Inside This Issue
- Report Foreign Accounts by April 15
- IRS Nationwide Tax Forums: Your Source for
Cybersecurity & Tax Reform
- Paid Preparer Due Diligence Requirements
- Amended Tax Relief for Nebraska Disaster Victims
- Technical Guidance
1. Report Foreign
Accounts by April 15
IRS reminds U.S. citizens and
resident aliens this week of the April 15 deadline to file their
annual Report of Foreign Bank and
Financial Accounts (FBAR). The 2018 FBAR, Form 114, must be
filed electronically with the Financial Crimes Enforcement Network (FinCEN) by April 15.
FinCEN grants filers missing the April 15 deadline an automatic extension
until Oct. 15, 2019, to file the FBAR.
information on the tax rules that apply to U.S. citizens and resident
aliens living abroad can be found in Publication 54, Tax
Guide for U.S. Citizens and Resident Aliens Abroad or by viewing the
webinar, Reporting of Foreign Bank and
Financial Accounts on the Electronic FBAR.
2. IRS Nationwide Tax
Forums: Your Source for Cybersecurity & Tax Reform
you want the latest from IRS experts and industry leaders on hot topics
such as cybersecurity and the recent tax law changes? Attend the IRS
Nationwide Tax Forums and stay up to date as a tax professional.
learn more and register.
3. Paid Preparer Due
law requires tax preparers who complete returns claiming the Earned Income
Tax Credit, Child Tax Credit, Additional Child Tax Credit, Credit for Other
Dependents, American Opportunity Tax Credit, and Head of Household filing
status to meet due diligence requirements. IRS Publication 4687, Paid Preparer
Due Diligence, can help you comply with these requirements,
outlining the steps needed to accurately determine your clients’
eligibility for these important tax benefits.
more information about due diligence, review the Tax Preparer Toolkit on
4. Amended Tax Relief for
Nebraska Disaster Victims
IRS updated the tax relief for
victims of severe winter storms, straight-line winds and flooding that
occurred in parts of Nebraska on March 9 to include Boone, Buffalo, Custer,
Knox, Richardson and Thurston counties, and the Santee Sioux Nation. Visit IRS disaster relief for
updates on tax relief for disaster victims.
5. Technical Guidance
Revenue Procedure 2019-17
provides guidance regarding the general public use requirements for
qualified residential rental projects financed with tax-exempt bonds under
section 142(d) of the Internal Revenue Code. Specifically, it coordinates
these requirements with the provisions in section 42(g)(9). Under section
42(g)(9), a project does not violate the general public use requirement
under section 42 as a result of specified occupancy restrictions or
preferences (for example, certain housing preferences for military