A calendar-year fund is a fund with a fiscal year ending December 31. Tax regulations generally require partnerships with individual partners to use a calendar year, making it the default and standard for nearly all private funds.
Why It Matters
The calendar year determines the timing of all major compliance and reporting deadlines. Understanding these deadlines is essential for fund managers to stay current with filing obligations and meet LP expectations for timely reporting.
Key Details
- K-1s are due March 15 (September 15 with extension).
- Annual audit is due by April 30 (120 days after year-end).
- Form ADV annual amendment is due by March 31.
- Tax regulations generally require partnerships with individual partners to use a calendar year.
- Alternative fiscal years require a Section 444 election and are uncommon for private funds.
Capital Company manages the full calendar-year reporting cycle for fund clients, from year-end close through K-1 delivery and annual audit coordination.
This content is for informational purposes only and does not constitute legal, tax, or compliance advice. Consult qualified counsel for guidance specific to your situation.