News & Insights
Surprise Custody Examinations: Strengthening Compliance and Streamlining the Process
Situation Following the SEC’s Custody Rule 206(4)-2 Surprise Examination, a result of the Bernie Madoff case, investment advisory firms are required to meet custody-related compliance requirements designed to protect client assets and restore investor confidence. The law ensures that advisors with custody of client funds undergo independent surprise custody examinations…
Tax Strategy: Defer Capital Gains Tax with 1031 Exchange
Challenge Fischer Cunnane’s client, a partnership entity, purchased a significant data center, then later sold it, netting a $100M gain. While the gain was exceptional, the tax burden loomed large. Innovative Approach Fischer Cunnane recommended incorporating a 1031 Exchange, which allows for deferment of taxes. This can be beneficial when…
Favorable Changes to the Business Interest Deduction Rules
Under current law, the deduction for business interest expense is generally limited to 30% of adjusted taxable income (ATI) for the year. The One Big Beautiful Bill Act (OBBBA) modifies how ATI is calculated, starting in 2025. Specifically, depreciation, amortization and depletion are once again added back when computing ATI,…
Accounting Workflow and System Optimization
Challenge The married co-owners of a family manufacturing company determined it was time to prepare for retirement. They wanted to transfer ownership of their 25-year-old business to their three adult children, who would assume active roles in the business. Without a formal accounting background, Mom had been handling the books…
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