An Accountant’s Perspective on the Mortgage Industry September 2012 To Retain or Not To Retain That Is The Question… [author-style]By Jeanette Emmons, CPA, Senior Manager[/author-style] No, not water, nobody wants to retain water! I’m talking about mortgage servicing rights! This seems to be the question on the minds of more and more independent mortgage bank’s…
Share FINRA Is Getting More Analytical Well, it’s September 12th and the tax filing deadline is fast approaching. Several years ago the final date to file a partnership return was October 15th but that date was pushed forward to September 15th. While most of my clients have filed their returns already, I have several that…
Share MANAGEMENT FEE WAIVERS – The Next Area to Scrutinize A couple of weeks ago I wrote about “carried interest,” the income earned by a private equity or hedge fund that qualifies for long term capital gain treatment and thus taxed currently at the lower capital gains rates of 15%. Well, now it seems that…
Share Equal Opportunity In Employment And Federal Contractors Many not-for-profit organizations enter into various Federal grant contracts to provide the funding necessary to carry on many of the organization’s charitable missions. Making sure the organization is in line with the requirements ofequal opportunity in employment and federal contractors is paramount.Piggy-backing along with these Federal grant…
SEC POSTPONES REG D RULE CHANGE The Securities and Exchange Commission (SEC) has postponed issuing rules which would allow issuers of private securities to immediately begin to solicit the general public. Instead the SEC will issue a proposed rule and solicit comment from the public. While this rule change is mandated under the JOBS (Jumpstart…
Stock of an ESOP must be valued annually in order to establish the value of the stock for purposes of purchasing the stock, allocating the stock, and distributing the stock. Stock of an ESOP If the ESOP is purchasing stock for which there is a recognized market, adequate consideration is equal to the current price…
Share Governance: Document Retention 7th and Final in a Series As a follow-up to our initial tax tip in this series entitled “Governance Issues for Tax-Exempt Organizations”, which was released on April 25, 2012, WithumSmith+Brown has compiled a list of what we believe to be “best practices” with respect to each topic included in the…
As an executive or business owner, do you know what to do if you suspect that fraud is occurring in your organization? Perhaps you have spotted some unusual employee behavior or lifestyle habits that don’t seem quite right, or you have found irregularities on reconciliations and the explanations that your employees provide are vague and…
Dispelling the Mystery of the Carried Interest Monster I have been asked recently… What is carried interest and what’s all the hoopla about? First, what is carried interest? In the financial service industry, carried interest refers to the share of profits that the manager of a private equity or hedge funds receives. Typically this performance…
Sean Urbany, CPA On July 30, 2013, District of Columbia Mayor Vincent Gray signed the “Fiscal Year 2014 Budget Support Emergency Act of 2013.” Part of this legislation, the Out-of-State Municipal Bond Tax Repeal Emergency Act of 2013, repeals the 2011 law which required interest income from out-of-state municipal bonds acquired after January 1, 2013…