New Solution Simplifies Tax Calculations, Reporting, and Filings for SPVs
News provided byFormidium
Jan 24, 2023, 7:30 AM ET
DOWNERS GROVE, Ill., Jan. 24, 2023 (GLOBE NEWSWIRE) -- The tax services group at Formidium, a global leader in providing third-party fund administration and back-office technology solutions announces SPV Tax, a new full-featured U.S. tax returns preparation and e-filing professional service suite for Special Purpose Vehicles (SPVs). SPVs are often used as a way to isolate and compartmentalize investment assets. SPV Tax provides a unified, seamless, and end-to-end platform for U.S. federal and state tax return preparations and filings for small business owners, investors, or anyone wanting to manage their finances more efficiently and effectively.
SPV Tax is a user-friendly solution that frees users from spending hours pouring over paperwork and calculating numbers. All users need to do to ensure their tax returns are completed accurately and efficiently is simply upload their documentation. SPV Tax addresses the complexities of the tax laws associated with unique structures and requirements, such as cross-border, single/multiple LLC structures, flow-through structure, etc., of SPVs, and a diverse set of asset classes, including real estate, private investments, alternative investments, crypto/tokens, etc.
“To meet the needs and objectives of stakeholders in the rapidly changing investment ecosystem, we’ve launched SPV Tax to address the specific requirements of Special Purpose Vehicles,” said Nilesh Sudrania, Founder and CEO of Formidium, “Our proprietary technology and extensive research allows our tax preparation team to provide industry-leading tax support and the highest level of client service.”
Formidium is a leading global fund administrator, investment back-office technology solutions provider, and a licensed CPA firm. Based in Downers Grove, Illinois, Formidium’s tax team of more than 50 individuals provides tax reporting services, such as filings and schedule K-1 reporting for fund managers and their investors, to over 350 clients for tax services.
The team at SPV Tax has deep expertise in tax law and the specific requirements for preparing tax returns for SPVs.
The firm leverages two applications: Seamless and CommonSubDoc™. Seamless is a web-based fund accounting application integrating portfolio, fund accounting, and investor reporting. CommonSubDoc™ is an investor onboarding portal with extensive AML/KYC features and capital activity tracking as well as a CRM solution. Formidium’s operations and technology are SOC 1, SOC 2, and SOC 3 audited, and it currently has over 1,000 staff globally.