effective hedge fund tax practices - financial research associates
TRANSCRIPT
Effective Hedge Fund Tax Practices
1 5 t h A n n u a l
E v e r y t h i n g Yo u N e e d t o K n o w t o E n s u r e A b s o l u t e Ta x E f f i c i e n c y a n d C o m p l i a n c e i n t h e s e C h a l l e n g i n g T i m e s
To Register: Call 800-280-8440 or visit us at www.frallc.com
FINANCIAL RESEARCH ASSOCIATES AND THE HEDGE FUND BUSINESS OPERATIONS ASSOCIATION PROUDLY PRESENTS THE
The industry’s most comprehensive hedge fund tax conference is back!
✓ Tax and Regulatory Update: What Has Changed and How Do These Changes Affect Hedge Funds?
✓ FATCA – Final Steps for Registration and Compliance – It’s Not Too Late!
✓ Growing State and Foreign Tax Issues Confronting Investment Managers Today
✓ Taxation of Swaps, Commodities and other Contracts ✓ Estate and Gift Tax – Planning for Investment Managers and
Their Investors ✓ Year-End Tax Planning Strategies
✓ Wash Sales, Straddles, Short Sales, Constructive Sales and Other Potential Pitfalls
✓ Tax Consequences of Contributions and Distributions of Securities and Allocations of Fund Gains and Losses
✓ Handling Tax Issues Relative to Inbound Tax Issues ✓ Tax Considerations for Distressed Debt Transactions ✓ Working Through Tax Implications of Foreign Investments ✓ Foreign Reporting Requirements for US Persons ✓ K-1 Preparation Essentials – Effective Interpretation and
Preparation
Topics at a glance:
Earn 15.5 CPE and CLE*
credits!Earn 15.5 CPE and CLE*
credits!
November 19 - 20, 2013T h e P r i n c e t o n C l u b Ne w Yo r k , Ne w Yo r k
Business Operations Association
Gold Sponsors Silver Sponsors Bronze Sponsor
P L U S ! Tax Notes ’
cont r ibut ing ed i to r
Lee Sheppard wi l l
g i ve you a Keynote
Address that de lves
in to the la tes t
deve lopments
impact ing the hedge
fund indust ry
To Register: Call 800-280-8440 or visit us at www.frallc.com
Are your tax strategies as cost efficient as possible?Neglecting your fund’s tax plan can be hazardous, and in these challenging times you simply can’t afford any type of misstep whatsoever. Get thoroughly up-to-date on all of the current legislative developments as well as industry trends by attending our 15th Annual Effective Hedge Fund Tax Practices Conference – the hedge fund industry’s most comprehensive tax event! Learn how to better structure your tactics, comply with new codes and dodge costly bullets while earning 15.5 CPE/CLE* credits and networking with your peers.
With an all-star line-up of tax experts, we’ll discuss the most imperative tax matters facing hedge funds while highlighting the most successful strategies used by some of the industry’s best-performing funds.
Get expert insight and answers to the following pressing questions:
• How have tax rates changed and how will this affect my tax plan?• What’s going on with carried interest?• Is my fund truly prepared for FATCA registration?• What are the most robust year-end tax planning strategies?• How do I best navigate around wash sales, short sales and other
potential pitfalls?• What are the proposed regulations for swap contracts? • How do I prepare my fund for the advancing economic nexus
rules?• What are the new developments in state and local taxation?• How do I effectively use blockers to limit taxation and reporting
requirements?• What are the best PFIC reporting practices?• How do I handle withholding for dividend investments?• What do I need to do to comply with reporting obligations for
ECI?• How should I be handling section 1256 contracts? • What tax planning strategies will be most appropriate for my fund
in this current environment?• How do I ensure that my fund is handling K-1 preparation most
effectively?• What are the tax consequences of contributions and distributions
of securities?• …and much more
PLUS, Tax Notes’ contributing editor Lee Sheppard will give a stimulating and cutting-edge keynote address exploring the industry’s contemporary developments… Don’t miss this event!
You won’t find a more complete hedge fund tax program anywhere, register today and get ready to reap the rewards of having a tax plan that works for you rather than against you.
Call 800-280-8440 or register online at www.frallc.com.
Sincerely,
Erin Busch, Conference DirectorFINANCIAL RESEARCH ASSOCIATES, LLC
P.S. Register before September 20, 2013 and save $200!!!
Who Should Attend?From hedge funds:
• Chief Financial Officers • Controllers• Tax Managers/Directors• General Partners• Chief Operating Officers• Managing Directors
From law firms, accounting firms and management consultancies:
• Lawyers• Accountants• Consultants• Advisors
Top Reasons to Attend
• Get some cutting-edge insight on year-end tax planning
strategies
• Receive up-to-the-minute developments on the ever-changing
federal and state tax rules and find out how they’ll affect your
fund
• Learn how to effectively comply with ECI reporting obligations
• Ensure that your fund is entirely ready for FATCA registration
and compliance
• Find out how to effectively handle taxation of various swaps
products in light of new regulation
• Be in-the-know about all the latest tips, tricks, techniques,
and methods for solving tax complications from some of the
industry’s most distinguished professionals
• Hear what Tax Notes’ contributing editor Lee Sheppard has to
say about current developments on the hedge fund tax front!
• Network with other hedge fund tax professionals
• Earn 15.5 CPE/CLE* Credits
• Bottom line - get practical, ready-to-implement strategies that
will make your tax plan more efficient!
Erin BuschSponsorship and Exhibit OpportunitiesEnhance your marketing efforts through sponsoring a special event or exhibiting your product at this event. We can design custom sponsorship packages tailored to your marketing needs, such as a cocktail reception or a custom-designed networking event.
To learn more about sponsorship opportunities, please contact Menna Lloyd White at 704-341-2440 or [email protected].
To Register: Call 800-280-8440 or visit us at www.frallc.com
8:00 – 8:45 Registration and continental breakfast 8:45 – 9:00 Chairs’ Welcome Chairpersons:
E. George Teixeira, Tax Partner ANCHIN, BLOCK & ANCHIN LLP
Maury Cartine, Partner MARCUM LLP
9:00 – 10:00 Tax and Regulatory Update: What Has Changed and How Do These Changes Affect Hedge Funds?
• Summarizing tax rate changes, ordinary, net capital gain and qualified dividends
• The net investment income tax and the proposed regulations-- some surprising results
• The carried interest proposal is back!• Significant changes in tax return due dates are proposed by
Congress• House Ways & Means Chair proposes an overhaul of the
rules for partnerships & S Corporations• Proposed legislation would tax offshore corporations
trading securities for their own account• Other proposals to eliminate the benefits of Section 1256
and swap contracts
Joseph A. Pacello, Tax PartnerROTHSTEIN KASS
Mark Leeds, PartnerMAYER BROWN
10:00 – 10:10 Refreshment break
10:10 – 11:10 FATCA – Final Steps for Registration and Compliance – It’s Not Too Late!
This extremely practical session will drill down on the business function of FATCA. Learn how it will affect your day-to-day operations and precisely what you need to be doing to ensure efficiency. This also includes the following:
• The Registration Process for FFIs• Model I and Model Intergovernmental Agreement
Compliance• Establishing the mandated procedures• Compliance issues for domestic funds with foreign partners• Relying upon the new W-8 Series of forms- is that enough?• Preparing for withholding tax obligations
Alex Gelinas, PartnerSADIS & GOLDBERG
Michael McMaster, Senior Vice President, Director of Tax Services US BANCORP
11:10 – 12:00 KEYNOTE PRESENTATION – Current Developments on the Hedge Fund Tax FrontLee Sheppard, Contributing EditorTAX NOTES
12:00 – 1:15 Luncheon sponsored by
1:15 – 2:05 Growing State and Foreign Tax Issues Confronting Investment Managers Today
• Physical nexus versus economic nexus – what happens when they collide?
• Investment management services provided to clients residing in other states
• Foreign branches and cost plus arrangements• Investment management services provided to clients
residing in other countries• Avoiding permanent establishment issues in the foreign
investor’s home jurisdiction• FIN 48 – Some things to consider if the investment
management company is audited
Maury Cartine, PartnerMARCUM LLP
2:05 – 3:00 Year-End Tax Planning Strategies
• Planning around wash sales, straddle and constructive sales• Thinking ahead-- elections that make sense• Alternatives that make sense with higher tax rates• Opportunities to defer tax with PFICs• Preserving basis by limiting deductions that have no value• Other year-end tax strategies
Michael Andreola, PartnerBDO
Robert Gordon, PresidentTWENTY-FIRST SECURITIES CORP
3:00-3:10 Refreshment break
3:10 – 4:00 Estate and Gift Tax: Planning for Investment Managers and Their Investors• Expiration/re-introduction of the estate tax – what now?• Estate planning strategies & vehicles for hedge fund
managers• Grantor trusts, asset protection trusts and amending
irrevocable “un-amendable” trusts• Unique aspects of life insurance
DAY ONE: Tuesday, Nov. 19, 2013
To Register: Call 800-280-8440 or visit us at www.frallc.com
DAY TWO: Wednesday, Nov. 20, 20138:00– 8:45 Continental breakfast 8:45 – 9:00 Chairs’ Welcome & Day One Re-Cap Chairpersons: E. George Teixeira, Tax Partner ANCHIN, BLOCK & ANCHIN LLP Maury Cartine, Partner MARCUM LLP
9:00 – 10:00 Wash Sales, Straddles, Short Sales, Constructive Sales and Other Potential Pitfalls
• The wash sale loss deferral rules, tax basis, the reduction in interest rule, options contracts and related parties
• Straddles, what are they and what do they do to realized losses and holding periods?
• Short Sales rules affecting character of gain and holding periods
• Constructive sales rules that accelerate gain and how to avoid or plan around the rules
• Constructive ownership transactions
• Other tax transactions that appear to be safe but may not be!
George Michaels, CEO & FounderG2 FINTECH
E. George Teixeira, Tax PartnerANCHIN, BLOCK & ANCHIN LLP
10:00 – 11:00 Handling Issues Relative to Inbound Tax Matters
• Identifying ECI• Complying with the reporting obligations for ECI• Withholding on dividend and interest • The portfolio interest exception • Sovereign wealth fund considerations • FATCA withholding obligations
Jill Darrow, Partner, Head of New York Tax PracticeKATTEN MUCHIN ROSENMAN LLPNatan Hecht, Executive Director, Senior Tax Planning Advisor (Alternative Asset Management)JP MORGAN CHASE
11:00 – 11:15 Refreshment break
11:15 – 12:15 Working Through Tax Implications of Foreign Investments
• Income taxes imposed by foreign jurisdiction• Analyzing the statutes• Analyzing the application of treaties • How to take advantage of the PFIC Rules for US
individuals• CFC taxation of the corporation and its shareholders• Using blockers to limit taxation and reduce reporting
requirements
Len Lipton, Managing DirectorGLOBE TAX SERVICES
Miriam Klein, PartnerPWC
Philip S. Gross, PartnerKLEINBERG KAPLAN WOLFF COHEN
12:15 – 1:20 Luncheon
1:20 – 2:20 Tax Considerations for Distressed Debt Transactions • Interest and OID accruals on distressed debt• When can open transaction accounting be used?• Pool accounting vs. individual loan accounting• Character issues: Are loans capital assets?• Application of the market discount rules
David Garlock, Director of Financial Services ERNST & YOUNG LLP
• Opportunities that continue under the American Taxpayer Relief Act of 2012
John L. Berger, PartnerLOWENSTEIN SANDLER LLP
4:00 – 5:00 Taxation of Swaps, Commodities and Other Contracts
• Withholding tax issues with respect to swap contracts• Section 1256 contracts – what are they and how are they
taxed?• 988 transactions• Swap contracts and the proposed regulations • Credit default swaps – proposed regulations to clarify the
tax treatment
Joseph Heavey, PrincipalROTHSTEIN KASS Eric C. Fox, PrincipalDELOITTE TAX LLPJay Freedman, PrincipalKPMG US
5:00 Day One Sessions Adjourn, Cocktail Party sponsored by
To Register: Call 800-280-8440 or visit us at www.frallc.com
2:20 – 2:30 Refreshment break sponsored by
2:30 – 3:20 Tax Consequences of Contributions and Distributions of Securities and Allocations of Fund Gains and Losses• Contribution of substantially identical securities• Contributions of an already diversified portfolio of securities• Distributions of securities – Full redemptions vs. partial
redemptions• Mandatory basis adjustments
Julie Canty, Tax PartnerERNST & YOUNG LLP
Robert Velotta, Tax PartnerCOHEN FUND AUDIT SERVICES
3:20 – 4:10 Foreign Reporting Requirements for US Persons
• Form 8938 created under FACTA – review of temporary and proposed regulations and current developments
• FBAR filing requirements – the rules some accounts and some filing requirements you may not have considered
• Form 5471 – categories of filers and filing requirements with respect to foreign corporations
• Form 8865 – categories of filers and filing requirements with respect to foreign partnerships
• Form 926 – reporting transfers of property to foreign corporations, exceptions and de minimis rules
• Form 8858 – information reporting with respect to foreign disregarded entities
• Recent developments
Laurence I. Feibel, Tax PartnerANCHIN, BLOCK & ANCHIN LLP
4:10 – 5:00 K-1 Preparation Essentials – Effective Interpretation and Preparation
• Conformity with presentation of underlying K-1s• Line placement differences• Working with estimated lower-tier information• PFICs and K-1s – how do they differ?• Examples of common footnotes that matter
◦ Trader vs. Investor fund ◦ Material participation and investment interest ◦ UBTI ◦ PFIC investments ◦ Foreign reporting disclosures ◦ Other disclosures
Jeffrey J. Bowden, Tax PrincipalANCHIN, BLOCK & ANCHIN LLP
Laura Ross, PartnerEISNER AMPER LLP
The Conference Organizers
Financial Research Associates provides the financial community with access to business information and networking opportunities. Offering highly targeted conferences, FRA is a preferred resource for executives and managers seeking cutting-edge information on the next wave of business opportunities. Please visit www.frallc.com for more information on upcoming events.
The Hedge Fund Business Operations Association supports the hedge fund community with timely industry intelligence that is especially unique to mid-sized hedge funds and fund of funds. Through useful articles, educational lectures and summits, frequent webinars, valuable web-links, networking mixers and many other useful services we take pride on being the go-to source for useful insight on practical strategies for maintaining a prosperous hedge fund. To join, go to www.hfboa.org
Sponsorship and Exhibit Opportunities
Enhance your marketing efforts through sponsoring a special event or
exhibiting your product at this event. We can design custom sponsorship
packages tailored to your marketing needs, such as a cocktail reception or a
custom-designed networking event.
To learn more about sponsorship opportunities, please contact Menna
Lloyd White at 704-341-2440 or [email protected].
Greg Levy, PartnerKAUFMAN ROSSIN & CO.
5:00 Hedge Fund Tax Practices Conference Adjourns
To Register: Call 800-280-8440 or visit us at www.frallc.com
CPE Credits
Financial Research Associates, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional
education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
Sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. Please note that not all state boards adopted this rule. Some participants may not be able to use one-half credit increments. This course is offered as a group-live course and does not require prerequisites or advance preparation. We offer advanced level courses. Although no prerequisite courses, experience, or advance preparation is required to participate in this program, working knowledge of tax is required, as well as, prior knowledge of the program topic.
For specific learning objectives and program description, please refer to the individual conference sessions topics in the conference brochure located on our website www.frallc.com/thefineprint
The recommended CPE credit for this course is 15.5 credits in the following field of study: Tax.
*CLE CreditUpon conclusion, this program will be submitted for review and approval through a state that has reciprocity with many other states. Certificates will be sent upon receipt of approval.
The company policy for financial hardship guidelines and procedures is as follows.
Financial Research Associates’ hardship policy is handled on a case-by-case basis. For those who cannot afford the standard fee to attend, our executive committee reviews each request for a reduced fee and will in nearly all cases accommodate the person needing to attend at a reduced fee. This reduced fee is determined by contacting the person directly and determining how much s/he can afford to pay. Typically, sole practitioners or attorneys in offices with fewer than 5 employees with revenues of less than $500,000 per year are entitled to a 20% discount.
Important InformationTo Register:Fax: 704-341-2640Mail: Financial Research Associates 18705 NE Cedar Drive Battle Ground, WA 98604Phone: 800-280-8440Online: www.frallc.com
Effective Hedge Fund Tax PracticesNovember 19 - 20, 2013
The Princeton Club15 West 43rd Street, New York, NY 10036(212) 596-1200
If you require overnight accommodation for this conference, please contact any of the following nearby hotels to check their best available corporate rate over this time frame, or consult your local travel agent. Please note that FRA has not negotiated rates with any of these hotels.
Area Hotels:
Mansfield Hotel – (212) 944-6050Algonquin Hotel – (212) 840-6800City Club Hotel – (212) 921-5500Royalton Hotel – (212) 869-4400Iroquois Hotel – (212) 840-3080Sofitel Hotel – (212) 354-8844
Fees and Payments:The fee for attendance at the Effective Hedge Fund Tax Practices conference is:
$1895 through September 20$2095 September 21 up until the date of conference
Please make checks payable to Financial Research Associates, and write code B899 on your check. You may also pay by Visa, MasterCard, Discover, or American Express. Purchase orders are also accepted. Payments must be received no later than November 12.
Team Discounts:• Three people will receive 10% off.• Four people will receive 15% off.• Five people or more will receive 20% off.
In order to secure a group discount, all delegates must place their registrations at the same time. Group discounts cannot be issued retroactively. For more information, please contact Kathie Eberhard at (704) 341-2439 or [email protected]
SOFT DOLLAR YOUR CONFERENCE REGISTRATION!
This FRA conference may be eligible under section 28(e) of the Securities Exchange Act of 1934 for payment via soft dollars. For further information or a Soft Dollar Application form, please visit our website www.frallc.com/softdollars.aspx.
Cancellations: If we receive your request to cancel 30 days or more prior to the conference start date, your registration fee will be refunded minus a $250.00 administrative fee. Cancellations occurring between 29 days and the first day of the conference receive either a 1) $200 refund; or 2) a credit voucher for the amount of the original registration fee, less a $250.00 administrative fee. No refunds or credits will be granted for cancellations received after a conference begins or for no-shows. Credit vouchers are valid for 12 months from the date of issue and can be used by either the person named on the voucher or a colleague from the same company. Please Note: For reasons beyond our control it is occasionally necessary to alter the content and timing of the program or to substitute speakers. Thus, the speakers and agenda are subject to change without notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made.
To Register: Call 800-280-8440 or visit us at www.frallc.com
Official Publications and Media Partners
The Princeton Club, New York CityThe Club offers you the best of everything—in the heart of everything. You’ll find us at 15 West 43rd Street, between 5th and 6th Avenues, in New York City’s iconic Midtown Manhattan district. Grand Central Station, the Empire State Building, the Theater District, and Central Park are all within easy strolls of our front door. And we’re just 20 minutes from LaGuardia Airport and 30 minutes from John F. Kennedy International Airport.
Gold SponsorsFor more than 35 years, Anchin’s Financial Services Group has created customized services for our financial industry clientele, ranging from small, entrepreneurial startups to established funds. We work with over 400 investment partnerships, hedge funds, funds-of-funds, family offices, private equity funds, off-shore funds, master-feeder structures, broker/dealers, mutual funds, investment advisers, commodity advisers, securities specialists, and traders. We are proactive planners who can address concerns on the horizon before they become an issue, enabling you to better concentrate on investment performance. Our seasoned experts provide assurance and audit, tax, financial reporting, back office administration and business advisory services.
BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 40 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of 1,204 offices in 138 countries. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: www.bdo.com.
Silver SponsorsCohen Fund Audit Services, Ltd. (www. cohenfund.com) provides audit and tax solutions for mutual funds, hedge funds, broker/dealers, investment advisors and service providers. The firm is a dynamic, growth-oriented company focused on delivering superior client service with a level of technical expertise unmatched in the investment industry. One hundred percent of our clients are companies in the investment industry. That’s a level of focus every client can depend upon and few competitors can match The Firm is registered with the Public Company Accounting Oversight Board (PCAOB) and a member of the American Institute of Certified Public Accountants (AICPA).
G2 FinTech (www.g2ft.com) specializes in tax analysis and compliance software for the U.S. and International investment management community. TaxGopher®, G2’s flagship product, is a sophisticated tax analysis engine for cost basis adjustments. Our products help Clients solve business problems that have been traditionally addressed with in-house code or expensive third-party services. G2 Clients include leading Hedge Funds, Brokerage Firms, Fund Administrators, and Accounting & Audit firms. G2 maintains a Tax Analysis for Securities Transactions Resource Page, which provides practical information and guidelines on how to accurately perform tax analyses on securities transactions. To learn more visithttp://g2ft.com/taxanalysisforsecuritiestransactionsresources.html.
Sadis & Goldberg LLP is a leading New York based law firm focused on delivering sophisticated and creative legal solutions in a highly professional manner. The Firm is internationally recognized for its financial services practice that consists of representing several hundred investment advisers and related investment entities (including hedge funds, private equity funds and venture capital funds). Similarly, the Firm provides regulatory and compliance advice and representation in connection with SEC enforcement proceedings. Notwithstanding the emphasis on the financial services industry, the Firm also provides a full range of tax, litigation, real estate, intellectual property and corporate services to its clients.
GlobeTax is the leading provider of withholding tax recovery services for institutional and high-net worth investors receiving cross-border investment income. GlobeTax helps clients maximize investment returns by ensuring that investors receive all income to which they are legally entitled. Founded in 1992, GlobeTax has offices on four continents and clients in over 40 countries, filing over 2 million reclaims a year. Additionally, GlobeTax manages the market infrastructure for tax reclaims on American Depositary Receipts (ADRs), as the appointed agent for the issuing depositary banks.GlobeTax has strategic alliances with all major prime brokers and services over 650 hedge funds. GlobeTax also provides a Securities Class Action Recovery Service which includes case data analysis, claim filing, and payment monitoring applicable to: securities class actions, government disgorgements and restitutions, SEC fines, and whistleblower cases. www.globetax.com
To Register: Call 800-280-8440 or visit us at www.frallc.com
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Fax: (704) 341-2640Call: (800) 280-8440Online: www.frallc.comMail: Financial Research Associates 18705 NE Cedar Drive Battle Ground, WA 98604
Effective Hedge Fund Tax Practices Financial Research Associates200 Washington St. Ste 201Santa Cruz, CA 95060
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Everything You Need to Know to Ensure Absolute Tax Efficiency and Compliance in these Challenging Times
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Effective Hedge Fund Tax Practices
1 5 t h A n n u a l
FINANCIAL RESEARCH ASSOCIATES AND THE HEDGE FUND BUSINESS OPERATIONS ASSOCIATION PROUDLY PRESENTS THE
Earn 15.5 CPE and CLE*
credits!Earn 15.5 CPE and CLE*
credits!
November 19 - 20, 2013T h e P r i n c e t o n C l u b Ne w Yo r k , Ne w Yo r k
Business Operations Association
E v e r y t h i n g Yo u N ee d to Kn ow to E n s u r e A b s o l u te Ta x E f f i c i e n cy a n d Co m p l i a n ce i n t h e s e C h a l l e n g i n g T i m e s
P L U S ! Tax Notes ’ cont r ibut ing
ed i to r Lee Sheppard wi l l g i ve you
a Keynote Address that de lves
in to the la tes t deve lopments
impact ing the hedge fund
indust ry