Related
New York State: Pass-Through Entity Tax Law Article 24-A
August 31, 2021The 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. ...
moreSpicer Jeffries Ranks Among TOP 10 Fund Auditors
August 15, 2022For the 9th consecutive year, Spicer Jeffries LLP has ranked among the TOP 10 Fund Auditors of the HedgeFundAlert.com annual rankings. This success would not have been realized without the support of our valued clients and leading industry members, as...
more2020 Tax Letter to Clients
December 16, 2020Dear 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...
moreIRS REVIVES FORM 1099-NEC: Filing Begins With 2020 Tax Year
January 8, 2021As 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...
moreNEW CAYMAN ISLAND INVESTMENT FUND LEGISLATION – IMMEDIATE EFFECTS
April 17, 2020Changes 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...
moreCryptocurrency Transactions – New IRS Guidelines
October 17, 2019The 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...
moreTracking Your Success
August 1, 2019Investment 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...
moreAncillary Tax Services
July 9, 2019Spicer 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...
moreEmerging Manager Solution
August 9, 2019Spicer 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...
moreThree New Legislation Items for Fund Manager
May 9, 2019Spicer 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...
moreSpicer Jeffries Sponsors “Cryptocurrency Expert Panel”
August 15, 2018Spicer 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...
moreSpicer Jeffries LLP Ranks Among Top 10 Hedge Fund Auditors
August 10, 2019SJ 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...
moreTAX FILING & PAYMENT DEADLINE POSTPONED
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 has been postponed to July 15, 2020.
The IRS has now made official the March 20 announcement by the Treasury Secretary, that postpones until July 15, 2020, the filing date for 2019 federal income tax returns and 2020 federal income tax estimates that would otherwise be due on April 15, 2020.
Any person with a Federal income tax payment or a Federal income tax return due April 15, 2020 is an “Affected Taxpayer.” The term “person” includes an individual, a trust, estate, partnership, association, company or corporation, as provided in Code Sec. 7701(a)(1).
For an Affected Taxpayer, the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Forms 4868 or 7004 to obtain this relief.
The relief provided is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 tax year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 tax year.
No extension is provided in the Notice for the payment or deposit of any other type of Federal tax or for the filing of any Federal information return. As a result of the postponement of the due date for filing Federal income tax returns and making Federal income tax payments from April 15, 2020, to July 15, 2020, the period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes postponed by this notice. Interest, penalties, and additions to tax with respect to such postponed Federal income tax filings and payments will begin to accrue on July 16, 2020.
No limit on amount of payment that can be postponed. Notice 2020-17 put limits on the amount of tax payments that could be postponed from April 15 until July 15.
References. For extension of tax-related deadlines for taxpayers affected by disasters, see FTC 2d/FIN ¶ S-8502; United States Tax Reporter ¶ 75,08A4. Thomson Reuters