RP-2018-23
Internal Revenue Service (IRS) sent this bulletin at 04/06/2018 02:13 PM EDT
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Issue Number: RP-2018-23Inside This IssueRevenue Procedure 2018-23 provides a waiver for the time requirements for individuals electing to exclude their foreign earned income who must leave a foreign country because of war, civil unrest, or similar adverse conditions in that country. Rev. Proc. 2018-23 adds Turkey to the list of waiver countries for tax year 2016 for which the minimum time requirements are waived. No country is added to the list of waiver countries for tax year 2017. Generally, U.S. citizens or resident aliens living and working abroad are taxed on their worldwide income. However, if their tax home is in a foreign country and they meet either the bona fide residence test or the physical presence test, they can choose to exclude from their income a limited amount of their foreign earned income ($101,300 for 2016; and $102,100 for 2017). Both the bona fide residence test and the physical presence test contain minimum time requirements. Revenue Procedure 2018-23 will be in IRB 2018-17, dated April 23, 2018. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |