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Hedge funds, private equity brace for U.S. reports

Reuters India – 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.

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