Philip Stein & Associates Partnership Department provides many multinational clients with direction and support for the intricate U.S. tax system. Our accountants are highly qualified, with commitment to the highest standards of professional responsibility.
We provide the following services:
1. Federal Tax Compliance – Preparation of partnership tax returns for Hedge Funds, Venture Capital Funds, Real Estate Partnerships or any other partnership arrangement that requires filing a partnership return.
2. State Tax Compliance – Assisting clients with the state filing requirements that arise from owning real estate or having active businesses in the U.S.
3. Pro Forma K-1’s – Preparation of pro forma K-1’s for foreign partnerships (with otherwise no U.S. tax filing obligation) in order to provide the relevant tax information to the U.S. partners.
4. Foreign Compliance Requirements – Partnerships investing in non-US corporations, partnerships or disregarded entities are required to comply with U.S. regulations and properly report the activity in the underlying investments. Our department will ensure that all filing requirements are properly met, including notifying all U.S. partners of their filing requirements in order to avoid potentially costly penalties.
5. Check-the-Box Elections – Assistance in filing Entity Classification Election Form (8832)
6. Tax Planning – Guiding entities in maximizing the tax advantages when establishing a partnership and drafting the Operating Agreement.
We prepare the following forms:
- 1065– U.S. return of partnership income
- 5471– Information Return for a Foreign Subsidiary
- 5472– Information Return of a 25% Foreign Owned US Corporation
- 8865– InformationReturn of U.S. Persons With Respect to Certain Foreign Partnerships
- 8858– Information Return of U.S. Persons With Respect To Foreign Disregarded Entities
- 926– Return by a U.S. Transferor of Property to a Foreign Corporation
- 8621– Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
- 8886– Reportable Transaction Disclosure Statement
- State tax filings
For more information, contact Fred Kahn– Partnership Tax Manager: