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IRS Tells Cryptoinvestors: Find Your Data, a Calculator, and Good Lawyer

August 14, 2019 By Chris Kentouris Leave a Comment

If you are a cryptocurrency investor, you can forget about enjoying your summer vacation, thanks to the US Internal Revenue Service. By the end of August, you could be one of the 10,000 investors to have received a letter from the US tax agency that you owe taxes on your cryptocurrency investments. You will need […]

Filed Under: Compliance, Investors, Tax, Trading Tagged With: bitcoin, Compliance, Tax

IRS Creates Legal,Ops Headaches for Escheated IRAs

October 4, 2018 By Chris Kentouris Leave a Comment

(Editor’s Update on November 29, 2018): Tax operations, compliance and technology managers at US financial firms now have until January 1, 2020 to implement the Internal Revenue Service’s rule to withhold taxes on unclaimed individual retirement accounts. The IRS’ one-year extension is far less than the 18 months requested by the securities industry but provides […]

Filed Under: Compliance, Rules, Unclaimed Tagged With: Compliance, Escheatment, Reporting, Tax

Cryptocurrency: Next Frontier for Cost-Basis Reporting

April 27, 2018 By Chris Kentouris 2 Comments

US personal tax day, April 17, was either the beginning of a lot of heartache or overdue operational relief for investors in cryptocurrency. Investors who haven’t paid the right amount of taxes for profits earned during the cryptocurrency boom could face fines and audits from the Internal Revenue Service. Alternatively, they could also benefit from […]

Filed Under: Compliance, Investors, Slider, Tax, Trading Tagged With: bitcoin, Brokerage Ops, Compliance, Corporate Actions, Investment Ops, Tax

Love Taxes, Operations: Be a Tax Ops Director

January 10, 2018 By Chris Kentouris Leave a Comment

Knowledge of processing 1099 Forms, cost basis-reporting, Internal Revenue Service Section 871(m), financial transaction taxes and corporate actions, FATCA, and issues and errors management. Over ten years of corporate tax compliance experience necessary. Those are just some of the qualifications that large global asset servicing providers — Societe Generale, BNP Paribas and JP Morgan — […]

Filed Under: Compliance, Corporate Actions, Reporting, Slider, Tax Tagged With: Compliance, Custodians, Dodd-Frank, FATCA, KYC, Regulators, Reporting, Tax

IRS 871(m) Withholding Tax: No More Relief for the Weary?

October 6, 2017 By Chris Kentouris Leave a Comment

On October 2 when the US Treasury  published its announcement of eight regulations scheduled for repeal or replacement, tax operations, compliance and legal experts found a major disappointment. Despite repeated industry requests for repeal, or at least more clarity about some of its provisions, the controversial Internal Revenue Service Section 871(m) on withholding tax for US […]

Filed Under: Analytics, Compliance, Data, Derivatives, Regulations, Rules, Slider Tagged With: Brokerage Ops, Compliance, Data, Derivatives, Fund Ops, Hedge Funds, Regulators, Tax

New Tax on US Convertible Bonds: Taxing Air?

May 11, 2017 By Chris Kentouris Leave a Comment

The US Internal Revenue Service wants withholding agents to collect tax on upticks of the rights of convertible bondholders, despite protests that the levy is nothing more than “tax on air.” That’s how some tax attorneys and operations specialists view the IRS’ Section 305(c) rule on taxing adjustments to the conversion ratio of US convertible financial instruments, as […]

Filed Under: Analytics, Compliance, Corporate Actions, Data, Derivatives, Investments, Investors, Rules, Slider Tagged With: Brokerage Ops, Compliance, Corporate Actions, Data, Depositories, Derivatives, Investment Ops, Regulators, Tax, Valuation

Accounting Rule Upends Contract Management

April 5, 2017 By Chris Kentouris Leave a Comment

A new global accounting rule that changes the way revenue is recognized and disclosed on financial statements is going to give fund management firms, financial technology shops and data providers a lot more stress. Contract management, financial reporting, IT, legal counsel and even human resource directors will have to work together more closely than ever […]

Filed Under: Analytics, Data, Reporting, Rules, Slider, Uncategorized Tagged With: Compliance, Data, Fund Ops, Reporting, Tax, Valuation

Equity Derivatives Withholding Tax Remains Taxing (Updated)

October 28, 2016 By Chris Kentouris Leave a Comment

(Editor’s Note: On November 14, 2016 SIFMA asked the US Treasury to postpone the implementation date of IRS Section 871(m) from January 1, 2017 so that it can resolve a difference of opinion with G5 countries. The UK, Germany, Spain, France, and Italy have told the Treasury that dividend equivalent payments made outside the US […]

Filed Under: Analytics, Compliance, Data, Derivatives, Investments, Rules, Slider, Uncategorized Tagged With: Brokerage Ops, Compliance, Corporate Actions, Data, Depositories, Derivatives, FATCA, Fund Ops, Investment Ops, Regulators, Tax

FATCA, GATCA Tax Patience of Relationship Managers

August 5, 2016 By Chris Kentouris 1 Comment

Relationship managers on the front-lines of interacting with investors or customers say that complying with the Foreign Account Tax Compliance Act (FATCA) and its global version Common Reporting Standards (CRS) is giving them plenty of angst. The requirement to identify the investor or customer for tax purposes may conflict with the equally important need to […]

Filed Under: Compliance, Data, Financials, Investors, Reporting, Risk, Slider Tagged With: AML, Compliance, Data, FATCA, Fund Ops, KYC, Outsourcing, Reporting, Tax

Still Holes in New Tax Code for Equity Derivatives?

June 2, 2016 By Chris Kentouris Leave a Comment

Foreign fund managers, prime brokers, broker-dealers and banks entering into US equity derivative transactions are facing a taxing operational challenge. Worse, at this point it isn’t entirely clear how it will work. After the US Congress passed enabling legislation in 2010 and the Internal Revenue Service floated several proposed versions of the rules to massive industry […]

Filed Under: Analytics, Compliance, Derivatives, Funds, Rules, Slider, Trading Tagged With: Brokerage Ops, Compliance, FATCA, Fund Ops, Regulators, Swaps, Tax

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