Feature
Investors face expanded FBAR filing obligation, deadline extended
- Choate Alerts
- June 30, 2009
- by Tax Group
What you need to know:
Recent IRS comments indicate that US investors are now responsible for disclosing interests in offshore investment funds, including private equity and venture capital, on the FBAR. Since many investors were unaware of this obligation, the deadline for filing has been extended to
September 23.
What you need to do:
To avoid penalties, FBARs for 2003 through 2008 must be filed before this deadline, along with an explanation for the filing delinquency and the associated tax returns, by those with an interest in or signature authority over the foreign accounts.
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