This post is the second in a three-part series that examines implications of the 2017 Tax Cuts and Jobs Act for the investment management industry. Part One introduced the Section 199A deduction and its impact on the investment management industry. Part Three will examine the deduction and C Corporation to S Corporation transitions. Feel free to be in touch with Matt Romano, tax partner, with questions about how these complex new tax developments affect you and your business.Read More
On April 17, 2019, Treasury and the IRS issued a second round of proposed regulations, which significantly addressed many of the questions that existed with respect to the operation of a Qualified Opportunity Fund (“QOF”). Below is a discussion about the main provisions of the new proposed regulations that would impact managers and advisors of a QOF. Additional references are made to the statute (IRC section 1400Z-2) as well as the first round of regulations (issued on October 19, 2018).Read More
In June 2019, the SEC issued amendments to Rule 2-01 of Regulation S-X (“the Loan Rule”). The amendments now more effectively identify whether independence may be impaired with respect to an audit client when the audit firm or its covered members have a lending relationship with certain shareholders of that audit client.Read More
Non-public entities, including private funds and investment advisors, will likely see changes to Auditor’s Reports, or the Opinion, included beginning with December 2020 audited financial statements.
In recent years, we have seen an increase in the popularity of interval funds. Interval funds are hybrid products that contain characteristics of both open-end and closed-end funds. Like open and closed-end funds, they are registered under the Investment Company Act of 1940 and generally take subscriptions daily, although some interval funds may take subscriptions less frequently than daily.
Currently, there are no specific rules or requirements for investment companies relating to the financial statements of acquired funds. Instead, investment companies apply the general SEC requirements of Rule 3-05 and the pro-forma financial information requirements in Article 11 requiring disclosure and information, which are not always relevant to investment companies.Read More
This post is the first in a three-part series that examines implications of the 2017 Tax Cuts and Jobs Act for the investment management industry. Part Two will detail the effect of Section 199A on financial products and investors. Lastly, Part Three will examine the deduction and C Corporation to S Corporation transitions. Feel free to be in touch with Matt Romano, tax partner, with questions about how these complex new tax developments affect you and your business.Read More
On August 17, 2018, the SEC adopted what effectively amounts to “housekeeping items” for a variety of public issuers. These updates are effective November 5, 2018.Read More
In August 2018, the Financial Accounting Standards Board (FASB) finalized changes to fair value measurement disclosure requirements that had been under debate for several years as part of the disclosure framework project.Read More