US taxation services | KPMG | QM

US taxation services

US taxation services

KPMG have been delivering US taxation services for more than 10 years using staff permanently based in the Channel Islands.

KPMG have been delivering US taxation services for more than 10 years

KPMG in the Channel Islands provides US investor reporting services using staff based in the Channel Islands. We work closely with fund managers and their service providers. Increasingly, managers want somebody on the ground in the same place as the fund administrator in order to make the process much more efficient.

Our unique offering is that we do the work in Guernsey, with support from our international network. Our competitors do the work in the US with marginal support on the ground locally, which leads to inefficiencies and therefore costs being higher than they need to be.

 

Compliance services

Non-US funds which have US source income or that have US investor reporting obligations must report their income under US income tax standards and report such results either to the IRS or to investors or both. KPMG can assist by identifying US tax filing requirements and preparing these filings:

  • 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
  • Federal partnership tax return (Form 1065) – funds classified as partnerships for US tax purposes with US source gross income or US effectively connected income
  • PFIC statements – funds classified as corporate entities may need to provide Passive Foreign Investment Company (“PFIC”) Annual Information Statements to their investors
  • 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
  • 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

 

Advisory services

  • Assist administrators and funds to respond to any US tax queries from US investors or from the IRS 
  • Advise on US tax issues and risks arising from investment fund structures
  • Advise on the impact of changes to US tax legislation on funds with US investments or US investors

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