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April 5, 2019

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Issue Number:  2019-10

Inside This Issue

  1. Report Foreign Accounts by April 15
  2. IRS Nationwide Tax Forums: Your Source for Cybersecurity & Tax Reform
  3. Paid Preparer Due Diligence Requirements
  4. Amended Tax Relief for Nebraska Disaster Victims
  5. Technical Guidance

1.  Report Foreign Accounts by April 15


The 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.

More 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


Do 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.

Visit www.irstaxforum.com to learn more and register.


3.  Paid Preparer Due Diligence Requirements


The 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.

For more information about due diligence, review the Tax Preparer Toolkit on IRS.gov.


4.  Amended Tax Relief for Nebraska Disaster Victims


The 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 veterans).