Mark Wahlberg Loses $250,000 Bet to P.Diddy Over the Fight of the Century

On Saturday, May 2, famed athletes Floyd Mayweather and Manny Pacquiao clashed in one of the biggest boxing matches in recent years. Titled the Fight of the Century, the bout drew millions of viewers around the world, including more than a few celebrity guests. Two such stars, Mark Wahlberg and P. Diddy, reportedly made a sizable wager over the results, with Wahlberg siding with Pacquiao and Diddy backing Mayweather.

The two originally agreed on a bet of $100,000, but eventually raised the number to $250,000. Wahlberg also promised to donate his winnings to charity if Pacquiao was successful. Unfortunately, it was Diddy who came out on top, with Mayweather winning the match by unanimous decision.

However, some tax experts are saying that while Wahlberg may have lost, Diddy is the one who will likely pay when tax season returns.

Research shows that Americans spend 7.6 billion hours preparing taxes annually, and for good reason, as the process is infamously confusing. However, there are a few rules that most people keep in mind: for example, you can deduct donations to charity, while you are required to report your gambling winnings. To the average person, this would therefore imply that you could deduct your gambling winnings if you donated them to charity, as Wahlberg planned to. But according to Robert Wood, a tax and litigation expert with Forbes, it isn’t quite so simple.

Wood says that the problem comes down to the strict rules gamblers face when it comes to tax deductions. While professional gamblers can deduct their losses as a business expense, casual gamblers cannot deduct gambling losses that are more than their winnings, and deductions are limited. Additionally, all gambling income is taxed, whether it comes from the lottery, a raffle, races or a casino. Non-cash prizes, such as cars and houses, are also taxed based on their market value. For this reason, the payer may provide the winning gambler with a special form, called a W-2G, for reporting gambling winnings, and may even withhold federal income taxes from the payment.

Meanwhile, Wood says that all deductions are limited. While you can deduct your gambling losses for the year on your Form 1040, taxpayers must be able to provide receipts, tickets, statements or other records to show the total amount they won or lost. The casino or other business will also report big wins to the IRS. For this reason, Wood says that all casual gamblers who want to use their gambling losses to offset their winnings should keep records. Otherwise, the winnings will be taxed while the losses will become nondeductible.

Even if Pacquiao had won, Wahlberg would have been unable to deduct the $250,000 as a charitable donation: the IRS always counts money derived from gambling as gambling winnings, even if you spend the money on charity. However, Wood says that Wahlberg may come out on top because of this. While Diddy will have to report the bet, all Wahlbeg has to do is win at least $250,000 on another wager. This way, Wood says he will violate the IRS rule that a taxpayer can’t deduct more than they win. But Wood notes that limits on itemized deductions could be costly, especially given Wahlberg’s wealth.

Fortunately for Wahlberg, there are reportedly some slick ways he could attempt to minimize his losses. For example, if he made the bet through his production company, Closest to the Hole Productions, he might be able to deduct the loss as a business expense. Likewise, Wood says his business relationship with Diddy might come in handy, as perhaps Wahlberg could claim the entire ordeal as a promotional expense.

New Survey Finds Electricians Divided as to How Much Experience and Training Is Necessary

There may be some 583,500 electricians working in the United States, but hardly any of them are experienced enough, according to a new survey by Klein Tools.

On behalf of Klein Tools, Russell Research conducted the “State of the Industry” survey, doing 201 online interviews of different electricians across the country. About 40% of survey participants were union members, and 60% were not.

According to the results, about 75% of electricians believe that there’s not enough experienced electricians on job sites. At the same time, about 37% — almost two-fifths — of electricians also believe that there aren’t enough entry level electricians on site, either.

The survey also found that there is some division in the industry in regards to the amount of training that should be required to become an electrician. The majority (55%) of electricians believe that professionals need 1,000 or more hours of training to be effective electricians. Yet, only about three in five electricians who possess more than 20 years of professional experience have gotten that much training.

Less experienced electricians feel differently. More than half (55%) of surveyed electricians who had less than 10 years of experience believe that 250 hours or less of training is necessary. About one in 10 of them also believe that they’ve already received too much training.

“Electricians are at a renaissance as new technology constantly replaces old standards and practices,” said Klein Tools co-president Mark Klein in a press release. “Electricians need to be up-to-date both with the latest products and also the newest building practices so time in the classroom and also on the job site is critical. Klein Tools works hard to keep tools and materials up to date so electricians of all generations can rely on quality products when they put all of their training to use.”

Businesses Value File Transfer Security But Fail to Properly Secure Themselves

A recent survey on file transfer services has shown that although businesses agree that security is “critical,” some industries are lagging far behind in setting up security systems.

Infosecurity Magazine reports that a survey conducted by software company Biscom revealed that at the very least, industries across the country are unanimous in their belief that security is a core component of their file transfer systems. A good 70% of respondents, which included representatives from the healthcare, financial, retail, technology, and manufacturing industries, among others, said that security was the most important thing to them when looking for file transfer services. A full 72% said security was “critical” for cloud-based services such as Google Drive and Dropbox.

“Our survey confirmed what we were already starting to see: that security will be the key focus in all areas of business for 2015,” said Bill Ho, the CEO of Biscom. “The data breaches within the past year have shown us that all businesses are increasingly at risk and should be actively assessing tools and processes which can help reduce their exposure.”

The study gave clues as to why security breaches are spiking. Roughly 86% of respondents claim to use email to transfer files and 51% claim to use file transfer protocol (FTP). Though 60% say they use secure file transfer protocol (SFTP) to transfer files, that is apparently not enough to prevent significant hacking cases.

Of all the industries surveyed, healthcare is the most vulnerable to breaching. About 81% of organizations in the medical industry still use email to share files, and 45% still use FTP.

Moreover, half of respondents who viewed cloud security features as “critical” use consumer-based services such as Dropbox, which, when compared to private cloud services, are fairly susceptible to hacking. Many of those who use such services store sensitive information: 82% store office documents, 34% for financial documents, 51% for medical records, and 40% for legal documents.

Regardless of the industry, American businesses are increasingly at risk for security breaches and data loss. Nearly 70% of businesses will experience data loss at some point due to system failure, hacking, or hardware damage.

Houston Rockets Fire Social Media Manager After Offensive Emoji Tweet

Social media is one of the quickest ways for big brands and entities to get themselves in hot water. All it takes is a poorly timed tweet, a distasteful post, or accidental share of inappropriate content — but this may be the first time that a guy got fired for his choice of emojis.

USA Today reports that social media manager for the Houston Rockets Chad Shanks was fired Wednesday for an offensive tweet, but it wasn’t the text alone that caught people’s attention.

Shanks fired off the tweet right before the end of Tuesday night’s first-round playoff series game against the Dallas Mavericks, which the Rockets won. The tweet read “Shhhhh. Just close your eyes. It will all be over soon.” The text was accompanied by two emojis: a pistol and a horse.

When distasteful tweets like these and other social media gaffes happen, they’re noticed quickly. There are 27 million pieces of content shared online every single day, and when social media users see something controversial or offensive they don’t hesitate to draw attention to it. After some backlash, Shanks’s tweet was deleted.

The Mavericks did respond to the tweet with another, which said, “Not very classy but we still wish you guys the best of luck in the next round.”

According to ESPN, Shanks was a valuable part of the franchise and had attended most of the team’s games and updating the team’s social media and website. He later apologized from his personal Twitter account.

“Sometimes you can go too far,” Shanks wrote. “I will no longer run @HoustonRockets but am grateful to the organization that let me develop an online voice.”

With the rise of smartphones and emoji integration into social media (like Twitter, Instagram, and Facebook), more and more users rely on them to express what they’re thinking without words.

According to NPR, about 65% of Americans now have a smartphone, and there are about 1,000 emojis for users to choose from. This offers yet another dynamic to our rapidly evolving methods of communication, but social media managers should, of course, tread carefully.

SEC Levies $90,000 Penalty

The Securities and Exchange Commission has censured and penalized StateTrust Investments, Inc. for a whopping $90,000. The actions come as the result of a settlement over charges that the firm broke the Municipal Securities Rulemaking Board’s rules when it sold Puerto Rico bonds for a sum less than the issuer’s specified minimum denomination.

Surprisingly, this is just one of a score of actions taken by the SEC in recent years, which has culminated in an unprecedented amount of cases.

Last March, StateTrust Investments, Inc. executed a transaction that was less than $100,000 with a customer. Though the firm canceled it, the SEC said that the StateTrust Investments, Inc.’s conduct was still in violation of the MSRB’s rule on fair dealing, and its rule on confirmation, clearance, and settlement practices, which prohibits sales under the officially stated minimum denomination (except in some, certain, limited circumstances).

In addition to the $90,000 penalty, the SEC also ordered StateTrust to cease and desist from violations in the futures, and to undergo a review of the firm’s policies and procedures meant to prevent future violations.

“The limited exceptions provided under MSRB Rule G-15(f) for customer transactions in municipal securities below the minimum denomination of an issue did not apply to this transaction,” stated the SEC. “StateTrust also failed to disclose to this customer, before or at the time of the trade, that the bonds were issued with a $100,000 minimum denomination, and to explain how this could affect the liquidity of the customer’s position.”

This case is but one of a number of recent SEC enforcement actions, which have nearly doubled in less than 10 years. In 2005, there were only 94 broker-deal enforcement actions, similar to StateTrust Investment Inc.’s case. Total, the SEC brought 630 cases. In 2014, there were a whopping 166 broker-dealer enforcement actions. That same year, the SEC’s enforcement division brought a staggering 755 cases, collecting a record $4.1 billion

Out of all of these cases, the $90,000 penalty put on StateTrust is one of the largest the SEC has levied in connection with the Puerto Rico bond sale.

Facebook’s Suicide Prevention Feature Is Now Easier to Use

New York State has a suicide rate of eight deaths for every 100,000 people. According to data from the U.S. Census Bureau, the state has a population of about 19.75 million. This means that every year, about 1,580 people commit suicide in New York State.

Now, those suffering and contemplating the unthinkable can get help from a surprising place: Facebook.

In February, the social network announced a new suicide prevention feature, which makes the process of reporting suicidal content (a feature available since 2011) easier, and also provides those who may potentially hurt themselves with ways to take action.

“The updated resources are currently available to 50 percent of people who use Facebook in the U.S.,” Andrew Souvall, a rep with Facebook, told the Huffington Post. “We hope to expand to all Facebook users in the U.S. in the coming months.”

When a user spots suicidal content, they have the option to either contact that friend, another friend, or a suicide helpline. Facebook will then notify the reported user that they have a friend who’s concerned about them, and will then ask if they’d like to call someone or message a suicide prevention expert.

The social network boasts more than 1.15 billion users across the world, and more than 10.6 million users in New York State. All data considered, the new feature should be able to help more than 800 users in New York state.

Additionally, Facebook also provides videos from those who have contemplated suicide, provides information on relaxation techniques, and even offers to help users find self-care experts. The options come as the result of Facebook partnering with suicide prevention networks such as Forefront: Innovations in Suicide Prevention, Now Matters Now, Save.org, and the National Suicide Prevention Lifeline.

“If this initiative helps even one person take a different course than ending his or her life, it will be important and meaningful,” Gregory W. Dalack, a member of the University of Michigan Department of Psychiatry, told the Huffington Post. “Resources and support are available to help those struggling and in desperate distress. Kudos to Facebook for taking this step to facilitate connections to those resources.”

Interior Designer Susanna Salk Reveals Most Ignored Design Detail

Many homeowners decide to make updates to their homes and change up their interior designs during the spring and summer months, but according to the Huffington Post, interior designer and author of the new book “Decorate Fearlessly” Susanna Salk has revealed that there’s one thing that a lot of people forget — the ceiling.

Most people spend time picking out the perfect wood for their flooring, the exact right shade for their carpeting and area rugs, and the paint color for the walls, but Salk says that painting the ceiling can make a huge difference in the overall design of a room.

Changes in furniture and elegant drapery can change the entire look and feel of a room, but Salk says that painting the ceiling — even just a few shades different from the color of the walls — can make a huge impact.

Not only does painting the ceiling draw the eye upward and make the room seem bigger, it is also much more visually interesting than a plain white ceiling.

“I don’t mean suddenly going crazy and making it a super dark color if you have light colors on the wall, but just another shade that’s different, that kind of draws your eye up,” Salk explains. “It also makes the room feel bigger and it gives that sense of whimsy that every room needs.”

If a homeowner really wants to add interest with prints and patterns on the ceiling, Salk warns that there is a right and wrong way to do it.

“If you do a pattern ceiling, you just have to make sure that pattern and color is somehow echoed in pattern of the fabric or the rug or the colorations that you use below, so it doesn’t stand out so much that it detracts from the rest of the room,” Salk cautioned. “It has to harmonize somehow while still bringing your eye up and calling attention to itself.”

Small Cosmetic Procedures Helping Americans Boost Their Confidence in Their Professional Lives

Beauty may only be skin deep, as the saying goes, but as research shows, looking good can also correlate with feeling better about oneself — especially at work.

The New York Times profiled individuals who have undergone cosmetic treatments, ranging from cosmetic dental work to facial reconstructive surgery.

Philip Fear, a 49-year-old physician from Saratoga Springs, NY, had been miserable with his teeth up until last fall, when he shelled out $60,000 for porcelain veneers. Before his treatment, he’d had a gold crown tooth, but he said it drew too much attention to the rest of his teeth, which were discolored by antibiotics used as a child.

Allie Wu, a 31-year-old actuary with a life insurance company, had to have cosmetic dental surgery after previous treatments had left her teeth misaligned and made her chronic jaw pain even worse.

Yet both Fear and Wu say that since their surgery, their lives have improved.

Fear no longer hides his smile and said that he feels a lot more confident in his appearance.

For Wu, she could only chew on one side of her mouth before having corrective treatments. But now, she says that the cosmetic treatments she received have helped boost her confidence.

“My smile looks natural,” she said. “My speech is better. I don’t have a lisp anymore. I can eat. The veneers corrected the color and the functionality.”

And science backs up these claims: This January, two University of Wisconsin at Milwaukee scientists assessed the facial features of 667 chief executives and found that appearance mattered when it comes to getting a high profile job.

It also explains why more people, especially in the United States, are looking for a small but simple approach to improving their appearance, rather than more invasive work with longer recovery time.

In 2012 alone, the number of Botox injections increased 8% to 6.1 million total procedures performed; it’s no wonder, considering that these treatments take just minutes to administer and have lasting effects for up to four months. Over the past few years, more and more Americans have been looking for ways to reduce scars and wrinkles with other non-invasive treatments, such as skin tightening and photofacials.

Yet cosmetic surgeries are still performed worldwide, and sometimes with disastrous results. That’s why TV shows like Botched, which airs on the E! network, profile these plastic surgery disasters and try to have them corrected.

It’s not an issue unique to the United States, either. Lejla Zvizdic, a Bosnian TV presenter, recently went under the knife in the hopes of enhancing her already pretty looks when appearing on camera.

But she was left with something that she now says “ruined her life.” Graphic photos of Zvizdic were released to the press, showing the talk show host with a puffy upper lip, swollen cheeks and infected wounds along her nasolabial folds.

The doctor who performed her surgery claimed that it wasn’t his fault. He blames the results on an anti-allergy treatment for a bee sting Zvizdic suffered while on a vacation, which she took shortly after having her surgery.

Perhaps these incidents make the case for getting small work done to help boost one’s confidence.

As Wu said of her procedures, “I work in the insurance industry, and appearance is not as important for me as it is for someone in modeling. But I feel it gave me self-confidence. I feel more confident going into work.”

Is Your Relationship Strong Enough to Handle a Home Remodeling Project?

A little more than half — 53% — of homeowners agree that now is a good time to renovate a home, a fact that is reflected by the boom experienced by the U.S. home remodeling industry in recent years. However, although now may be a good time to renovate your home, is it worth ruining your relationship?

While renovating a home may seem like a great opportunity for a couple to bond, it can easily turn into a nightmare. A simple trip to a furniture or home improvement store can get ugly, and fast.

In fact, the newly named “IKEA meltdown” is a actually a real thing and can spell trouble for couples who may already be experiencing relationship stress, according to a new report published in the Wall Street Journal. Those couples may enter the store hand-in-hand feeling hopeful, but may leave angry, drained, and tearful.

In couple’s therapy, it’s common for couples to discuss fighting while home improvement shopping or while assembling furniture, said clinical psychologist Ramani Durvasula. In fact, it’s become so common the Santa Monica, CA-based therapist has now embraced these tasks as communication exercises for her patients.

As the world’s largest furniture retailer boasting over 367 stores in seven countries, IKEA might seem like a domestic wonderland brimming with the latest and greatest home goods — not to mention those meatball. However, it can quickly become a domestic minefield rife with hidden triggers. “The store literally becomes a map of a relationship nightmare,” explains Dr. Durvasula, who is also a professor of psychology at California State University Los Angeles.

Just browsing in an IKEA demo kitchen, for example, can serve as a reminder or spark disagreements over who does most of the cooking and cleaning. Or walking through the children’s section can lead to a heated discussion over when is the right time to start a family. The next thing you know, you’re in the throes of a full blown “IKEA meltdown.”

Based in Almhult, Sweden, IKEA understands that the entire home improvement process can be emotionally taxing and may lead to arguments, says Janice Simonsen, design spokeswoman for IKEA U.S. “While IKEA has no set philosophy on couples shopping together, we want everyone to have a good experience,” she explains.

While IKEA doesn’t have counselors or mediators on standby for couples, they do have home-furnishing consultants at roughly 85% of their U.S. stores who can provide design advice. After working as an IKEA furnishings consultant, Simonsen compiled a list of guidelines for couples to help them prepared for an IKEA visit.

Couples with existing communication issues are most likely to experience an “IKEA meltdown,” but no relationship is entirely immune. A 2013 survey conducted by home design site Houzz revealed that 46% of couples tackling remodeling projects together considered the experience frustrating, while 12% of couples surveyed admitted to considering separation or divorce during the remodeling process.

U.S. Shale Boom Could Tip the Balance of Oil Industry Dominance

As crude oil prices have dropped by a stunning percentage since last June, the global oil industry has been in a continued state of crisis.

Traditionally, the oil industry has been dominated by the nations of the Middle East, with competition from the U.S. oil market never really comparing to the power of the Organization of the Petroleum Exporting Countries (OPEC). That might all change as the U.S. shale boom, driven by the rich shale oil fields found throughout Texas and North Dakota, continues to hit its stride that first started in 2008.

According to an April 23 New York Times article, industry experts are predicting that the U.S. might soon become the swing producer of oil that determines global oil prices, a position long held by OPEC.

American shale fields now account for nearly half of the world’s global oil supply, and shale has been proven to be much more versatile and adaptable to market fluctuations than any other production method. It’s not surprising, then, that shale oil and gas production is expected to grow to 13.6 trillion cubic feet by 2035, according to Energy Information Administration predictions.

The biggest proof of the U.S.’s new dominance of the global oil market is OPEC’s response to falling prices. The last time oil prices slumped in late 2008, OPEC was able to stabilize the market by cutting its production, which brought prices back up. During the recent downturn, OPEC has maintained its production.

“Why doesn’t Saudi Arabia think that couldn’t work again today?” Rene G. Ortiz, a former Ecuadorian oil minister who once served as OPEC’s secretary general, told the New York Times. “Because of the soaring U.S. production. Today’s OPEC is thinking about market fundamentals rather than manipulating the market because it doesn’t have the same power it once had.”

That isn’t necessarily a bad thing for OPEC, however. According to OilPrice.com, the U.S. and Saudi Arabia — undoubtedly the leading nation within OPEC — have developed highly efficient and resilient oil industries that will be able to withstand slumps in the market like the one currently taking place.