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June 2009 Archives

June 13, 2009

Entertainers and Athletes Must Report their Foriegn Bank Accounts Too (UPDATE)

By Daniel J. Scott

Entertainers and athletes who are not citizens or residents of the United States, and entities that are not domestic entities, can relax when it comes to worrying if they have to disclose their foreign bank accounts to the United States government, at least for now. On June 5, 2009, the IRS announced that it is "temporarily suspending the reporting requirement with respect to foreign bank accounts . . . due on June 30, 2009, for those persons who are not citizens, residents, or domestic entities." See IRS Announcement 2009-51 (http://www.irs.gov/pub/irs-drop/a-09-51.pdf). In doing so, the IRS noted that is "has received a number of questions and comments from the public concerning the new filing requirement that may require additional guidance."
For purposes of filing Forms TD F 90.22-1 ("FBARs") due June 30, 2009 only (i.e., relating to foreign accounts with a value that exceeded in the aggregate $10,000 at any time during the 2008 calendar year), only (i) citizens and residents of the United States, (ii) domestic partnerships, (iii) domestic corporations, and (iv) domestic estates and trusts are subject to the reporting requirement. It is unclear at the moment who will be required to file and FBAR in subsequent years, and the IRS has promised to issue additional guidance on this point.

June 26, 2009

Libel Tourism Legislation

By Bennett Liebman

For large parts of the 20th century, the New York State legislature set the agenda for legislation that would be subsequently passed in other statehouses. It is regrettably no longer the case today, as the New York State legislature is more often noted for its alleged incapacity and dysfunction rather than for its transformative qualities.

Yet, the 2008 legislation that New York State passed on "libel tourism" may end up being a national model. Other states are following the New York example, and the United States Congress may also end up following the New York State model on libel tourism.

www.nysba.org/AM/TemplateRedirect.cfm?Template=/CM/ContentDisplay.cfm&ContentID=28529">More ... (PDF)

About June 2009

This page contains all entries posted to The Entertainment, Arts and Sports Law Blog in June 2009. They are listed from oldest to newest.

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