News 19 Dec. 2019
Curtis Wins in London for Federal Airports Authority of Nigeria
News 18 Apr. 2016
Curtis gains recognition in new Africa publication
News 26 Feb. 2020
Curtis Secures Comprehensive Victory for the Republic of Kazakhstan’s Committee of Roads
News 24 Jan. 2020
Curtis defeats $400 million investment treaty claim brought against India
News 09 Jul. 2020
Curtis' Private Client Attorneys Recognized in Chambers High Net Worth 2020
News 26 Jun. 2020
Curtis wins Arbitration Team of the Year 2020 at Italy’s prestigious Legal Community Awards
Article 02 Jul. 2020
Partner Antonio Prida and associate Irene Cuellar publish article on mediation in the National Autonomous University of Mexico’s legal magazine, "Opiniones técnicas sobre temas de relevancia nacional"
Event 24 Jun. 2020
Partner Gabriela Alvarez Avila Speaks on ISDS at ASIL 2020 Virtual Annual Meeting
News 24 Jun. 2020
Curtis defeats second treaty claim brought against Kuwait
Event 31 Jan. 2020
Partner Antonia Birt Speaks at 5th Annual GAR Live Abu Dhabi
Client Alert 06 Jul. 2020
U.S. Insight: U.S. Supreme Court Holds That Adding “.com” To A Generic Word Can Make The Combination Eligible For Trademark Protection
U.S. Insight: Update on Virtual Notarization (New York Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: July 6, 2020)
U.S. Insight: Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: July 6, 2020)
Publications August 10, 2009
On August 7, 2009, the IRS issued Notice 2009-62 to extend the deadline of filing Form TD F 90-22.1 ('FBAR') in two limited situations. The extension applies to U.S. persons who have signature authority over, but no financial interest in, foreign financial accounts, and to U.S. persons with respect to investment in foreign 'commingled funds' such as hedge funds. Under the Notice, these signatories and investors have until June 30, 2010 to file the FBAR for 2008 and prior years. A U.S. person not eligible for the extension under the Notice generally must file the FBAR by June 30, but if such person was unaware of the filing obligations until recently, the extended September 23, 2009 deadline announced by the IRS earlier this year may apply.
The IRS has recently indicated that 'commingled funds' that are treated as 'financial accounts' include mutual funds, hedge funds, and even private equity funds. However, there is no official guidance as to whether and under what circumstances an equity interest in a foreign entity should be treated as a 'financial account' subject to FBAR reporting. The Treasury Department now intends to issue regulations to provide clarification. Such regulations may address when an interest in a foreign entity should be subject to FBAR reporting, whether the principles of 'passive foreign investment company' should apply, and whether duplicative filing should be exempt. Similarly, such regulations may also address whether a signatory should be exempt from an FBAR obligation when the owner of the account files the FBAR, and whether officers and employees with only signature authority should not be required to file duplicative FBAR forms. Interested persons can submit comments and suggestions to the IRS and the Treasury Department by October 6, 2009.
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Marco A. Blanco
Eduardo A. Cukier