News 05 Dec. 2024
Partner Dr. Alexandra G. Maier Recognized Again in Lexology Client Choice Award 2025, Mining Experts Category 2025
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Event 23 Oct. 2024
Counsel Mohannad El Murtadi Suleiman to Speak at the 2nd Annual Africa Arbitration Day in New York
Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
News 09 Apr. 2024
Curtis Announces New Partners and Counsels Across Offices in Spring 2024
Client Alert 28 Dec. 2023
U.S. to Impose Secondary Sanctions on Non-U.S. Banks For Financing Russia’s Defense Industry
News 04 Apr. 2025
Curtis Argentina recognized for its work on Viterra Limited's US$34 billion strategic merger
News 28 Aug. 2024
Curtis Recognized for Excellence in Arbitration in Chambers Latin America Guide 2025
Publications 19 Dec. 2024
Curtis Partner, John Balouziyeh, Authors New Guide to Investing in the Kingdom of Saudi Arabia and the GCC
News 08 Oct. 2024
Curtis Boosts London Finance and Corporate Capability with Appointment of Partner Christopher Harrison
News 24 Aug. 2023
Curtis Attorneys Quoted in CoinDesk on FTX Founder Sam Bankman-Fried’s Strategy Ahead of His Criminal Trial
Client Alert 10 Jul. 2024
EU Adopts New Restrictive Measures Against Belarus
Client Alert 26 Jun. 2024
The EU Adopts its 14th Sanctions Package Against Russia
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Curtis hosts events for Paris Arbitration Week 2025
Curtis Attorneys Featured at ASIL 2025 Annual Meeting
Publications June 2009
As we reported earlier this week, the Internal Revenue Service (the 'IRS') issued guidance requiring nonresident aliens and foreign entities that are 'in, and doing business in, the United States' to report all their foreign accounts on Form TD F 90-22.1, Report of Foreign Bank and Financial Account (commonly known as the 'FBAR') for each of 2008 and future years during which the aggregate value of the accounts exceeds $10,000 at any time during the year. A civil penalty of up to $100,000 or 50% of the account balance, as well as criminal penalties and prosecutions, may apply to each violation of the FBAR filing obligation each year.
Today the IRS announced that it suspended the FBAR filing obligation with respect to the year 2008 for those persons who are not U.S. citizens, U.S. residents or domestic U.S. entities. Therefore, for the June 30, 2009 filing due date, only persons who are U.S. citizens, U.S. residents or domestic U.S. entities are required to comply. The IRS stated that it decided to suspend the filing obligation after receiving a number of questions and comments. As to the years after 2008, the IRS announced that it will issue additional guidance regarding the FBAR filing obligations of foreign persons.
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
Partner