There is no doubt that the various regulatory changes we have seen in recent years have created a heightened administrative environment for SPV issuers and their investment managers. For example, the implementation of the Dodd Frank Act brought with it significant changes to all IRS international tax forms such as the W-8BEN-E and W-8IMY. What was once a relatively simple one page certification is now an eight page document with the inclusion of very important FATCA classification representations. With increasing scrutiny on SPVs transacting with the US, we have seen our clients applying more frequently to the IRS for an EIN to support additional reporting requirements imposed on managers.
With that in mind, we thought it might be timely to remind clients that, whilst we don't provide tax advisory services, we do offer seamless and efficient tax administration services in several areas. In addition to our IRS international tax form preparation service, we are also able to provide EIN application services for a small fixed fee. For non-US vehicles, applicants are required to have direct contact with the IRS by telephone which can be time consuming and inefficient. Our trained and experienced staff can take the stress out of this process at both the issuer and co-issuer level by:
- setting up template IRS Form SS4 documents for both corporations and partnerships;
- providing a Third Party Designee to transact with the IRS on behalf of the company; and
- targeting the return of fully completed IRS and SS4 forms, including the EIN, to our clients within a time frame of 24 to 36 hours after receiving the request.
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