Enterprise Tax Solutions

Our Tax Services Group provides a best-in-class solution: offering 100% focus on the investment industry with an innovative approach and flexible model to meet the diverse tax demands of registered funds. Our large group of dedicated tax practitioners has years of experience delivering a full range of tax services to registered funds with one goal in mind: to improve the efficiency and effectiveness of your tax function.
 
We work with fund complexes of all sizes to provide tailored solutions. Our flexible model allows you to receive the entire spectrum of registered fund tax services* or only select services — depending on what fits your needs. We also work with your other external service providers so we can seamlessly access the information we need to deliver these services with minimal disruptions to you and your operations.

Services

Compliance

  • Preparation of federal, state, and local tax returns and extensions
  • Assistance with state nexus issues and evaluation of related filing requirements

Excise Distributions

  • Preparation/review of excise tax distribution requirements, including assistance with estimates

Year-end Tax Provision Preparation

  • Preparation of comprehensive year-end tax package for auditor, including taxable income and gain/loss calculations, preparation of financial statement footnotes and disclosures, SOP 93-2 (ROC SOP) calculations and disclosures, and ASC 740 documentation and calculations (including foreign capital gains tax calculations)

Tax Planning, Consulting and Structuring

  • Review of portfolio holdings to identify and analyze complex financial instruments for tax purposes
  • Review of corporate actions associated with portfolio holdings resulting from mergers, reorganizations and return of capital distributions 
  • Assistance with fund launch issues, such as selection of tax year-end, initial contribution of securities to an ETF, and establishing tax-efficient policies and positions in the initial year
  • Assistance with fund mergers and liquidations, including limitations on use of capital loss carryforwards and determination of final distributions
  • Analysis of new products and investment

Strategies - Tax Qualification Testing

  • Timely review of quarterly asset diversification tests, including Section 817(h) and gross income tests
  • Analysis of certain types of portfolio holdings, such as partnerships and trusts, to assess their implication on the tax qualification tests and taxable income calculations

Tax Opinions and Ruling Requests

  • Tax opinions and memoranda on complex tax issues
  • Representation before the IRS, including letter ruling requests

Internal Tax Inquiries

  • Assistance with internal tax-related consultations with other departments, such as portfolio management, marketing and fund accounting

Other Tax Functions

  • Assistance with shareholder information reporting, including tax character of distributions (ordinary, tax exempt, capital gain, return of capital) and other tax attributes and pass-throughs such as QDI, interest-related and short-term capital gain related dividends, foreign tax credits and foreign source income
  • Evaluation of filing for potential foreign tax reclaims
  • Analysis of distributions received from REITs and related tax cost basis tracking
  • Customized training courses and current development sessions covering tax, accounting and regulatory topics

 
* Some tax services may be prohibited if the fund is also an audit client of the firm.