Prague & Company, P.C. performs tax planning, tax compliance and other services for many private equity partnerships. Generally, we provides services to partnerships conducting business in the real estate, timber, and private equity industries. We strive to help our clients understand the intricacies of their investment vehicles and the tax impact of transactions to their investors.
Our tax professionals have vast experience in simple and complex structures involving Limited Partnerships and Limited Liability Companies. We work with both foreign and domestic entities, be them funded through venture capital or a combination of equity and debt.
Our private equity administration group has experience with maintaining the original books and records under Generally Accepted Accounting Principles (GAAP), tax basis, or other accounting methods, and works with clients to ensure that the method chosen is both acceptable for purposes of government reporting and meets the needs of investors. For those clients who require periodic statements to investors, we can facilitate the uploading and distribution thereof through a secure online portal. We can also liaise with your auditors to ensure timely and efficient completion and issuance of audited financial statements.
We can easily adapt our expertise to fit the needs of our clients and and clients’ companies. More specifically, we can seamlessly integrate ourselves into a company’s business operations in order to manage the accounting function on behalf of the general partner(s). Our involvement streamlines the accounting function and ensures timely and accurate financial reporting to investors.
Among the many partnership related services Prague & Company, P.C. offers, we provide the following:
Accounting & Related
- Maintenance of accounting books and records (GAAP, tax basis, industry-specific, other)
- Maintenance of capital accounts
- Tracking of historical transactions
- Computations and analyses of profit/(loss) allocations
- Calculation and administration of “Waterfalls” and “Carry” provisions
- Preparation of internal financial and investment reporting
- Preparation of specialized reporting for dissemination to limited partners/investors
- Assistance in performance modeling and related calculations
Administrative & Investor Servicing
- Maintenance statutory compliance (annual reports, other required state filings)
- Management of database(s) of investors/partner and other contacts
- Management and coordination of capital calls
- Management and coordination distributions to investors/partners
- Deal directly with investors/partners regarding tax implications to them and other matters
General Partner Advisory Services
- Entity structuring and formations
- Assistance with the preparation and/or distribution of correspondence to investors/partners
- Tax implications to general partners of waterfalls, carrys, and other types of profit allocations
Tax Services
- Preparation of all federal and state filings, including tax returns and investor K-1s
- Review of results on a quarterly basis and provide estimated taxable income to investors
- Maintenance of tax basis of investments and capital accounts
- Maintenance of investor correspondence such as W-9 and W-8 forms and adherence to any state or foreign withholding requirements related thereto
- Advice on state franchise, excise, or other “value” taxes on the investment vehicles themselves and preparation of related returns