Resources/ Updates - October 2013

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.

Oct30

Broker Recruitment Compensation Rule ~ to be Sent for SEC Approval

FINRA’s Board of Governors approved a January 2013 proposal addressing potential conflicts of interest related to broker recruiting compensation practices.  If approved by the Securities and Exchange Commission (“SEC”), brokers and their new brokerage firms would need to disclose certain compensation packages to following customers. The new rule would mandate that FINRA member brokerage firms that

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Oct25

Tax Season Delayed But Deadline Firm

Due to the recent government shutdown, the Internal Revenue Service (“IRS”) announced a one-to-two week delayed onset of the 2014 tax-filing season.  This delay will mostly impact taxpayers who file early to obtain needed refunds.  However, it will also disrupt the work schedules of tax preparation firms. Key Tax Dates: Jan. 28 is the soonest start date of the 2014 filing

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Oct24

PCAOB Adopts Three New Standards for Broker-Dealer Audits

To strengthen the oversight of SEC registered broker-dealer audits as authorized by the Dodd-Frank Act, the Public Company Accounting Oversight Board (“PCAOB”) adopted two new attestation standards and one new auditing standard pertaining to broker-dealer (“BD”) assurance. Two New Attestation Standards The newly adopted attestation standards cover the auditor’s examination of compliance reports and the auditor’s

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Oct23

Taxed for a Century

The taxman turned 100.  This October marked the centennial of the federal income tax.  Although most Americans didn’t break out the candles or conical hats, it’s important to take a look back. 1800s: The forefather of today’s tax and the first federal income tax in United States history was implemented by President Lincoln in 1861

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Oct15

Recouping Employment Taxes Paid for SSMCs

Time-saving methods are now in place for employers to retroactively correct overpayments of employment taxes related to same sex married couples (“SSMCs”). The IRS and U.S. Department of the Treasury issued Notice 1013-61 to guide employers (and employees) through special methods of correcting overpayments of FICA taxes and Federal income tax withholding related to benefits

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Oct08

Tax Filing During Government Shutdown

Less than 9% of IRS employees are on the job due to the government shutdown, but taxpayers on extension must still meet the October 15th deadline.  By law the IRS requires payment of taxes.  As of October 1st, the IRS is unable to process any refunds. IRS Guidance • File and pay taxes as normal; •

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Oct06

Do Broker-Dealers Mind the Suitability Rule?

How are broker-dealers doing with their suitability compliance?   According to FINRA, fairly well since the new Suitability Rule 2111 (“Suitability Rule”) was put into play July 2012, but there is still room for improvement.  To further assist broker-dealers in applying the new suitability rules, FINRA issued Regulatory Notice 13-31 to highlight effective suitability practices found

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Oct01

Biggest Free Trade Agreement in History ~ is TTIP Possible?

The Transatlantic Trade and Investment Partnership or the TTIP is a proposed free-trade agreement between the United States (“U.S.”) and the European Union (‘EU”). Germany, the United Kingdom, and France are among the EU’s 27 members with the highest GDPs. Negotiations on what could be the largest Free Trade Agreement (“FTA”) in history will resume

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