INCOME TAX

Notice 2017–56, page 365. Notice 2017–56 provides relief under I.R.C. § 937 to individuals who would otherwise qualify as bona fide residents of Puerto Rico and the U.S. Virgin Islands, but for their need to leave (or inability to return to) these territories as a result of Hurricanes Irma or Maria. Notice 2017-56 expands the 14-day period under Treas. Reg. § 1.937–1(c)(3)(i)(C)( 1 ) to a fixed period of 117 days beginning on September 6, 2017, and ending on December 31, 2017. An affected individual who is outside of an impacted U.S. territory on any day during this 117–day period will be treated as leaving or being unable to return to the relevant U.S. territory as a result of Hurricane Irma and Hurricane Maria on such day.

Rev. Proc. 2017–46, page 372. This revenue procedure supplements Section 3 of Rev. Proc. 2014–64 by providing an updated list of countries with which the United States has in force an information exchange agreement, such that bank deposit interest paid to residents of such countries must be reported by payors to the extent required under Treas. Reg. §§ 1.6049–4(b)(5) and 1.6049–8(a). This revenue procedures also supplements Section 4 of Rev. Proc. 2014–64 by providing an updated list of countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under §§ 1.6049–4(b)(5) and 1.6049–8(a). This supplement adds two countries (Faroe Islands and Greenland) to the Section 3 list and two countries (Croatia and Panama) to the Section 4 list.