More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
The U.S. House of Representatives today passed by a vote of 216-193 H.R.
3996, the Temporary Tax Relief Act of 2007, which would ensure that no
additional taxpayers pay the AMT this year. The bill would also extend
popular tax credits and deductions such as the deduction for state and local
sales tax, tuition, out-of-pocket expenses for teachers and research and
development that would otherwise expire at the end of the year.
Secretary of the Treasury Henry Paulson told Congress in a recent letter that it must enact an AMT patch by early November so that 25 million taxpayers won't get hit with the AMT on their 2007 taxes. Paulson also wrote that "if a patch is not enacted until mid-December, an additional 25 million taxpayers--50 million total--could see delays in up to $75 billion dollars in refunds."