I have several accounts that I have placed with outside money managers in our wrap program. About five years after opening my first such account, my commissions on this class of business were withheld without notice from my paycheck. My firm said they would release the money after I passed my Series 65 exam. I refused to take the exam, and after much protestation, they relented and I finally began to receive my commissions, but the original amounts withheld have not been paid to me. There is no mention of this policy in our policy manual, and none of our managed money professionals told me this was a requirement in order to place clients with money managers. How would you handle this situation? I can't prove it, but I strongly suspect that there are other reps at my firm who are not Series 65 licensed and receive their commissions without issue.

-L.R., via e-mail

Most states require a separate license if a person is receiving separate compensation for investment advice. But, some states have exemptions that allow qualified brokerage agents to act as investment advisor representatives without further qualification, and in some cases, without further registration. NASAA's IA/BD Exemption Chartis a good starting place, but you should confirm your status with the appropriate state regulator(s).

It would seem to me that if your firm paid you initially and is paying you now, they would not have any good reason to continue to withhold the commissions from that period of time.

My suggestion would be, first, to send a memo to your supervisor asking for clarification and an explanation as to why the commissions continue to be withheld, noting that they were paid previously and have been paid since. I would suggest copying someone in the human resources department and (very politely) give a specific date by which you would like to get an answer.

If your supervisor gives you a verbal response (whether it's clear or not), make sure to memorialize it in writing by sending him an e-mail or memo (again with a copy to the HR department) that restates the specifics of the conversation and asks him or her to advise you if anything you've stated in the memo is inaccurate.

If your supervisor either doesn't respond by that date or the response is unsatisfactory, the next step I would recommend is seeing if the firm has an ombudsman to deal with internal disputes. (Ask someone in the HR department). If one exists, he or she might be able to resolve the issue. Failing that, your only other alternative would likely be to file an arbitration claim against the firm for breach of contract.

I thought Sept. 23 was supposed to be the deadline for Americans with hidden offshore bank accounts to disclose them to the Internal Revenue Service. But I've since heard that the IRS gave these account holders (until Oct. 15) to report them. Why did it extend the deadline?

-S.R., via e-mail

There are many reasons why the IRS granted the extension. For example, so many individuals were apparently coming forward that many tax lawyers were overwhelmed and couldn't get the paperwork filed by the original deadline.

The IRS web site provides all the information that offshore account holders need to know to be in compliance with U.S. law. In particular, taxpayers must report the existence of any foreign account with an aggregate value of more than $10,000 at any time during the year.

To encourage compliance, the IRS indicated that those who came in voluntarily would be treated with greater leniency than those the IRS uncovers on its own.

Those who continue to try and avoid paying will likely face the full civil and criminal penalties available.

Alan J. Foxman, ESQ., is an attorney with Fred Chikovsky & Assoc. in Boca Raton, Fla. His comments are not intended to be legal advice. He can be reached at alanfoxman@bellsouth.net.