As a reminder, the IRS made changes to the 1099-MISC form by reviving the Form 1099-NEC. Beginning with the 2020 tax year the new 1099-NEC form will be used for reporting nonemployee compensation (NEC) payments. These payments were previously reported on Form...more
Changes to Cayman Investment Funds Classified as Private Funds and Mutual Funds Overview: The Cayman Islands Government Ministry of Financial Services and Home Affairs, together with other associated authorities (in particular, the Cayman Islands Monetary Authority “CIMA”) has notified the financial services industry of several pending changes to the regulation...more
The Treasury Department and IRS announced on March 21, 2020 that the federal income tax filing due date has been extended by Presidential signature of the Families First Coronavirus Response Act (H.R. 6201). The due date of April 15, 2020...more
The Internal Revenue Service (IRS) has issued new guidance for taxpayers engaging in transactions involving cryptocurrency. The recent IRS Revenue Ruling 2019-24 focuses on the tax treatment of a cryptocurrency hard fork. In addition, the FAQs on Virtual Currency Transactions...more
Investment performance tables and charts are an excellent way to track and showcase the success of your managed accounts and/or fund. Having a performance examination done on your monthly, annual and cumulative returns and comparing them to your benchmark provides...more
Spicer Jeffries’ tax department prepares tax documents for individuals and entities across the United States, in the Cayman Islands, and around the globe. Our client base spans numerous business segments and Spicer Jeffries understands that our client's businesses and private...more
Spicer Jeffries’ partners have been involved with newly launched hedge and commodity funds, both registered and unregistered, as well as private equity funds and mutual funds, since the mid- 1980s. With years of previous accounting work experiences between them, and...more
Spicer Jeffries wants our clients to be aware of the following legislation that has direct effects on Fund Managers: 1. CARRIED INTEREST - Incentive Allocation New Holding Period Requirement In general, the receipt of a capital interest for services provided to...more
Spicer Jeffries hosted a "Cryptocurrency Expert Panel" for the Palm Beach Hedge Fund Association (PBHFA) in March 2018 March 25, 2018 - A PBHFA staff member wrote: Our March 22, meet & greet, deal-making social was a tremendous success! Our...more
SJ is proud to be ranked among the Top 10 Hedge Fund Auditors by the HedgeFund Alert. For seven consecutive years, 2014 through 2020, Spicer Jeffries has continued its dedication to the securities industry and the Alternative Investment space. These rankings...more
The pass-through entity tax (PTET) under new Tax Law Article 24-A1 is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If a partnership or New York S corporation elects to pay PTET, partners, members, or shareholders of an electing partnership or New York S corporation (“electing entity”) who are subject to tax under Article 22 may be eligible for a PTET credit on their New York State income tax returns.
The recent announcement from the New York State Tax Department (TSB-M-21(1)C, (1)I), provides more insights regarding the instructions and the mechanics. We expect several other states will soon roll-out a similar Technical Memorandum regarding the election. New York is one of many states to allow pass-through entities (PTET) the option to pay state income tax on behalf of the partners, members, or shareholders. We can answer your questions to the possible tax benefits. Please reach out to Spicer Jeffries LLP Tax Department to discuss your questions.