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FAQs on Bitcoin
In Notice 2014-21, the IRS provided guidance in the form of frequently asked questions on how tax principles apply to convertible virtual currencies, including bitcoin. Generally, transactions involving such currencies are an exchange of property and, where paid for performing services, will be considered wages or self-employment income. For more, see “Tax Practice Corner: What Tax Preparers Need to Know About Digital Currency.”

Premium Tax Credit Special Rule for Domestic Abuse
Notice 2014-23 allows married taxpayers who are victims of domestic abuse to be considered unmarried in 2014 for purposes of the health care premium assistance credit’s joint-filing requirement under Sec. 36B(c)(1)(C). A married individual who does not meet the Sec. 7703(b) provisions for being considered unmarried may satisfy the Sec. 36B(c)(1)(C) requirement by (1) using the married filing separately status; (2) living apart from the spouse at the time of filing; (3) being unable to file a joint return because he or she is a victim of domestic abuse; and (4) indicating on the return that he or she meets requirements (2) and (3).

Out of Egypt (and Three Other Countries)
In Rev. Proc. 2014-25, the IRS identified four countries and beginning dates in 2013 for which it will waive the residency and physical-presence tests of the foreign earned income and housing cost exclusions under Sec. 911: Egypt, July 3; Lebanon, Sept. 5; Pakistan, Aug. 9; and Yemen, Aug. 6.

Sec. 911(d)(4) provides an exception to the tests for individuals who leave a country because of war, civil unrest, or similar conditions that preclude the normal conduct of business. Individuals must have resided or been present in one of the countries before the specified dates and establish that they reasonably expected to have met either test but for the conditions.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.