April 4, 2014 –
IPOs, broker-dealer standards; corporate ID theft (Securities Edge March recap)

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Congress’ misguided effort to increase number of public companies

Proposed relief for companies going public is insufficient

Only one of the goals of HR 3623 is arguably helpful. In the unusual situation where an issuer had just under $1 billion in revenue when submitting its registration statement and then, due to revenue growth, it no longer qualifies as an emerging growth company … under HR 3623, it can keep the ‘benefits’ of being an emerging growth company. Read more >>

More stringent standards likely for broker-dealers, but not anytime soon

Uniform fiduciary standard for broker-dealers: an update

Notably, the Financial Industry Regulatory Authority (FINRA) may already have added a fiduciary duty requirement into its suitability rule, which it revised effective July 2012. Read more >>

ID THEFT ALERTS:

Corporate identity theft on the rise

Thieves are fraudulently acquiring business identities at an alarming rate. Criminals may use your business identity to perpetrate a fraud against your business or someone you do business with. This type of scheme has been reported in more than half the states in the country.

No business is too small to be a target for thieves. Strategic methods have been developed to steal your business’s identity, but there are steps you can take to make your business a less appealing target to potential thieves. Read more >>

Thwart theft of future tax refunds

The Internal Revenue Service allows individuals to put the agency on notice of possible future theft of tax refunds.

Individuals who wish to take advantage of this should complete IRS Form 14039 (“Identity Theft Affidavit”) and check Section A (“Reasons for filing this form”), 2 (“I have experienced an event involving my personal information that may at some future time affect my federal tax records”). We understand a taxpayer is then assigned a Personal Identification Number (PIN) to use when filing his or her 1040.

This may be especially beneficial for high net income individuals, as well as taxpayers who may own pass-through entities such as partnerships or S corporations.

Please consult your legal and/or financial professional if you believe your tax refund may be subject to theft.

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