Hedge fund tax break

| 27/02/2010

(Bloomberg): US investors don’t have to report large holdings in offshore hedge funds or private-equity firms this year under disclosure rules designed to detect offshore tax evasion and money laundering, the Internal Revenue Service said. The IRS announcement followed the issuance of proposed regulations by the Financial Crimes Enforcement Network, a Treasury agency, that effectively spare fund investors from a June 30 deadline to report offshore accounts that exceed $10,000. The IRS said it “will not apply its enforcement authority adversely in the case” where people are invested in foreign hedge funds or private-equity funds “with respect to that account for calendar year 2009 and earlier calendar years.”

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