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Article: Hedge Funds, Private Equity Brace for U.S. Reports
- Article from:
- Reuters Hedgeworld
- Article date:
- June 26, 2009
CopyrightCopyright 2009 Reuters Hedgeworld. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON (Reuters) - Hedge funds, private equity firms and
other investors are scrambling to meet a looming deadline to report
their offshore income, as U.S. tax collectors boost efforts to track
foreign holdings.
The reports will give authorities a glimpse into just how much
money U.S. citizens have tucked away in investment accounts
overseas, believed to be in the tens of billions of dollars.
U.S. taxpayers have long been required to file "Report of Foreign
Bank and Financial Account" forms with the government when they have
holdings of more than $10,000 in foreign banks.
A murky area, though, has been hedge funds, private equity firms
and foreign funds, according to industry lawyers. An ...