IRS extends offshore reporting deadline
US government relaxes deadline for taxpayers to declare income from offshore accounts
US government relaxes deadline for taxpayers to declare income from offshore accounts
The US Internal Revenue Service has announced an extension on the 30 June
deadline for certain taxpayers filing reports on income derived from offshore
accounts.
There has been much confusion among taxpayers on whether the foreign
investment reporting rules apply to them, including those involving hedge funds
and private equity funds, according to
tax-news.com
A statement released by the IRS said: ‘Taxpayers who reported and paid tax on
all their 2008 taxable income but only recently learned of their FBAR filing
obligation and have insufficient time to gather the necessary information to
complete the FBAR, should file the delinquent FBAR report according to the
instructions and attach a statement explaining why the report is filed late.’
Those taxpayers in the scope of the extension now have until 23 September.
Further Reading:
US
foreign tax credit claims skyrocket
US
urged to abandon UBS tax case
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAmerican expats and green card holders living in the UK face a number of complex federal and state filing requirements ahead of Tax Day on 15 April Re...
View articleStar of "The Rock" and "Leaving Las Vegas" says he will pay Internal Revenue Service windfall amount in back taxes Read More...
View articleSpecial voluntary disclosure period will run until 15 October Read More...
View articleUBS client faces jail and fine for hiding funds in a UBS account in Switzerland Read More...
View articleUS taxman pays out millions in incorrect refund and stimulus payments Read More...
View articleUS revenue service is advising taxpayers to file 2005 tax returns in claiming $1.3bn Read More...
View articleUS taxman reports an almost 10% decline in the number of taxpayers filing their self-assessment returns online Read More...
View articleUS taxman looks at ways to ease taxpayer payment issues due to the economic crisis Read More...
View article