In This Issue
- NHTSA to Launch Live Recall Site
- IRS Grants Relief for Reliance on Tax Professional
- FDA Approves Dangerous Drugs
- It’s Ok to Take a Nap
The National Highway Traffic Safety Administration has announced it will launch an up to date recall website complete with information about specific vehicles.
Congress required the secretary of transportation to mandate that safety recall information for automobile vehicles be available to public via the internet. A website www.safecar.gov is where you can search through your vin number to see if your vehicle has been subjected to a recall and whether your vehicle has had the repair mandated by the recall. This can be helpful because a lot of times people who buy previously owned vehicles do not know if that particular vehicle has had the repair mandated by the government. This website should be up and live within the next several months.
Under section 9100 of the tax code the IRS recently granted relief to a couple who relied upon their tax professional to perform two conversions into Roth IRASs. A husband and wife decided to perform two conversions when they should not have done so until a certain date. The couple received a letter of deficiency from the IRS and then successfully argued that they were not tax professionals, had no experience in dealing with Roth IRAs and had relied upon their uncle a financial planner to perform the conversion. In this particular case the IRS ruled that since the tax payers acted in good faith they were allowed to undo their conversions. The moral to this case is that the IRS is more likely to issue a favorable ruling when the tax payer relies on a professional and did not just make the mistakes themselves. This ruling is good for tax payers who may face penalties and taxes for making mistakes on tax returns. In this case the tax payer would have had a potential malpractice case against the financial planner who advised them to do the conversions. Most of the time that is the route that is to be considered but it was unlikely in this case because the financial advisor was a relative.
The Federal Drug Administration approved two prescription drugs for weight loss. The two drugs Lorcaseran manufactured by Arena Pharmaceuticals to be sold under the brand name Belviq and the second drug that the FDA approved is a drug made by Vivus originally named Qnexa but it will be marketed under the brand name Qsymia. These two drugs are the first diet drugs the FDA has approved in 13 years. Neither of these pills are available on the market yet but we still feel it is necessary to warn consumers about these weight loss drugs. Our law firm has previously been involved in litigation with other weight loss drugs such as Phen Phen which was pulled off of the market. Other diet drugs such a Ephedra and Meridia have been pulled off the market because they were known for causing heart attacks and strokes. With this track record it is hard to believe that these drugs are any different than what has previously been banned. The side effects of these drugs are serious and the benefits are limited. After the FDA approved these drugs the Annals of Internal Medicine published an online recommendation against these diet drugs because of safety issues. The reality is that dieters can not keep off the weight they lost by taking diet medication. Even with the FDA approval there are already studies that show these approved drugs can cause a number of dangerous side effects including kidney stones, pancreatitis, cognitive impairment and increased heart rate which can cause heart valve problems.
A lot of people who are older than 60 years old try not to fall asleep during the day thinking that if they do so it will affect their night time sleep. Some have also heard that napping during the day will prevent you from sleeping at night. For healthy older adults one daily nap taken no later than 6pm at least five days a week could increase both total sleep time and mental ability. According to a recent study, both long two hour and short 45 minute naps significantly increase the participants 24 hour sleep amount and neither had a negative affect on nighttime sleep.