By now, advisers and others within the investment community are familiar to some degree with the amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 (the “Custody Rule” or the “Rule”).
In the last 30 years, perhaps the most contentious New York corporate tax issue centered on which entities should be included in a New York combined return.
Private equity firms, lenders, lawyers and other interested parties conduct due diligence to kick the tires on a potential transaction or target acquisition.
According to current guidelines, 401(k) plans may provide that an employee can receive a distribution of his or her elective contributions due to a financial hardship arising from certain events such as medical bills, tuition payments or purchase of a principal residence.
According to the IRS, opinion and advisory letters (i.e., for prototype and volume submitter type of plans, respectively) are expected to be issued for 403(b) plans in the second quarter of 2017.
A major shift has occurred in how the IRS will handle partnership tax examinations in the future. The IRS has created new centralized procedures for the audit, assessment, and collection of tax.