Issue Number: 2018-35
Inside This Issue
- Combat-Zone Contract Workers Qualify for Foreign Earned Income Exclusion
- Protect Your Clients, Protect Yourself: Protecting Client Data Is the Law
- 2018 IRS Nationwide Tax Forums: Going, Going…
- Technical Guidance
1. Combat-Zone Contract Workers Qualify for Foreign Earned Income Exclusion
Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion. The Bipartisan Budget Act of 2018 changed the tax home requirement for eligible taxpayers, enabling them to claim the foreign earned income exclusion even if their "abode" is in the United States, and it applies for tax year 2018 and subsequent years.
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2. Protect Your Clients, Protect Yourself: Protecting Client Data Is the Law
In the eighth installment of the Tax Security 101 series, the IRS and its Security Summit partners encouraged tax professionals to be aware of their obligations to protect client data and to cooperate with any IRS investigation related to data theft. A 1999 law, the FTC Safeguards Rule, requires tax professionals to implement a data security plan.
For more information, visit "Protect Your Clients; Protect Yourself: Tax Security 101.
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3. 2018 IRS Nationwide Tax Forums: Going, Going…
The Orlando IRS Tax Forum is your last opportunity to participate in this year’s educational series and hear directly from the IRS on Tax Reform, cybersecurity and more.
Visit the IRS Nationwide Tax Forum website to register and secure your space.
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4. Technical Guidance
Notice 2018-69 extends the temporary nondiscrimination relief for closed defined benefit plans provided in Notice 2014-5, 2014-2 Internal Revenue Bulletin 276, by making that relief available for plan years beginning before 2020 if the conditions of Notice 2014-5 are satisfied
Notice 2018-70 informs individuals that Treasury and the IRS intend to issue proposed regulations clarifying who is a qualifying relative for the new $500 credit for dependents and head of household filing status for years in which the exemption amount is zero – taxable years 2018-2025.
Revenue Procedure 2018-45 provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after Dec. 31, 2016.
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