Non-US and US funds that either have US investments or that have US investor reporting obligations must report their income under US federal income tax principles and report such results either to the Internal Revenue Service or investors.
As such, we are experts in preparing the following forms and tax returns and can assist you in meeting your compliance requirements.
- Schedule K-1s: Funds classified as partnerships for US tax purposes may need to provide tax reporting to their US investors, as well as non-US investment vehicles that have direct or indirect US investors.
- PFIC Statements: Funds classified as corporate entities for US tax purposes may need to provide Passive Foreign Investment Company (“PFIC”) Annual Information Statements to their investors.
- Income Tax Returns: Funds organized under US law or deriving income from US sources are generally required to file US income tax returns.
- Withholding Tax Returns: Funds that receive US source income may in certain cases be required to file US withholding tax returns and comply with withholding tax deposit requirements.
- State Requirements: Funds that have US investments in businesses operating in certain States, or that have US investors resident in certain States, may be required to file tax returns in those States. KPMG can help by identifying any State filing obligations of the Fund.
Typical Master - Feeder Structure