Proposed legislation, new regulations and increased levels of scrutiny around tax compliance and financial reporting have created challenges for investment management firms. At Deloitte, we work with hedge funds, mutual funds, private equity firms and private wealth firms to help them navigate the evolving demands of tax planning and compliance. For example, our work with mutual fund clients can include performing tax research to advise them on their structure and tax positions as well as assisting with regulated investment company tax work papers and compliance tests, financial statement provisions and related tax disclosures on federal and relevant state returns, and excise calculations. And for our hedge fund clients we can assist with tax planning considerations, as well as advise on their partnership work papers, allocations and tax returns.