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

August 31, 2021

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. ...


Spicer Jeffries Ranks Among TOP 10 Fund Auditors

August 15, 2022

For the 9th consecutive year, Spicer Jeffries LLP has ranked among the TOP 10 Fund Auditors of the annual rankings.  This success would not have been realized without the support of our valued clients and leading industry members, as...


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...


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...



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...



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...


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...


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...


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...


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...


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...


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...


Tracking Your Success

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 valuable assurance to investors and an invaluable marketing tool for raising capital. There are several different levels of attestation service, each offering different advantages based on each specific client’s needs. Which level of service would serve your specific needs best? Please read on to learn how Spicer Jeffries LLP can help you.

“Agreed Upon Procedures” (AUP) Engagements

When all you need is internal assurance that an independent accountant has looked over your performance table, recalculated the returns, and agreed the data to the source documents, an AUP is the quickest and most cost effective way to get this done. The final report outlines the specific procedures performed and the results obtained.

Performance Examinations

Done in accordance with AICPA attestation standards, this is essentially an audit of your returns and culminates in a report in which we give a formal opinion on whether the performance table and accompanying disclosures are fairly stated. The exam includes confirming the source account statements with the brokers and involves a higher level of procedures over the source data, methods, and returns than an AUP typically covers. The exam provides assurance that industry standard criteria and accounting methods are used in calculating and presenting the returns, which explained in the footnotes. Performance examinations are invaluable for marketing purposes, especially for launching and raising additional capital for funds.

GIPS Verifications and Examinations

Global Investment Performance Standards, or GIPS® is a set of standards developed by the CFA Institute. GIPS is the widely recognized as the gold standard when it comes to investment performance reporting. In order to claim compliance with GIPS, the entire firm must comply with its structural, reporting, and procedural requirements on a firm-wide basis currently and for a minimum number of previous years. Specific GIPS-compliant presentations of returns must follow standards governing how investment returns are calculated and reported which are more detailed compared to typical performance reporting. GIPS standards are the most robust set of investment performance standards in the marketplace and compliance with them demonstrates a sustained level of commitment over the long term.

GIPS engagements are conducted on two different levels. The first level, called a “verification” is performed for the firm as a whole. The second level, called an “examination” is performed on a specific presentation of a composite. Typically, both levels are performed, but the examination is optional and can only be performed either after or concurrently with a verification. GIPS requirements for verifications and examinations are structurally similar to AICPA audit standards. Given that we are certified public accountants specialized in serving the securities industry, we offer a unique advantage in performing this service.

Don’t hesitate to contact us immediately to schedule a one-on-one call with our service professionals to discuss your needs and specific situation. It is our pleasure to answer your questions and bring the confidence and trust that you and your investors deserve.