Tax & Compliance

Tax & Compliance 2018-05-24T21:09:08+00:00

Gemini’s tax and compliance teams regularly monitor the industry in order to address your concerns and proactively recommend actions needed to protect your funds.

The tax team is responsible for all aspects of tax reporting, such as the identification of securities that may require special tax treatment and the preparation of tax provisions for fiscal year-end reporting, including support schedules. Gemini’s tax team assists our fund administration team on the required distributions for your funds and assists your fund’s independent public accounting firm in matters related to tax preparation and timely filings of all tax returns.

Tax Services Gemini Provides:

  • Dividend distribution review and determination for periodic paying funds
  • Assistance with tax planning for your fund
  • Fiscal year-end tax provisioning, including return of capital adjustments
  • Preparation of year-end distribution estimates and distribution determinations
  • Preparation and review of tax disclosures
  • Review and filing of tax returns
  • Review of portfolio holdings for tax implications
  • Assistance with questions about fund structure and fiscal year-end filing options
  • Coordination with external parties, including your fund’s auditors and regulatory agencies

The fund compliance team is responsible for all aspects of post-trade compliance with respect to the 1940 Act, the IRS, and the fund’s prospectus and SAI limitations. Gemini’s compliance team assists clients in identifying post-trade compliance issues and provide reporting to the advisor and the board.

Compliance Services Gemini Provides:

  • Compliance workflow processing through Charles River
  • Centralized, post-trade compliance monitoring and management
  • Post-trade monitoring of SEC, prospectus, and SAI compliance, as well as IRS code compliance and support
  • Daily, weekly, monthly, and quarterly compliance review, summaries, and notifications
  • Quarterly summary of compliance issues for the board
  • Monitoring of your fund’s compliance with:
    • IRS diversification tests
    • IRS gross income test
    • 1940 Act requirements
    • Prospectus and SAI limitations
  • Creation of compliance checklists for newly launched funds
  • Operational calls to review procedures and compliance rules and interpretations
  • Review of prospectus and SAI updates on an ongoing basis to ensure testing stays current
  • Review of fund structure and strategy to ensure compliance under the various regulatory requirements
  • Review of portfolio holdings for compliance implications
  • Support to auditors and regulatory agencies

Tax Automation

We utilize GainsKeeper by Wolters Kluwer, which provides us with automated means to accurately and efficiently calculate tax adjustments, such as wash sales, which may have a significant impact on a fund’s tax distribution requirements and after-tax returns.

Portfolio Compliance

We utilize Charles River to assist with portfolio compliance, including automated post-trade compliance testing workflow, monitoring, and management.