More On Legal & Compliancefrom The Advisor's Professional Library
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
- Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
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."