More On Legal & Compliancefrom The Advisor's Professional Library
- Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
The IRS’s Advisory Committee on Tax Exempt and Government Entities (ACT) will submit its latest round of recommendations to the agency’s leadership during a public meeting on June 15, the IRS announced Thursday.
The ACT provides an organized public forum for the Internal Revenue Service to receive regular input onoperational policies and procedures regarding employee retirement plans, tax-exempt organizations, tax-exempt bonds and federal, state, local and Indian tribal governments.
The advisory committee comprises external stakeholders who are appointed by the Secretary of the Treasury and generally serve two-year terms.
Committee reports from five ACT subgroups cover the following topics:
- Tax Exempt Bonds: The role of conduit issuers in tax compliance.
- Federal, State and Local Governments: Review of the Government Accountability Office report to congressional requesters entitled “Social Security Administration –– Management Oversight Needed to Ensure Accurate Treatment of State and Local Government Employees.” Evaluation of, and recommendations for improvement to, the federal, state and local government website.
- Indian Tribal Governments: Supplemental report on the implementation of tribal economic development bonds under the American Recovery and Reinvestment Act of 2009. Survey of issues requiring administrative guidance in the wake of enactment of Section 906 of the Pension Protection Act of 2006.
- Exempt Organizations: Group exemptions––creating a higher degree of transparency, accountability and responsibility.
- Employee Plans: Recommendations regarding pension outreach to the small business community.
The ACT public meeting will take place on June 15, beginning at 9.30 a.m., at the IRS headquarters at 1111 Constitution Ave., NW in Washington, D.C. The IRS urges attendees to arrive at least 30 minutes before the meeting begins to allow sufficient time for security clearance, including presentation of photo identification.
It also encourageds attendees to call Cynthia Phillips Grady to confirm their attendance in order to ensure seating. She can be reached at (202) 283-9954.