than 10 rounds are needed to stop attackers,” Benitez wrote. “Yet, under this statute, the State says ‘too bad.’”

Bonta said larger capacity magazines are also important to mass shooters, allowing them to fire quickly into crowds of people without reloading. He said the U.S. Supreme Court made it clear the new standard for reviewing gun laws “did not create a regulatory straitjacket for states.”

“We believe that the district court got this wrong,” Bonta said. “We will move quickly to correct this incredibly dangerous mistake.”

Chuck Michel, president of the California Rifle and Pistol Association, praised Benitez for a “thoughtful and in-depth approach.”

“Sure, the state will appeal, but the clock is ticking on laws that violate the Constitution,” Michel said.

California has been at the forefront of gun restrictions in the United States. Last week, California became the first state to call for an amendment to the U.S. Constitution that would ban assault weapons and gun sales to people under 21, among other changes.

Gov. Gavin Newsom called Benitez's ruling “a radical decision.”

“Judge Benitez is not even pretending anymore. This is politics, pure and simple,” Newsom said. “It’s time to wake up. Unless we enshrine a Right to Safety in the Constitution, we are at the mercy of ideologues like Judge Benitez.”

https://news.yahoo.com/federal-judge-again-strikes-down-211712266.html

Mexican officials push migrants away from border-bound cargo trains

 Several dozen migrants retreated in frustration from train tracks outside Mexico City on Friday, blocked by Mexican officials from hitching rides on cargo wagons in a major new enforcement effort to curb the flow of people headed north.

Thousands of people have reached the northern border in recent days and crossed into the United States, many after taking dangerous journeys on freight trains known as "The Beast."

Mexican railroad operator Ferromex this week suspended 60 trains due to the influx of people, and Mexico's National Migration Institute (INM) has deployed agents to dissuade people from climbing aboard.

At a railway alongside a trash dump in Huehuetoca, a town north of Mexico City, some 40 INM agents in more than a dozen vans drove alongside the tracks to cut off access to migrants, and sent up a drone to locate others who had scrambled into the surrounding hills.

"They forced us away from the rail," said Jason, a Venezuelan migrant who asked to be identified only by his first name. "We have no other options anymore."

Migrants carrying backpacks and jugs of water made their way through tall grass under the hot sun to retreat on foot to the nearest town.

INM on Friday said it would work with Ferromex, owned by conglomerate Grupo Mexico, to identify strategic points to dissuade migrants from riding the trains, which it said puts lives at risk.

Despite the dangers of clambering aboard car roofs or huddling inside open-air wagons, many migrants say they cannot afford other options, and fear extortion on the highways or being sent by migration agents back to southern Mexico.

Milagros Narvaez, also from Venezuela, said the INM officers told the migrants they had to turn back, and that she was desperate after already struggling for nearly a month to find a way to the northern border.

"It's been an odyssey to be here in Mexico," she said. "We want to take the train to get to the border and cross into the United States... Wherever the train takes us, wherever they will give us asylum."

https://news.yahoo.com/mexican-officials-push-migrants-away-020627392.html

Intarcia’s Diabetes Drug-Device Implant Unanimously Rejected by Adcomm

 The FDA’s Endocrinologic and Metabolic Drugs Advisory Committee on Thursday unanimously voted against Intarcia Therapeutics’ investigational drug-device combination product ITCA 650 (exenatide in DUROS device) for the treatment of type 2 diabetes.

All 19 panelists found that the benefits of the implantable drug-device combination did not outweigh its risks from potential side effects. In particular, the panel flagged the high rate of acute kidney injury in patients assigned to the treatment group, which they contend could potentially be attributed to ITCA 650.

Even if the acute kidney injury episodes were triggered by other external causes, “does having the device in place exacerbate it?” asked Patrick Nachman, a panel member and director of the Nephrology and Hypertension division at the University of Minnesota, during Thursday’s advisory committee meeting.

The external experts made the case that there’s a lot of uncertainty regarding the safety profile of ITCA 650 with the need for additional data, which they suggested Intarcia could collect in larger trials.

Thursday’s adcomm defeat is the latest in ITCA 650’s troubled regulatory history. The FDA issued its first Complete Response Letter (CRL) for the implantable device six years ago, in September 2017, citing manufacturing issues. The company resubmitted its application more than two years later, in October 2019, which the FDA considered as a complete response to the initial CRL.

The regulator nevertheless rejected the resubmission, issuing a second CRL in March 2020. The company at the time said that it would seek a meeting with the FDA’s Division of Metabolic and Endocrinology Products to better understand the regulatory path forward for ITCA 650. These two rejections also pushed the company to seek an advisory committee meeting, according to STAT News.

Using Intarcia’s proprietary Medici Drug Delivery System, ITCA 650 is a matchstick-sized mini osmotic pump designed to continuously deliver a therapeutic molecule just beneath the skin over six months. Placed in a patient’s abdominal area, the drug-device combination is designed to potentially reduce injection frequency and improve patient adherence.

The active ingredient in ITCA 650 is exenatide, which belongs to the drug class called GLP-1 receptor agonists along with Novo Nordisk’s Ozempic (semaglutide) and Lilly’s Trulicity (dulaglutide). Exenatide has also been approved by the FDA and is sold under the brand names Byetta and Bydureon.

As in the case of ITCA 650, Byetta and Ozempic also come with safety concerns for acute kidney injury, as indicated by their labels.

A former biotech unicorn, Intarcia’s assets—including ITCA 650—were acquired last month by private company i2o Therapeutics.

https://www.biospace.com/article/intarcia-s-diabetes-drug-device-implant-unanimously-rejected-by-adcomm/

Newsom vetoes bill banning robotrucks without safety drivers

 California Governor Gavin Newsom late on Friday vetoed a bill to prevent heavy-duty driverless trucks from operating in the state, in a relief for companies developing autonomous technology to haul goods across the US.

The labor-backed Assembly Bill 316, which requires a trained human driver to be present in autonomous vehicles weighing over 10,001 pounds, was passed by a heavy majority in both houses of the state legislature.

“Considering… the existing regulatory framework that presently and sufficiently governs this particular technology, this bill is not needed at this time,” Newsom said in a veto message on Friday.

A veto by the governor can still be overturned if the legislature chooses to vote in favor of the bill with a two-thirds majority in each house.

This, however, is rare and has not happened in California since 1979.

While many states, including Texas and Arkansas, have allowed the testing and operation of self-driving trucks, California – home to Alphabet, Apple and some of the most cutting-edge tech startups – bars autonomous trucks weighing more than 10,001 pounds.

But the department of motor vehicles has been working towards developing a regulatory framework to lift that restriction, prompting the suggested bill, industry sources told Reuters.

While many states, including Texas and Arkansas, have allowed the testing and operation of self-driving trucks, California – home to Alphabet, Apple and some of the most cutting-edge tech startups – bars autonomous trucks weighing more than 10,001 pounds.

Reuters

Developing autonomous technology has proved harder and more expensive than expected, leading to job cuts and even companies shutting shop.

Some that are still testing and deploying driverless trucking operations include Aurora, Daimler Truck, Kodiak Robotics and Gatik.

Supporters of the technology say the bill would hamper chances of achieving autonomous hauling of goods, for example, from the bustling seaports in Southern California to locations across the state, and cause future investments in autonomous infrastructure to flow to other states.

But labor unions led by the International Brotherhood of Teamsters have been calling for Governor Newsom to sign the bill, saying autonomous trucks – some of which weigh over 80,000 pounds – were unsafe and would lead to job losses.

Labor unions led by the International Brotherhood of Teamsters have been calling for Governor Newsom to sign the bill, saying autonomous trucks – some of which weigh over 80,000 pounds – were unsafe and would lead to job losses.

AP
Governor Newsom in his veto message said any regulations framed by the department of motor vehicles would be transparent, with inputs from stakeholders and experts to ensure safety.

He directed the labor and workforce development agency to develop recommendations to mitigate any potential impact on jobs from the deployment of such vehicles.

https://nypost.com/2023/09/23/california-governor-newsom-vetoes-bill-banning-robotrucks-without-safety-drivers/

At least 35% of adults in nearly half the US are obese, new CDC data shows

 Obesity is becoming more prevalent in a growing number of states, according to new data from the Centers for Disease Control and Prevention.

The information shows that in 22 states in 2022 at least 35% of adults were obese — an increase from 19 states in 2021.

The CDC noted that 10 years ago, there were no states that had an adult obesity prevalence at or above 35%.

The data is from the Behavioral Risk Factor Surveillance System, an interview survey conducted by the CDC and state health departments.

Survey participants were considered to have obesity if their body mass index was at least 30.

Obesity was most common in Louisiana, Oklahoma and West Virginia, where more than 40% of adults were obese.

The rest of the 22 states that had an adult obesity prevalence at or above 35% include Alabama, Arkansas, Delaware, Georgia, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, North Dakota, Ohio, South Carolina, South Dakota, Tennessee, Texas, Virginia and Wisconsin.

The data shows that in 2022, at least 35% of adults were obese in 22 states — an increase from 19 states in 2021.

Getty Images

The 2022 Adult Obesity Prevalence Maps indicate that some groups are more affected by obesity than others, with “notable differences” by race and ethnicity.

At least 35% of American Indian or Alaska Native adults had obesity in 33 states, and the same for black adults in 38 states, Hispanic adults in 32 states and white adults in 14 states.

Obesity rates for Asian adults did not exceed 35% in any state.

Obesity was most common in Louisiana, Oklahoma and West Virginia.

Getty Images/iStockphoto

“Our updated maps send a clear message that additional support for obesity prevention and treatment is an urgent priority. Obesity is a disease caused by many factors, including eating patterns, physical activity levels, sleep routines, genetics, and certain medications,” Karen Hacker, MD, MPH, director of the CDC’s National Center for Chronic Disease Prevention and Health Promotion, said in a statement.

Hacker continued, “This means that there is no one-size-fits-all approach. However, we know the key strategies that work include addressing the underlying social determinants of health such as access to healthcare, healthy and affordable food, and safe places for physical activity.”

The 2022 maps indicate that population-based interventions are needed to make sure everyone enjoys ready access to healthy foods, safe places to exercise, stigma-free obesity prevention and treatment programs, and evidence-based health care services such as medication and surgery, the CDC noted.

Eating more fruits and vegetables, mothers practicing breastfeeding, taking up physical activity, avoiding sedentary lifestyles and reducing screen time are all recommended strategies for prevention.

Getty Images

Along with reporting being stigmatized because of their weight, adults with obesity have a higher risk of serious health conditions, such as heart disease, stroke, Type 2 diabetes, some cancers, poor mental health and severe effects from COVID-19, according to the CDC.

The CDC’s Division of Nutrition, Physical Activity and Obesity offers proven strategies which it prioritizes at the state and local level to reduce the risks involved with obesity.

The strategies include: making physical activity safe and accessible for all, making healthy food choices easier everywhere, making breastfeeding easier to start and continue, strengthening obesity prevention standards for early care and education settings, and increasing the number of and access to family healthy weight programs.

The CDC’s Division of Nutrition, Physical Activity and Obesity has proven state and local strategies they prioritize to reduce the risk of chronic disease.

Getty Images/iStockphoto

To reverse the obesity epidemic, the CDC has issued advisories on supporting healthy eating and active lifestyles in a variety of settings.

Eating more fruits and vegetables, mothers practicing breastfeeding, taking up physical activity, avoiding sedentary lifestyles and reducing screen time are all recommended strategies for prevention.

https://nypost.com/2023/09/22/obesity-is-on-the-rise-in-most-states-new-cdc-data/