TAX SERVICES

The most complex challenge in the context of financial planning is taxation along with the evolving and ever-changing regulatory framework. If you want to get your tax filing and accounting done then you can opt for the accounting firms in Chicago. Our experienced team devises effective strategies for their clients in order to manage compliance-related requirements and to optimize their taxes. Sudrania LLC is your partner in the crucial times with much-needed assistance to your businesses in the audit and tax season. The financial advisory services of the company will eventually help you in building wealth and manage your money.

Services include:

We are preparing and filing the relevant Tax Returns for the Funds i.e., Partnership Firm (form 1065) and Corporations (form 1120S, 1120) along with all schedules within the prescribed time at IRS. We also prepare and file the US Tax Returns for Offshore Hedge Funds with 8832 election.

While preparing the tax return, we consider books to tax reconciliation as well as book to 1099 reconciliations, to file the most accurate tax numbers to the IRS.

Our US Tax professionals take care of the complex Tax issues specific to the Hedge Fund industry, like:

  • UBTI calculations
  • Bond premium amortization
  • Capital Gain adjustments
  • Exchange Traded Future Contracts Gain/Loss reporting
  • Stuffing Allocation

Our experienced tax team assists in the preparation of Schedule K-1s for your Business Partners and Investors with required foot notes indicating the descriptions about the K-1 data. Along with the preparation of tax returns and K-1s, we give the reconciliations of book to tax income disparity per partner.

Amongst other tax related matters, our expertise includes tax allocation of realized and unrealized gain/loss to the partners, adjustment of the tax basis for transfer of interest, assignments as well as contribution/redemption in kind between partners.

We also facilitate in distribution of K-1s amongst the investors through our online secured transfer modes within time frame.

Did you know that the state tax filings in US depends upon various criteria like- Entity’s state registration, state source income, Partner’s state residency?

Each state in the US has its own Tax Laws and filing requirements. Our professionals maintain proper updates over these state laws to assist the fund in determining and fulfilling the State tax filing requirements. We provide accuracy and proficiency in such complex filings and compliance.

Do you have foreign bank accounts or foreign financial assets? Worried about FATCA compliances?

We assist in FATCA filing and compliances. We have expertise in preparation and filing of Form 1042, Form 5471and FinCEN required Form 114 (FBAR) etc. We also take care of foreign person tax withholding requirements.

A passive foreign investment company (PFIC) is a specified foreign-based corporation.

A U.S. person that is a direct or indirect shareholder of a PFIC must file Form 8621 for each tax year in certain cases.

We provide assistance in preparing Information Form 8621 for you and making sure that your PFIC statement is prepared correctly together with the related tax forms and filed with IRS in short and efficient timeframe.

In addition to the other listed services our Tax Team also provides other Tax and compliance related services including:

  • All informational forms i.e. 1099-MISC, 1099-B, 1099-DIV, 1099-INT etc
  • 1042, 1042-S, 8804, 8805
  • Assistance in preparing Response to IRS Notices for our clients