WBull: IRS extends oversight of offshore accounts - Spear's Magazine

WBull: IRS extends oversight of offshore accounts

The Internal Revenue Service has bolstered scrutiny of tax-friendly offshore accounts, pressing investors in hedge funds and private equity firms to reveal hundreds of billions of dollars they have invested overseas, according to a report in The Wall Street Journal.

The Internal Revenue Service has bolstered scrutiny of tax-friendly offshore accounts, pressing investors in hedge funds and private equity firms to reveal hundreds of billions of dollars they have invested overseas, according to a report in The Wall Street Journal.

Until now, investors in the afore-mentioned entities were advised by their attorneys not to worry about the “Report of Foreign Bank and Financial Account”, which requires US taxpayers to file their foreign bank and brokerage accounts.

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