The Bigger You Are, the Less You Are Regulated? I read an article in the InvestmentNews online publication this past week, “Regulators to crack down on phony AUM” by Dan Jamieson. It was a very good article with some interesting facts. Registered investment advisors (RIAs) are required to report on an annual basis the assets…
Transfer Pricing — Tangible Property (From “A Primer on Transfer Pricing” by Robert J. Misey, Jr., updated by Kimberlee S. Phelan) Reminder of the example: NJCo manufactures and sells widgets in the U.S. Due to increased widget orders from Canadian customers, NJCo decides to form a Canadian distribution subsidiary (“CanSub”). Although CanSub does not have…
Plan Compliance & IRS Relief Related to Natural Disasters Generally, there are no special rules for hardship distributions on account of hurricanes or other natural disasters. Occasionally, when a hurricane or other natural disaster is especially devastating, legislation is passed to provide special plan distributions and loans not currently available to employees. During 2012, the…
Fiscal Cliff: The International Fallout After all of the bantering about international tax reform, the American Taxpayer Relief Act of 2012, passed on January 1, 2013, made a few international tax changes, including: Extension of withholding tax exemption for “interest related dividends and short-term capital gains dividends” paid by Regulated Investment Companies (RICs) to foreign…
Since the recent economic downturn, individuals as well as businesses of all sizes have been facing immense financial pressures. So, it’s no wonder that the number of fraudulent financial activities and schemes is on the rise. An estimated 20 percent of U.S. businesses are subjected to fraud incidents each year, translating to a loss of…
Transfer Pricing — The International Tax Issue of the Millennium From “A Primer on Transfer Pricing” by Robert J. Misey, Jr., updated by Kimberlee S. Phelan A transfer price is the price charged for intercompany transactions. The principles of I.R.C. section 482 require that intercompany transactions be priced at arm’s length. Although ostensibly a simple…
Audit Firm Rotation? Last month, Jay Hanson, a PCAOB (Public Company Accounting Oversight Board) member, stated at an AICPA Conference that implementation of a mandatory audit firm rotation was unlikely. In a written statement presented at a CPAB roundtable in Houston in October, Hanson said that one obstacle to implementing mandatory auditor rotation was the…
An Accountant’s Perspective On The Mortgage Industry January 2013 A Look Back Year In Review What You Might Have Missed At 2012 Conferences [author-style]By Jessica Offer, CPA[/author-style] Various mortgage conferences have been held throughout the country during the closing quarters of 2012. For those conferences where WithumSmith+Brown was in attendance, here is what you missed!…
Getting on the Fiscal Cliff Band Wagon All I have been hearing over the past month when I turn on the news is how much taxes are increasing, how far down is the drop from the cliff, should we sell our stock, should we pay off expenses – what should a taxpayer do? I have…
The Fine Art of Airport Security Experienced travelers’ biggest problem just might be the inexperienced traveler clogging up the TSA security checkpoint. Patience here is not just a virtue, it is a requirement. First, pointers for the less experienced: 1. Liquids 3-1-1: no larger than three ounce containers, held in a single one quart…