- CBO Analysis Supports Extending Tax Cuts
In the face of opposition by the Obama administration to extending the Bush tax cuts, analysis recently released by the Congressional Budget Office (CBO) supports extending the breaks for another few years.
- Mandatory Securities Arbitration Clauses on the Chopping Block
The Wall Street Reform Act expressly gives the SEC the power to prohibit or restrict mandatory securities arbitration agreements. Although securities arbitration would still be permitted if the SEC decides to act, arbitration would likely be used only at
- Offshore’s Limited Shelf Life
The IRS is in the beginning stages of a massive investigation of the offshore activities of U.S. citizens, having divulged earlier this year that it is hiring new agents in anticipation of stepped up offshore enforcement. With numerous investigations pois
- Long-term Care Insurance Reform Act of 2010
If enacted, Congressman Lloyd Doggett’s proposed H.R. 5890, the Long-term Care Insurance Reform Act of 2010 (Long-Term Care Act), would have a drastic impact on insurers and producers who sell long-term care insurance. The Act would amend the law to requi
- Hedge Fund Must Now Register with the SEC Under the New Wall Street Reform Act
The Private Fund Investment Advisers Registration Act of 2010, part of the Wall Street Reform Act, will require registration of many hedge fund manager who previously escaped registration with the SEC. Hedge fund, and other private fund, managers who do n
- SECs Plain English Requirement Equals Expensive Client Disclosures
As of January 1, 2011, the Securities and Exchange Commission will require advisers to make plain-English disclosures to their clients, laying out the adviser’s business practices, conflicts of interest, and the background of the firm and its personnel.
- Capital Gains Increasing Importance for Valuation Discounts: Jnesen v. Commissioner
A recent Tax Court case makes up for some of the ground lost by FLPs in recent cases reining in more aggressive valuation discounts. In Jensen v. Commissioner (T.C. Memo 2010-182), an estate holding an interest in a closely-held corporation that owned fai
- Indexed Annuities: Still Insurance
The Dodd-Frank Wall Street Reform and Consumer Protection Act conclusively excludes indexed annuities from regulation as securities by the Securities and Exchange Commission (SEC).
- STOLI to STOA: First Drops in a Gathering Storm
As STOLI (stranger originated life insurance) transactions have receded due to nearly unanimous condemnation of the practice, a wave of Stranger Originated Annuities (STOAs) is growing.
- What You Don’t Know Yet Might Hurt You: A Broker’s Duties under the Financial Reform Act
This current comment discusses how The Wall Street Reform Act significantly alters the relationship between broker-dealers and their retail customers.
