Peter L. Berlant
CPA, CFE, CGMA
Peter L. Berlant, CPA, CFE, CGMA, is a partner at Anchin and a member of the Firm’s Financial Services Practice. He is also a member of the Firm’s Private Client, Private Equity and Litigation, Forensic & Valuation Services Groups. Peter's primary area of practice focuses on pooled investment vehicles including investment partnerships and mutual funds. He has spent more than 30 years advising investment companies, high net worth families, private foundations and middle market, privately held companies in a wide variety of industries and their principals. In addition, he has provided expert reports, testimony and advice in a variety of commercial disputes and matrimonial matters.
As a frequent lecturer, Peter has spoken before various organizations and professional groups on topics that have included Fund Operations, Practice Issues in the (Adviser) Registration Process, Emerging Accounting, Auditing and Tax Issues for Funds of Funds, Reporting for Derivative Financial Instruments, Non-traditional Sources of Financing, Lending to Specialized Industries and Deferred Taxes. Often quoted, his comments have appeared in IA Weekly, The Practical Accountant, Collections and Credit Risk, The Secured Lender, The Trusted Professional and other publications.
Peter is an active member of the American Institute of Certified Public Accountants (AICPA), having served three terms on the Governing Council. He is also active in the New York State Society of Certified Public Accountants (NYSSCPA) where he served as the inaugural Chair of the Investment Companies Committee and Chair of its Investment Companies Conference. Peter has previously served as the Vice President for Professional Issues and Comment and as a member of the Executive Committee of the Board of Directors of the NYSSCPA. Peter is a member of the Association of Certified Fraud Examiners, the Managed Funds Association, the Hedge Funds Association and the New York Hedge Fund Roundtable.
In addition, Peter serves on the Advisory Board to the Joseph I. Lubin School of Accounting in the Martin J. Whitman School of Management at Syracuse University, his Alma Mater.
- Accounting and Auditing
- Litigation, Forensic and Valuation Services
- Private Client
- Financial Services
- Private Equity
- SEC Rules that Digital Assets Can Be Treated as Securities, Fall Under Federal Securities LawOctober 10, 2017
Since their launch, cryptocurrencies and other digital assets have operated in a regulatory grey area. Should they be treated as currencies? Securities? As something completely different? In a July report, the SEC clarified the situation and set a new precedent: Digital assets can be treated as securities and fall under federal securities law.
- Top Lessons from the 2017 SEC Cybersecurity ReportOctober 2, 2017
Cybersecurity continues to be a top priority for the SEC. They recently reviewed 75 firms, including broker-dealers, investment advisers, and investment companies, to see what the financial industry is doing well related to cybersecurity, as well as what needs to be improved. Firms should use this information to evaluate and improve their own protection of client data and be aware of these issues which the SEC will be on the lookout for during future inspections.
- Tax Court Refuses to Follow Rev. Rul. 91-32 in Grecian Magnesite Mining DecisionAugust 23, 2017
In a recent decision, the U.S. Tax Court refused to accord deference to an Internal Revenue Service (IRS) administrative ruling treating the sale of partnership interests as a sale of assets the partnership uses in a U.S. trade or business, thereby subjecting the resulting gain to taxation as income effectively connected to a U.S. trade or business.
- Proposed Carried Interest Bills Still AliveJuly 10, 2017
Earlier this year, we shared information with you about several proposed bills that would increase taxes due on investment performance allocations, commonly known as carried interest. Carried interest is the share of profits that fund managers receive in exchange for managing investments. The controversy over carried interest arises because the current tax rules allow managers to pay taxes on portions of the carried interest allocation at the (long term) capital gains rate rather than the higher tax rate that normally applies to ordinary income.
- SEC Clarifies Three Confusing Situations For The Custody RuleMay 25, 2017
The SEC’s Custody Rule continues to be a headache for registered investment advisers. The conditions are so unclear, it’s easy to inadvertently trigger custody rule violations. To help advisers adjust, the SEC recently issued clarification for three confusing situations under the rule.
- SEC Identifies Top 5 Compliance Issues Found in OCIE ExaminationsApril 6, 2017
Call it a wake-up call for registered investment advisers—the Securities and Exchange Commission (SEC) issued a Risk Alert, highlighting the top five compliance issues found in deficiency letters sent to SEC-registered investment advisers.
- Net Worth Threshold for “Qualified Clients” Increased by SECJuly 28, 2016
The U.S. Securities and Exchange Commission (“SEC”) has decided to increase the net worth test threshold for “qualified clients” effective August 15, 2016.
- New Tax Audit Rules Constitute a Radical Change for PartnershipsJanuary 27, 2016
Late in 2015, Congress passed the Bipartisan Budget Act of 2015 (the Act), which includes a complete overhaul of the procedures that apply to Internal Revenue Service (IRS) audits of partnerships and limited liability companies (LLCs) taxed as partnerships and their partners.
- 2016 SEC & FINRA Exam PrioritiesJanuary 25, 2016
The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have released their Exam Priorities for 2016. Each of the regulators have organized their focus around a number of key issues.
- 2015 SEC Examination Priorities AnnouncedJanuary 20, 2015
Last week, the SEC announced its examination priorities for 2015. Three themes highlighted the areas of focus for the SEC’s Office of Compliance Inspections and Examinations ("OCIE"): Protection of retail investors and investors saving for retirement, assessing market-wide risk and using enhanced data analysis to identify those engaged in potential illegal activity.