Stuart Horwich, left, of UK US Tax Services and Andre Trebert of PKF. 1189692

A JOINT venture between PKF (Channel Islands) and UK US Tax Services has resulted in the launch of a new US tax reporting service for financial institutions.

The partnership has come about because of the increased reporting requirements related to investment funds and trusts with US investors.

Commonly referred to as K-1 reporting, a schedule K-1 is the form fund and trust administrators must provide which becomes an official record of the investor’s share percentage of the fund’s total income, which is essential when completing a mandatory annual US personal tax return.

‘With increasing requirements on investment funds and trusts to be transparent in their reporting in the US, providing this type of report can be time-consuming for businesses,’ said PKF director Andre Trebert.

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