Partnerships filing Form 1065 for tax year 2020 (tax returns due in 2021) must calculate partner capital accounts using the tax-basis method. Under this method, partnerships report partner contributions, share of partnership net income or loss, withdrawals and distributions, and…
Audit Reminder: Rules regarding accounting cutoffs
What counts in 2020 vs. 2021 As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S. Generally Accepted Accounting Principles (GAAP)….
Introducing Broker Checklist – Make Sure Your Compliance House is in Order
Independent Introducing Brokers are required to submit an annual certified audit to the National Futures association. The due date depends upon the IIBs year end. For example, if their fiscal year end is December 31 audits must be submitted no…
SEC and CFTC Rule Comments and Effective Dates
SEC Activity: Fund of funds arrangements. The SEC has adopted a new rule and related amendments that update the regulatory framework for fund of funds arrangements. New Rule 12d1-4 allows a fund to acquire the shares of another fund in excess…