Tax Cuts and Jobs Act
FINRA Releases Regulatory Notice Announcing 529 Plan Share Class Initiative
On January 28, 2019 the Financial Industry Regulatory Authority (FINRA) released Regulatory Notice 19-04 announcing a 529 Plan Share Class Initiative encouraging firms to self-report potential violations. Broker-Dealers are encouraged to consider self-reporting under the initiative if they have identified specified failures in connection with 529 plan recommendations, and have the ability to assess the impact of the failures. Firms have until April 1st to notify FINRA in writing if it has decided to self-report.
Opportunity Zone Program: Opportunity for Investors or Opportunity for Communities?
With the implementation of the Tax Cuts and Jobs Act that was passed in 2017, there have been several changes to the tax system. The Opportunity Zone program was a small piece of the tax reform that has recently gained more publicity. The Opportunity Zone program provides tax benefits to real-estate investors. The Trump Administration recently released definitions and rules in a package of proposed regulations.