IRS extends offshore reporting deadline

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

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