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Generally, CPAs must register with the SEC as an investment adviser if they fail a two-part test by answering "yes" to the following questions:
The Investment Adviser Act of 1940 is the primary federal legislative authority governing SEC-registered investment advisers.
He stated that the IRS "will not accept reliance on an opinion from a non-independent tax adviser as proof of reasonable cause and good faith on the part of the taxpayer.
This year, a CPA and an adviser firm in Minnesota launched a bank called Venture Bank.
Since Canary, major investment adviser firms under contract to mutual funds have been charged with a variety of schemes, including some involving portfolio managers and founders of investment advisory firms.
Required information as to the reportable transaction includes: transaction name and registration number (if any); transaction type; identification of a substantially similar listed transaction (if any); number of transactions; name and TIN of any investment conduits; affirmation of certain increases in asset basis (if any); name, contact information and fees paid to promoters and tax advisers as to the transaction; principal facts surrounding the transaction; expected tax results; and estimated tax benefits.
If a CPA wants to provide such advice, he or she must meet the testing and licensing requirements, just like any other investment adviser.
Technology and adviser regulation, including a new electronic filing and registration system for investment advisers.
CPAs in at least three areas have a clear stake in ensuring accurate investment adviser advertising.