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2020 Tax Letter to Clients

December 16, 2020

Dear Client, Now, as year-end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly next. Year-end planning for 2020 takes place during the COVID-19 pandemic, which in...

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IRS REVIVES FORM 1099-NEC: Filing Begins With 2020 Tax Year

January 8, 2021

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...

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NEW CAYMAN ISLAND INVESTMENT FUND LEGISLATION – IMMEDIATE EFFECTS

April 17, 2020

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...

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TAX FILING & PAYMENT DEADLINE POSTPONED

March 23, 2020

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...

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Cryptocurrency Transactions – New IRS Guidelines

October 17, 2019

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...

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Tracking Your Success

August 1, 2019

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...

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Ancillary Tax Services

July 9, 2019

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...

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Emerging Manager Solution

August 9, 2019

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...

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Three New Legislation Items for Fund Manager

May 9, 2019

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...

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Spicer Jeffries Sponsors “Cryptocurrency Expert Panel”

August 15, 2018

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...

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Spicer Jeffries LLP Ranks Among Top 10 Hedge Fund Auditors

August 10, 2019

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...

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New York State: Pass-Through Entity Tax Law Article 24-A

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.

Read the ENTIRE New York State Department of Taxation and Finance Technical Memorandum (TSB-M-21(1)C, (1)1) here: