The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
Does your broker-dealer service institutional accounts? If so, this list could benefit you. FINRA published its 2013 Examination Priorities Letter. We trimmed the list to areas most affecting institutional B/Ds. FINANCIAL & OPERATIONAL ~ FINRA’s focus will include: Net capital issues: Is your firm net capital compliant? Can firm fund BD under varied stress conditions?
Do you have foreign financial assets and offshore accounts? If so, this tax compliance may concern you. The Foreign Account Tax Compliance Act (FATCA) of 2010, aims to combat tax evasion by US persons with investments in offshore accounts. Under FATCA, US taxpayers holding financial assets exceeding $50,000 must report assets to the IRS beginning this tax season.