The Internal Revenue Service has asked hedge fund and private equity investors to disclose the billions of dollars invested offshore, for tax advantages, The Wall Street Journal reports. The U.S. agency had asked investors in offshore funds to file a Report of Foreign Bank and Financial Account, by June 30.

It has extended the deadline to Sept. 23, following protests by tax advisers and investors. Around $400-500 billion of offshore investments belong to U.S. investors, with tax-exempt foundations, endowments and pension funds accounting for about half of that.

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