Fund Tax Services LLC Client FATCA Readiness Program

Transcription

1 Fund Tax Services LLC 2013 Client FATCA Readiness Program

2 Why Should I Care About FATCA? Non-US funds, their management companies, offshore holding companies, family trusts and other foreign financial institutions ( FFIs ) will be impacted by FATCA Failure to comply will be subject to a 30% withholding tax on dividends, interests, gross proceeds, etc. from either a U.S. financial institution or another FFI Failure to withhold transfers the liability to the payor Application of the FATCA rules is not driven by whether an FFI actually has U.S. clients or not The fact that a country has entered into a double taxation relief treaty or an exchange of information treaty with the U.S. government does not exempt FFIs located in that jurisdiction from having to comply with FATCA

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4 How FTS Can Help FTS works with a wide array of alternative investment funds, providing advice and implementation support and is well versed in the implication of FATCA and meeting the requirements. FTS can help asset managers meet their FATCA obligations by collaborating with them through the following FATCA phases: Phase 1- Developing the Target Operation Model Legal Entity & Investor Analysis and Classification Gap Analysis & Impact Assessment Third Party Readiness Assessment Develop Target Operating Model Phase 2 - Implementation Register FFIs in the IRS Portal Implement investor on-boarding processes procedures Remediate preexisting financial account holders and other payees Assist in withholding and reporting procedures

5 FTS Team Steven Zhang - Managing Director Steve has close to 20 years of experience in advising alternative investment Funds, fund managers and investors. His experience covers a broad spectrum of tax issues impacting the alternative investment industry, including global fund tax structuring, cross-border transactions, tax accounting, partnership taxation, taxation on investment products and multistate taxation issues. Steven's clients include a variety of investments Funds in the U.S., Asia Pacific, Europe, and Latin America. Steve has published articles in a number of professional journals and has been a frequent speaker on numerous industry conferences. Prior to FTS, Steve was with PricewaterhouseCoopers and Ernst & Young where he advised on a variety of alternative investment Funds including Och-Ziff, Goldman Sachs, Marathon, King Street Capital, QVT, Viking, etc. Steve is a CFA charterholder and a licensed CPA in New York. Julia Taylor - Tax Director Julia has over 17 years of experience in advising alternative investment Funds, fund managers and investors. Prior to joining FTS in June 2012, Julia was with PwC s Alternative Investment practice where she led multiple tax consulting & compliance engagements for well-known global based institutional, public and private Hedge Funds, Private Equity Funds, Private Equity Fund-of-Funds. Julia s experience covers a broad range of tax issues impacting the alternative investment industry, including fund, GP, management company, and SPV partnership taxation, taxation of investment products, global fund tax planning & reporting, and investor allocation issues. She has experience in advising clients on diverse tax matters,

6 FTS Team including extensive knowledge of alternative investments, partnership taxation, offshore taxation, and multistate taxation. Julia focuses on assisting investment partnerships with entity structuring, tax planning and tax compliance. In addition, Julia had written and frequently instructed in national and local training programs for PwC, winning the PwC National Chairman s Award in 2009 for her part in creating a comprehensive national alternative investment training program. Julia is a Certified Public Accountant in New York and New Mexico, and is a member of the American Institute of Certified Public Accountants. Julia managed 3 of PwC s largest Global Private Equity Fund clients. Shirley Wang Tax Director Shirley has over 20 years of experience in advising alternative investment Funds and their investors. Shirley s experience covers a broad range of tax issues impacting the alternative investment industry, including partnership taxation, taxation of investment products, global fund tax planning & reporting (including withholding tax compliances for foreign investors). Prior to joining FTS, Shirley was with PricewaterhouseCoopers Alternative Investment practice where she led multiple tax consulting & compliance engagements for a number of global based registered & private Hedge Funds, Private Equity Funds and Fund-of-Funds.

7 FTS Team Tax clients she managed at PwC: Guggenheim Engagement - various Guggenheim equity long/short Funds with swap contracts, commodities futures, currency forwards and foreign bonds. Goldman Engagement - various GS Hedge Funds as well as Exchange Funds. JPM Engagement - includes Funds from Private Bank (Hedge & Private Equity), JPMAAM (JPM Alternative Assets Management these are registered Hedge Fund of Funds), and all 3c7 Funds (equity Funds, bond Funds as well as 130/30 Funds) and Highbridge Capital. CommonFund Engagement - various Hedge and Private Equity Funds. Tatyana Yablochnik Tax Manager Tatyana has over 10 years of experience in U.S. tax compliance for various global based alternative investments Funds. She s proficient in various tax and accounting software including GoSystem, Advent Partner and Hedgeteck Allocation Systems. Prior to joining FTS, Tatyana was with HSBC Securities Services Global Tax Team, BNY Mellon, SS&C Fund Services and PwC s Investment Management Services group. She was rewarded for producing the quality products for alternative investment services clients at BNY Mellon. Here are some of her prior tax compliance experiences at HSBC, BNY Mellon, SS&C Fund Services & PwC: JPMorgan engagements Morgan Stanley investment partnership engagements Common Funds (Hedge/ Private Equity Funds). MPC Pilgrim, Ashmore-PFICs, Riverview, Aries and other multiple investment partnership engagements.