TaxPersonal TaxIRS extends offshore reporting deadline

IRS extends offshore reporting deadline

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

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