More On Legal & Compliancefrom The Advisor's Professional Library
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
- Dealings With Qualified Clients and Accredited Investors Depending upon an RIAs business model and investment strategies, it may be important to identify “qualified clients” and “accredited investors.” The Dodd-Frank Act authorized the SEC to change which clients are defined by those terms.
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."