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Tax Exemptions Municipal Bonds Brokerage Accounts

Burr & Forman

FINRA Fines UBS for Muni-Interest Reporting Errors

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The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers’ municipal-bond-account interest was tax-exempt, when the firm’s handling of the trades made it taxable instead....more

Burr & Forman

FINRA Warns on Muni Shorts & Fails: Substitute Interest is Taxable

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FINRA issued its late-July Regulatory Notice 15-27 warning brokerage firms that inadvertent short positions or fail-to-delivers in municipal securities trading can create situations where the member-firm pays a customer...more

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