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 website. Always check with your accountant and/or attorney.


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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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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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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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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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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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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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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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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SDDco specializes
in two industries.

Our know-how and our network supports the financial services & tech industries.

We hold the right training and licensures to keep you in step and mitigate risk.

Our Credentials


SDDco supports
industry leaders.

We oversee back office functions so you can focus on your own clients.

Major banks, private funds, RIAs, BDs, and tech startups choose us.

Our Clients


SDDco is as good
as its great people.

Our CPAs, FinOps and
consultants are licensed,
experienced professionals.

Partner with us for start-ups and for ongoing accounting, compliance and tax work.

Our People


SDDco performs
services onsite.

Outsourced support with
SDDco isn’t out of sight.

We work in your space and for your team on a regular basis. Engage the expertise without the fulltime hire.

Our Praises


SDDco observes
AICPA principles.

Our inaugural firm began
when two CPAs opened
a NYC office back in 1952.

We faithfully maintain the CPA standards: integrity, competency, confidentiality….

Our Group