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O’Melveny’s Moritz Quoted in Daily Journal on Tax Deadlines for Foreign Investments

April 16, 2014 O’Melveny & Myers partner Luc Moritz was quoted in Daily Journal’s April 15, 2014, article “Foreign Investment Disclosures Mean Tax Deadline Worries.”  According to the piece, overseas companies often use disparate fiscal year calendars or have accounting standards that are incongruous with the Internal Revenue Service, which lead to delays in retrieving important financial data from the foreign companies and added scrutiny by federal regulators.  In order to avoid the risk of missing tax filing deadlines during the wait, US companies are increasingly petitioning the IRS for extensions.  “People know the consequences of making these investments is that they may need an extension for filing the return,” Mortiz said.  “Any fund that is properly advised will have included in its offering materials a statement warning investors that a delay could be an issue.”

Mortiz is a member of O’Melveny’s Tax Practice, and resides in the Firm’s Los Angeles office.