Hedge Fund Partnership Form 1065 Returns: Identifying Fund Structures and Preparing Tax Filings

Navigating Mark-to-Market Rules, Straddles, and Fund Manager Income Reporting Rules

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, June 6, 2017
Recorded event now available


This webinar will provide tax advisers with a practical introduction to the complexities of preparing a Form 1065 return for a hedge fund or private equity fund partnership. The panel will offer guidance on income classification rules, mark-to-market elections, and preparation of key schedules including K-1s for partners and 106-S for the investment managers. The webinar will also discuss tax reporting issues for foreign partners of U.S. hedge funds, as well as withholding requirements for state income tax and non-resident partners.

Description

Form 1065 Partnership Income Tax Return presents tax advisers and compliance professionals with specific challenges unique to their structures. There are several different ways in which a hedge fund partnership can be set up, and each type of fund partnership contains specific tax characteristics. Tax advisers serving hedge fund or investment partnership clients need to have a practical grounding in the rules and tax treatment of hedge funds to avoid costly taxation consequences.

Listen as our experienced panel provides a useful introduction to key concepts in preparing a hedge fund return. The event will provide practical information for advisers to investors as well as funds and fund managers.

Outline

  1. Identifying fund and partnership structure
  2. Classifying income as investor vs. trader
  3. Mark-to-market election considerations
  4. Reporting investment manager fees and income
  5. Reporting wash sales, constructive sales and straddles
  6. Foreign reporting and withholdings

Benefits

The panel will discuss these and other complex topics:

  • Various hedge fund structures and how each structure impacts the tax reporting of the fund partnership
  • Factors in determining whether to make a Section 475 mark-to-market election
  • Reporting fund manager income and preparing Form 106S
  • Reporting Section 1256 straddles
  • Determining investor vs. trader in reporting income and deductions

Learning Objectives

After completing this course, you will be able to:

  • Recognize various types of hedge fund structures and determine how the fund partnership’s structure impacts partnership tax reporting
  • Determine how fund managers must report income from the fund
  • Discern the factors in determining whether to exercise a Section 475 mark-to-market election
  • Identify rules specific to classifying hedge fund income and deductions

Faculty

Christopher J. Williams, CPA, Director
Citrin Cooperman, Livingston, N.J.

Mr. Williams is experienced in public accounting, specializing in financial services. His clients include registered investment advisors, registered brokers and dealers, investment companies, hedge funds, private equity funds, general partnerships, and management companies. Prior to joining his Firm, he served clients at a Big 4 accounting firm. He helps his clients prepare and plan for new regulatory matters and financial service business opportunities. He also consults them on how to improve efficiency and how to identify tax savings opportunities.

Jay M. Laurila, CPA, MT, Director
Cohen & Company, Milwaukee

Mr. Laurila specializes in tax work for regulated investment companies, hedge funds, ETFs, MLP funds, private equity funds, fund-of-funds and other private investment funds. He leads client service teams focused on a wide range of tax matters, including federal, state and international taxation of financial instruments, accounting methods and product structures. Previously working at a Big 4 firm for 13 years, his experience spans a wide range of tax-related investment management disciplines and includes international experience managing a large team of tax professionals.

Katie Brandtjen, CPA, Senior Manager
EisnerAmper, New York

Ms. Brandtjen is a Senior Tax Manager in the Financial Services Group. She provides tax compliance and planning services to hedge funds, private equity funds, funds of funds, broker-dealers, and investment advisors. Her focus also includes business entity tax and personal tax.


EA Credit

Enrolled Agent credit processing is available for an additional fee per person.

EA Processing $5.00


Recordings

Recorded Event

Includes full event recording plus handouts.

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00

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Recorded Audio Download (MP3) $147.00

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Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Program Materials

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Program Materials

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EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.

Joanna Johnston

Savas Greene & Company

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

or call 1-800-926-7926

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