The IRS posted final regulations (T.D. 9945) on the tax treatment of carried interests under Sec. 1061. In response to comments, the final regulations make changes to the proposed regulations (REG-107213-18) that were issued in August. Carried interests are ownership interests in a partnership that share in the partnership’s net profits. They are often transferred in […]
Archives for January 2021
Editor’s Column: Time to kick the gloom into touch
So are 4,000 regulated firms really going to collapse this year as the FCA has warned this week could happen? The short answer is probably not although the FCA’s warning should be taken seriously. There’s no doubt that while Financial Planning has done remarkably well since lockdown that’s not a universal experience and many […]
A tiny hedge fund just made history by turning into an ETF
While the asset management industry has been watching and waiting for a mutual fund to become an ETF for the first time, it turns out history was being made with a conversion of another kind. A tiny U.S. hedge fund has just become the first to convert into an ETF. The actively managed Upholdings Compound […]
Intensified competition keeps wirehouses from chopping their grids
Michael Nagle/Bloomberg Wirehouses have largely gotten the message: due to competitive pressures there’s little latitude to keep chipping away at their grids. Advisor recruiting is becoming more of a frenetic struggle, not less. In addition to the already established players, there are now a host of boutique firms that are poaching $2 million-plus wirehouse teams. […]
New PPP guidance issued by SBA, Treasury
The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by […]
Employers cut 140K jobs in December, but added 2.3K in accounting – Accounting Today
Payrolls fell sharply in December, as the U.S. Bureau of Labor Statistics reported Friday that employment declined by 140,000 jobs amid the continuing economic fallout from the novel coronavirus pandemic. Nevertheless, the accounting and bookkeeping sector added 2,300 jobs last month. The unemployment rate remained at 6.7 percent despite the job cuts, which were the […]
Eager to Learn How to Do Your Own Accounting? Start Here
If you run your own business, you need to have an accurate way to account for your company’s transactions and keep your books up-to-date. One option you have is doing accounting yourself. You may be a little apprehensive about doing your own accounting. After all, it is a big (and important) task. But by following […]
FSCS declares 13 firms in default in 2 months
The Financial Services Compensation Scheme (FSCS) has declared 13 firms in default during November and December including several wealth management and Financial Planning firms. A declaration of default by the FSCS opens the door to compensation for clients who can now submit claims to the FSCS. Among the firms declared in default in the past […]
The Stock Market is Heartless, be a bayesian about risk taking, about those $2,000 checks (with Allison Schrager)
Stocks soar to record highs as an armed insurrection invades Capitol Hill and millions of Americans remain susceptible to the worst pandemic in a century. How? How is this possible? Josh’s guest is Allison Schrager, an economist, senior fellow at the Manhattan Institute, contributing editor at City Journal, co-founder of LifeCycle Finance Partners, LLC and […]
This will probably go on forever.
It’s hard to imagine what might stop this from continuing on into infinity. Why couldn’t Bitcoin double every month? Why couldn’t Tesla become so large that it overtakes the earth’s financial resources and then begins raising capital from new shareholders who are living in other solar systems around the Milky Way? I know of no […]