Overview
IRS Extends Guidance on 'Bona Fide Resident' Status: Today, the IRS issued Notice 2018-19 which extends the relief in Notice 2017-56 for residents of Puerto Rico and the US Virgin Islands who evacuated or could not return because of Hurricane Irma or Hurricane Maria. These individuals would otherwise lose their status as “bona fide residents” of Puerto Rico or the US Virgin Islands for tax purposes. Notice 2018-19 extends the normally applicable 14-day allowable absence period to 268 days, beginning September 6, 2017 and ending May 31, 2018.
European Commission to Evaluate Cryptocurrency Regulation: Yesterday, a European Commission vice president stated that the Commission will evaluate the existing regulatory framework for cryptocurrencies and determine if regulatory action at the EU level is required to protect investors and prevent illicit activities.