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.
Are some private funds breaking the law? In April, David Blass, chief counsel of the SEC division of trading and markets warned an ABA subcommittee that some private funds might be breaking the law when their employees or agents sell to investors. Associated personnel of private fund managers—unless satisfying the SEC conditions for exemption—are required to
Effective 1/2013, the IRS gives taxpayers a simplified, “safe-harbor” method for calculating the deduction amount for expenses related to an eligible home business. What’s an eligible home business? According to IRS Code 280A, a home business or office is: The primary place a taxpayer exclusively and regularly conducts trade or business An office attached to the
For SDDCO clients using QuickBooks software: SDDCO provides the service of installing upgraded Intuit QuickBooks software Intuit does not support QuickBooks software older than 3 years On May 31, 2013, access to Intuit add-on services will be discontinued for QuickBooks Premier Accountant Edition 2010 and all other 2010 editions 50+ SDDCO client firms are due
Internal Communications Q1 Does “internal” communication include training material prepared for use with registered reps of affiliated B-Ds? No, that’s not internal. Any material drafted to train or educate registered reps of other B-Ds (affiliated or not) is an institutional communication. Principal Approval Q2 If a firm distributes a non-independent, third-party research report only to
FINRA’s renovation of its rules for broker-dealers’ communications with the public (put in effect February 4, 2013) reduced 6 categories to these 3: Correspondence, Retail Communications, and Institutional Communications. Correspondence: ANY written communication, including electronic, distributed or made available to 25 or fewer retail investors within any 30 calendar-day period is considered a Correspondence. These communications should comply
if Investors Are Alerted First. The SEC Report of Investigation (“the Report”), April 2, 2013, approved public company use of social media outlets to announce key information that complies with Regulation Fair Disclosure (“Reg FD”) if investors know which social media channel will be used. From the SEC Commission Report: More public companies use social